Industry events, like the recent Reinsurance Association of America’s (RAA) Cat Risk Management conference, are always a great way to take the pulse of the industry and connect with people. I’ve been attending RAA’s conference on behalf of SpatialKey for years, and I generally come away invigorated by my conversations with clients and prospects. This year, however, the energy among these conversations was a bit different. That energy had more urgency and emotion behind it. It’s clear the unprecedented events of 2017 have taken a toll on people, and there’s a compelling need to do something about it. Individuals and teams alike have worked tirelessly; and while the events have passed, the emotional fatigue is left in their wake.
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:
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.
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.
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?