A recent storm system passing through North Carolina included 62 tornadoes, one of them passing through downtown Raleigh. As weather events like these occur, insurers gear up to assess damage and plan event response. This includes proactively coordinating claims response as well as exploring financial impacts.
Increasingly, third party data – much of it in the public domain – has the potential to help organizations understand these events more quickly and completely. However, integrating these external feeds with internal data – like insured locations – has been a challenge for insurers. SpatialKey addresses this challenge, enabling insurers to quickly see, explore, and analyze event data in context with insured locations – and to distribute that insight throughout the organization.
NOAA’s National Weather Service Storm Prediction Center provides near real-time Storm Reports for tornado, hail, and wind reported by NWS offices. These reports are brief messages that include a time, a relatively precise location, and a brief comment. There were hundreds of Tornado Event Reports on April 16, with comments such as “Over 30 homes destroyed along with a Lowes” and “27 buildings … destroyed on Union Ridge Road…”
SpatialKey can automatically consume and present these NOAA Event Reports in near real time. SpatialKey users can see these events on an interactive map that also contains other locations of interest, like insured locations. They can quickly report on locations in proximity to events, and filter to see only specific events or locations.
Check out this short clip to see more about how this works:
In addition to these preliminary Event Reports, NOAA provides a wealth of data related to damaging weather - some of it going back decades – which can be leveraged to drive better decisions, from underwriting and rating to claims fraud detection. SpatialKey aids by making this data easier to visualize, analyze, and integrate with existing business data.
To learn more about how SpatialKey can provide more horsepower to your event analysis, reporting and damage assessment procedures, contact us today.