Q&A with HazardHub, leading hazard data provider for property underwriting 

HazardHub may be a newer name on the data scene, but with 24+ hazard datasets and risk information in shapefiles and APIs, these experienced data scientists are pros at modeling volatile perils like flood, storm surge, wildfire, earthquake, and more. Recently, SpatialKey caught up with John Siegman, founding partner at HazardHub, to talk through the power of hazard data for insurers. Here’s what he had to say about how their data is helping insurers better select and manage risk:

Q&A with Location, Inc., crime risk data provider  

Looking for some innovative crime risk data? Look no further than Location, Inc. These curious problem-solvers are bringing insurers a more comprehensive view of crime risk through advancements in hyperlocal behavior-based data. Recently we had a chance to catch up with Dr. Andrew Schiller, CEO and Founder of Location, Inc., where we discuss how their crime risk data is helping more than 150 carriers generate focused underwriting guidelines and combat fraudulent claims—with about a 10% reduction in crime loss ratio and adverse selection. Read on to learn how they’re pioneering the field of behavior risk and bringing deeper insights to underwriting and claims.  

3 lessons insurers can learn from Elon Musk’s Falcon Heavy launch 

At our most recent company retreat, SpatialKey Chief Product Officer, Doug McCune, shared with us his vision for the future of SpatialKey. As a jumping off point, he talked at length about Elon Musk’s Falcon Heavy space launch and the number of iterations, failed attempts, tweaks, and tests that went into making it just right (and ultimately, successful!). Doug inspired all of us to think deeper about what companies like ours can learn from the Falcon Heavy launch. Turns out, there’s quite a bit! From failing fast to breaking up a major initiative into smaller, more achievable goals, here’s how SpatialKey is using Elon Musk’s Falcon Heavy launch as a template for success, and how you can too.

Underwriters: create competitive advantage with advanced data & analytics

At a glance:

  • New external data sources are enabling underwriters to better understand potential risk and create opportunity.
  • Insurers can improve combined ratios by 16-21 points using insurance analytics to more accurately assess risk in property underwriting.
  • Underwriters need to leverage innovations in data and analytics to build healthier portfolios and differentiate in the market, which means adapting their systems to keep pace with the latest science and technology.

As an underwriter, you’re already data driven. But, how data informed are you? To effectively compete, insurers—and underwriters in particular—will need new and innovative sources of external data, alongside advanced analytics, to inform underwriting strategy and put that strategy into practice at the point of sale.  

SpatialKey and Swiss Re collaborate to bring P&C insurers added choice and precision in global hazard risk selection

SpatialKey Inc. (SpatialKey), the leader in geospatial insurance analytics, has partnered with leading global reinsurer, Swiss Re, to offer insurers access to multi-peril hazard data through SpatialKey’s proprietary underwriting solution. This collaboration integrates Swiss Re’s CatNet® hazard data directly into SpatialKey, providing insurers with access to 10 hazards worldwide for greater accuracy in risk selection, assessment, and management.

Is your underwriting process stuck on repeat? Let’s break the cycle with some help from Bill Murray

Earlier this morning, Punxsutawney Phil saw his shadow. And, you're probably thinking, "What does this have to do with my underwriting?" Just bear with the logic for a moment...Do you know how often Phil’s forecasts have been right? If he were right even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?

Q&A with Ambiental, global flood data provider

If you don’t know Ambiental, now’s a good time to get familiar with this global flood data provider that specializes in analyzing flood risk and modeling flood hazard. They’ve got a strong track record of increasing the precision of pricing and loss estimation for insurers and reinsurers. Now that their data has been integrated into SpatialKey, we thought it’s a good time to catch up with Evan Shallcross, Technical Manager at Ambiental, who had this to say about underwriting flood risk, progressive flood models, flood maps, and more. 

2017 Hurricane Season (and government shutdown) has insurance industry awaiting NFIP decision on private flood insurance

At a glance:

The underwriter of the future is here, now

There’s been a lot of talk in recent years about technology, innovation, and the “underwriter of the future.” Well, the underwriter of the future is here, right now in 2018. The technology to streamline and automate property underwriting exists now. And, the hazard data and advanced analytics to select and assess risk with a new level of confidence and precision exist as well. If you’re like me, however, you may sometimes put off trying something new (and better) in favor of the status quo. So, what gives?

SpatialKey and WeatherGuidance partner to offer advanced event response to P&C claims teams

SpatialKey is pleased to offer its insurance clients access to market-leading weather data from WeatherGuidance. WeatherGuidance utilizes comprehensive weather radar technology to create multi-peril risk reports. Property and casualty (P&C) insurers now have immediate access to pre- and post-event reports from WeatherGuidance within SpatialKey’s geospatial insurance intelligence platform.

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