InsurTech is an epic climb: Are you a contender?


“If you try to win, you might lose, but if you don't try to win,
you lose for sure!” -Jens Voigt

Alpe d’Huez is a legendary climb, world-renown by cyclists. A relentless 8.5 miles with 21 hairpin bends and 8.1 percent gradient, it’s been a stage that can make or break the Tour de France for riders. But, it’s not included in every Tour. This epic climb only comes once in awhile. And, what’s important about it, is the decisiveness of Alpe d’Huez as a stage in determining the overall leaders.

Are you prepared to look hurricane season in the eye?

Satellite image of Tropical Storm Cindy, courtesy of hattyphoto

With an above-average 11 to 17 named storms predicted this hurricane season, members of the P&C insurance industry need to be fully equipped to weather the storms. We know it only takes one bad storm to impact a nation’s economy for months, even years. Hurricane Matthew (2016) was the first hurricane to reach Category 5 since 2007, causing $10 billion worth of damage in the U.S. and displacing thousands. Not only that, it was the 13th billion-dollar weather disaster in the U.S. last year.

How can 2016 risk inform your 2017 strategy?

2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.

SpatialKey® and Location, Inc. give underwriters access to crime risk data, enabling data-driven underwriting decisions and risk-based pricing


SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to crime risk data from Location, Inc., a leading provider of U.S. location based analytics. Location, Inc. specializes in providing hyperlocal crime risk data to help underwriters understand, measure and select risk, and calculate premiums with greater accuracy. Exposure managers can also use Location Inc.’s crime risk data to quickly identify and manage adverse portfolio accumulations.

Willis Re and SpatialKey® collaborate to bring EuroTempest data to insurers

New European Windstorm event response app available now

Willis Re, the reinsurance division of Willis Towers Watson (NASDAQ: WLTW), the global advisory, broking and solutions company has collaborated with SpatialKey Inc. to launch a new European Windstorm app. This powerful new event response application integrates data from multiple data sources, including EuroTempest—insurance industry experts in forecasting and reporting on European windstorm activity.

Hurricane Patricia Shaping up to be the Strongest Hurricane in History

Rapidly turning into a category 5 storm overnight, Hurricane Patricia is nearing the coast of Mexico with wind speeds of up to 200mph. Hurricane Ike topped out at 143mph, and Andrew at 175mph, leaving Patricia as the strongest hurricane ever recorded. With landfall expected this afternoon or evening, properties are bound to be destroyed, and insurers are preparing themselves for the impact.

SpatialKey Selected by ProSight Specialty to Advance Underwriting Practices Through Data Analytics and Visualization

London, October 20, 2015 – SpatialKey Inc. (SpatialKey) is providing ProSight Specialty Underwriters Ltd. (ProSight) with intuitive, geospatial analytics and visualization for its underwriting team and coverholders.

Ring and Target Accumulations help you avoid and manage excessive exposure to terrorist activity

It’s important for insurers to have an advanced understanding of their exposure concentrations as well as concentrations where terror attacks are most likely to occur, so they can analyze their current book of business effectively and apply guidelines to select new business as it is underwritten. We’ve developed Rings and Target models within our Accumulations app to assess any type of accumulation, but many of our clients are turning to these models for a deeper understanding of terror accumulations related to their current portfolio or new business that they’re evaluating.

The Rings and Target accumulation models are powerful tools that help you:

    • Identify peak accumulations of exposure within your portfolio. Many legacy solutions leave gaps that SpatialKey has been able to fill with its industry-leading methodology, so you can manage and write with confidence, knowing no potential accumulations have been missed.
    • Analyze your portfolio relative to points of interest. Load any set of location references to analyze concentrations against, like a dataset of high-interest properties, points of interest, historical terror claims or activity, etc.
    • Look at a terror target dataset (locations identified as having terrorism risk such as skyscrapers, churches, train stations, etc.
    • Understand event history (e.g. terror target history, tornado touchdowns, claims experience points, etc.)
    • Evaluate accumulations against your own portfolio locations – run an accumulations analysis by drawing a ring around each point in your own dataset
    • Understand the composition of each accumulation by any attribute of your data and understand which policies and locations contribute to it

Rings and Targets, along with our other models in Accumulations, gives you the option to run your analysis based on specific metrics in your own dataset, on exposed limits, or on a specific area of interest within custom geographic extents. Don’t ignore the impact terror can have on your portfolio and get ahead of it by implementing these new models today. Reach out and we’ll get everything set up for you: sales@spatialkey.com

 

 

Custom calculations in dashboards have arrived!

We just released another set of updates for you in our August release... there's one in particular that we think you'll be thrilled about!

We make it and use it too

Tom Link, Universal Mind CTO, presented the company's "state of the business" at a recent internal meeting. And of course, as SpatialKey's General Manager, he used SpatialKey to more visually highlight sales activities and trends, as well as answer employee questions on the fly.

Learn how to get started with SpatialKey today

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