The Friday Five - Week of May 13, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

Why P&C insurers need a better way to operationalize hazard data

Our industry is facing two major problems related to hazard data:

  1. There are more hazard and event data providers producing higher resolution footprints for a larger number of catastrophic events than ever before.
  2. This new quantity and quality of data is difficult (and, in some cases, impossible) for insurers to process fast enough to deploy timely response to their insureds.

How disparate systems sabotage your event response

The ecosystem of hazard models and data is rapidly expanding, and this is exciting news for the P&C industry. But with all the hazard data that is being generated, especially during catastrophic events like hurricane and wildfire, comes the need for a more streamlined way to access it.

Data quality and modeling is continually improving—more accuracy, better science, higher resolution—which we have witnessed here at SpatialKey working with providers like KatRisk, JBA, RedZone, Swiss Re, Impact Forecasting, HazardHub, and a host of others for a number of years now.

The Friday Five - Week of May 6, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

Automating Event Response: P&C Challenges & Solutions

Pricing pressure and challenging market conditions are making growth more difficult for P&C insurers:

  • Meeting growing customer satisfaction demands and reducing expenses requires a more efficient event response and claims process
  • This is especially evident due to more frequent and extreme perils, particularly in parts of the US more susceptible to the effects of climate change

Globally, the combined insured losses for 2017 and 2018 resulting from natural catastrophes were the highest ever for a two-year period at $219 billion, with a large percentage of those losses in North America. 

The Friday Five - Week of April 29, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

You may say I'm a dreamer, but I'm not the only one

Can you imagine a world where the open ecosystem dream is a reality? A world where our collective insurance platforms talk to each other. A world where the industry moves faster and better by working together. Oasis and Simplitium along with a host of others, including SpatialKey, are on this path. While it feels idealistic, it is possible. Making data more portable between platforms—interoperability—is not something novel. It’s just fundamental and increasingly vital for long-term survival whether you’re a re/insurer, broker, MGA, or solutions provider. We all have a stake in this conversation, and a responsibility to move our industry forward.

Q&A with WeatherGuidance, leading weather data provider

WeatherGuidance is quickly earning a reputation as a leading provider of weather data in the US. Through its collaboration with SpatialKey, the company provides insurers with access to pre- and post-event multi-peril risk reports as well as the ability to analyze, visualize, and map the exact size and path of severe storms including tornado, wind, and hail events. Their offering is fast becoming a popular one among SpatialKey clients who use WeatherGuidance data for forecasting, notifications, and post-event footprints.  

Spring flooding worsened by record US snowpack

When low temps prevent thawing between winter storms, snowpack condenses to store significant precipitation that can lead to springtime flooding. One cubic foot of snow can contain anywhere from 1 to 3 gallons of water. (Image: FEMA/Andrea Booher)

3 ways to use financial modeling to understand actual exposure

As the market continues to become increasingly challenging, having an underwriting and portfolio management platform that includes financial modeling is critical to:

  • Staying competitive when underwriting new business

  • Understanding and managing concentrations in order to reduce losses and determine growth strategies

  • Confidently communicating potential catastrophe losses to management teams

When evaluating analytic solutions, a platform's financial engine should take into consideration terms and conditions that accurately reflect your policy structures, and be fully integrated throughout your organization from underwriting to portfolio management and event response. This way, you’re prepared with the most accurate information for anyone throughout your organization during a time-sensitive event.

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