We salute women in InsurTech

The women of SpatialKey discuss what it's like being a woman working in InsurTech, plus how they're making a difference for insurance organizations and future generations of women 

  • Progress is happening on the gender advancement and equality front with women now holding 11% of named officer positions in the insurance industry, up from 8% in 2015

  • With the industry facing a talent shortage, role models will be essential to attracting young women (millennials in particular) to insurance professions, especially STEM roles with the rise of InsurTech

  • To that end, the tenured women of insurance need to be mentoring and sharing their stories, challenges, and successes with the young women of tomorrow

Flood models: Built with climate change in mind

Many of the data partners we work with here at SpatialKey are at the forefront of data science, and actively working to innovate modeling approaches to better understand the impact of climate change on flood risk. As carriers, brokers, and MGAs well know, models and their outputs are nuanced, and data providers have different views on climate change and modeling flood risk. That’s why it’s important to have multiple views of risk at your disposal, so you can identify the right models and model components that best represent your lines of business, geography, and business practices.

3 small steps for private flood insurance & 1 giant leap in the right direction

In the past week, we’ve seen some encouraging private flood market activity—that individually may seem small, but as a trend supports our recent post about why 2019 is going to be a big year for private flood insuranceHere are a few small victories from this week that, if you're an insurer, MGA, or broker looking to expand your U.S. private flood market presence, you may want to take note of…

2019 is going to be BIG for U.S. private flood & here's why...

  1. Advancements in flood mapping, model science, and analytics mean insurers have the information they need to more accurately quantify and price flood risk  
  2. NFIP is openly acknowledging the need for more private sector involvement, with (fingers crossed) more favorable legislation likely coming down the pike
  3. Consumers and businesses alike are becoming savvier to the need for flood insurance or better coverage (e.g. Hurricane Florence exposed a large protection gap with an estimated 70% of total losses uninsured)
  4. Insurers are looking for new markets and areas to expand their portfolios—and US flood is a leading candidate
  5. With an extensive amount of excess capital in the market, now is a prime time for startups, re/insurers, MGAs, and brokers to partner up—and dip their toes in the private flood pool

Is your underwriting stuck on repeat?

Remember when Bill Murray woke up to a screeching alarm only to face the same day over and over again in the movie Groundhog Day? Are you stuck in that same cycle when it comes to underwritingapproaching it the same way as you’ve always been? It’s likely that your practices are “good enough,” so why make a change? Here’s why: Eventually, the lack of moving forward—into a new day—will hinder performance. You will lose a competitive edge by being stuck in the same mode and missing out on key data and analytics advancements to move your business forward. 

Come together, right now...and play nice with others

I’ve worked in the insurance industry for nearly 20 years, and I’ve (mostly) been pleased with how the industry collaborates, working together to solve problems and serve the global economy. As former Willis Re CEO, John Cavanagh, said in an interview with Insurance Thought Leadership, “Nothing flies, floats or gets built without insurance….Insurance plays a significant role in society and we need to protect that.” Indeed, the insurance industry is a small world that plays a big role in protecting society at large.

3 ways to jumpstart your underwriting in 2019

At a glance:

  • 2019 market conditions may mean that improvements in the underwriting process itself will play a larger role in overall underwriting profitability
  • There are some key ways insurers can improve their underwriting operations, speed to quote, and risk assessment
  • Data integrated into the underwriting workflow, new hazard and event data sources, and a modern underwriting platform, will all play key roles in underwriting performance

NFIP "Kick the Can" Continues: What P&C insurers need to know...

At a glance:

  • National Flood Insurance Program (NFIP) was extended (again) on Thursday, Dec 6
  • This was the ninth short-term extension in 2018, and the eighteenth extension since 2008
  • Congress has until Friday, Dec 21 to pass another extension 
  • A long-term solution remains elusive while the NFIP continues to lose an estimated $1.4 billion each year and remains $20+ billion in debt to the US Treasury
  • Despite the NFIP, the private flood insurance market grew $217 million in 2017

Cultivating a culture of gratitude: SpatialKey gives thanks this holiday season

Randy Pausch, the late professor of computer science at Carnegie Mellon, said in his book, The Last Lecture, “Showing gratitude is one of the simplest yet most powerful things humans can do for each other.” The holidays are a good time to stop and take stock, both personally and professionally. The problem is, many of us are just too busy for gratitude! Appreciation is such a powerful, simple thing, yet so seldom expressed—especially in the workplace. In fact, one survey found that people are less likely to express gratitude at work than any place else, with 74 percent never or rarely expressing gratitude to their boss. Indeed, the workplace can be a place of high critique—whether it’s yourself or others evaluating your work. We’re often quick to criticize, not so quick to give praise.

3 ways P&C insurers can get more creative about wildfire risk

On the heels of tragic wildfires, some California residents and business owners will face another crisis—getting wildfire coverage—and making sure it’s adequate and affordable. As an insurer, agent, or broker, how do you rise to this challenge? The challenge of helping Californians rebuild and safeguard their homes and businesses, while protecting your own interests. There’s no doubt, insurance plays a key role in California's economy and resilience as wildfire risk continues to evolve. In August, California Governor, Jerry Brown, stated about fighting wildfires in California: “We’re in for a really rough ride...and we have to apply all our creativity to make the best of what is going to be an increasingly bad situation.” He knew—we all knew—there would be more fires in 2018. Little did we know that those fires would be “historic” again, or as Governor Brown recently declared, "This is not the new normal, this is the new abnormal."

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