Hurricane Irene – SpatialKey in Action
26 August 2011
Here’s a quick video demonstrating how SpatialKey’s Hurricane Forecast App is being used – as we speak – to track Irene.
Hurricane Irene – What a Difference a Day Makes
25 August 2011
When we reported yesterday on our sample portfolio, SpatialKey reported 984 locations within the 50 knot wind band, with a total insured value of about $152M. Based on the latest forecast, 6,154 of our insured locations fall within the 50 knot band, for a total insured value of over $1.6B.
We can see that the majority of our forecasted exposure is in New Jersey counties:
Not the best news. But it’s as important as ever that organizations can quickly forecast their exposure based on a rapidly changing weather forecast.
Does your organization need on-demand access to interactive exposure forecasting like this? Contact us.
Tracking Hurricane Irene – Rapid Exposure Forecasting for Insurers
24 August 2011
Our Hurricane Forecast App is in beta with several of our insurance customers. The app determines an insurers exposures within forecasted wind bands. Hurricane Irene is the first storm forecasted to make landfall since we’ve had customers using the app. Insurers are telling us the app is truly unique because it’s providing more timely, visual, and interactive, reporting than they’ve had available to them in the past. Rather than waiting for analysts to manually build reports based on updated forecast information, SpatialKey automatically combines the latest NOAA forecasts with the insurer’s policy data. Users through the organization can access interactive analysis on demand. They can even modify the storm path and SpatialKey instantly performs a “what if” analysis.
Irene mapped against our sample portfolio as of Wednesday evening. NOAA is predicting Irene will hit the North Carolina coast. Our sample portfolio has 984 locations within the 50 knot wind band, with a total insured value of almost $152M.
A zoomed in view shows the total insured value by zip code for our insured locations within the 50 knot wind band. Users can easily drill into any zip to see record level detail.
Instant Exposure Forecast – Adding Context to Hurricanes
24 August 2011
As hurricanes form and forecasts are updated, insurers work feverishly to put the event in business context. What could this event mean to our customers? Our financial position? Our shareholders? More accurate and timely assessments- and the ability to quickly and effectively disseminate this information- mean better event response- to customers and to the financial community.
We’ve had the opportunity to interview insurance companies about their needs and observe their workflows while forecasting exposure as storms are in progress. In short, we found the process, well… broken- and expensive. There’s too much of a gap between the time when new event forecast information is made available by forecasters like NOAA and when business users have actionable information. And, the amount of time spent manually loading data and compiling reports is significant. Further, the output leaves lots to desired. Most reports consist of emailed spreadsheets with tables, and perhaps static map images. Requests for alternative analysis, or filtered views to meet different objectives, require even more time and precious analytical resources. With forecasts changing multiple times per day, these processes completely consume IT and analysts, and leave the business underserved.
There’s a better way.
At SpatialKey, we’re leveraging the latest technology and great user experience design to provide users throughout the enterprise with more interactive, informative, contextual analysis of forecasted exposures related to hurricane – in a self-service model that provides information faster, with lower burden on the organization.
SpatialKey’s Hurricane Forecast app instantly forecasts an insurer’s potential exposure, based on the latest storm data from NOAA. The intuitive, interactive, web-based app can be easily deployed throughout your organization- from analysts to executives in cat modeling, actuarial, risk management, claims, and finance.
Here’s how it works.
The latest storm information is automatically updated and applied against your exposures. This means analysts can focus on analysis, rather than re-loading data. And users can always pull up the latest information without bottlenecks or waiting on the GIS team.
True self-service means getting the right data at the right time, without anything standing in your way.
Filter your exposures within projected wind contours with SpatialKey’s easy to use controls.
What-if? Adjust the storm track to instantly see updated exposure forecasts, or filter for your exposures in a given forecasted wind band… in seconds.
Instantly customize the analysis to report your exposures for virtually any subset of data – like a specific line of business or agency.
See your exposures by zip code, county or even custom boundaries.
Individual exposures or summarized data can be quickly exported in tabular format for further analysis and reporting.
Are you ready?
If you’d like to provide your business with more timely, intuitive, contextual, self-service exposure analysis capabilities while freeing up staff from time consuming report creation, contact us to learn how easily you can deploy SpatialKey’s Hurricane Forecast App throughout your organization.
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