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.
In our initial implementation, insurers can analyze and visualize weather radar technology from WeatherGuidance to map the exact size and path of hail damage against their portfolios. This results in a much more accurate and complete picture of hail damage while enabling proactive response; rather than the traditional method of waiting for claims to show up—or piecing together widely spaced spotter reports, which are often inadequate and incomplete.
In 2016, there were 5,601 major hail storms resulting in $3.5 billion in property and crop damage, the worst since 2010 according to the NOAA Severe Storms database. It’s important for insurers to have an immediate understanding of a hail storm's impact so they can quickly disseminate claims teams, assess damage, and avoid potential fraud.
Jamie Loiacono, Vice President of Claims at Acuity, remarks, “As a new client of SpatialKey, we’re thrilled to be able to access this data directly from SpatialKey’s platform. This consolidates steps and provides our claims teams with seamless and immediate access to highly valuable information. SpatialKey brings WeatherGuidance data to life by adding an element of analytics and visualization that will make a remarkable difference in the speed, accuracy, and collaboration of our claims teams.”
Rob White, President of WeatherGuidance, says, “We want to get our data into as many hands as possible so claims teams can quickly assess and respond to catastrophes that impact their insureds. Collaborating with SpatialKey allows us to do just that. There’s no easier way for an insurer to interact with our data in relation to their own portfolio than through SpatialKey. We’re thrilled to be starting this journey and we look forward to expanding our offering in SpatialKey beyond hail and into other perils.”
Bret Stone, President of SpatialKey, adds, “Our clients will see immediate value from our collaboration with WeatherGuidance such as improved, near real-time assessment of loss potential and the ability to provide more responsive service to their insureds. This collaboration further strengthens our position as an essential insight hub, empowering insurers with everything they need to make data-informed business decisions in one place.”
About SpatialKey: We build technology that simplifies how insurers gain insights from information. We bundle everything insurers need—the best data, mapping, and analytics—in apps that help them streamline their decision-making. More than 100 insurers trust our innovative, off-the-shelf solutions for underwriting, exposure management, and claims to help them achieve healthier portfolios, operations, and profits.
About WeatherGuidance: WeatherGuidance is a private sector weather information, forecast and storm warning firm located near Austin, TX. For over 25 years we've provided mission critical weather information, site specific forecasts and fully customized storm warnings to a variety of companies and organizations across the United States.