SpatialKey delivers enhanced risk selection at the point of underwriting!

by Bret Stone on January 17, 2013

As part of our December release, SpatialKey now offers solutions for policy underwriting! Our new Flood Analyst underwriting application is the first of many innovations targeted at empowering underwriters with actionable intelligence at the point of sale. With seamless access to hazard maps from JBA Risk Management Limited, underwriters can quickly qualify and quote new business with a more complete understanding of flood risk through scorecards, visualizations, and analytics. This facilitates more converted opportunities, enhanced underwriting profit, and reduced costs associated with claims.

Flood Analyst enables risk evaluation for a single location or a schedule of locations and facilitates understanding of correlations with an existing book of business or claims history.

Leverage intuitive dashboards to profile the distribution and composition of flood risk, bringing focus to the risk selection process. Because each company classifies risk differently, SpatialKey offers the flexibility of calibrating risk definitions to reflect your view of risk.

Access an itemized listing of locations and associated risk scores and visualize those locations relative to hazard and existing portfolio or claims data. By quickly reviewing top risks within an account and revealing localized hazard for key risks, underwriters can understand how these risks contribute to their book of business with a visual assessment and quantification of localized risk.

Drill-in to view individual location details, including hazard and its contribution to portfolio accumulations. Take a closer look at a prospective risk by leveraging satellite imagery. Simply, drag and drop a marker to enhance positional accuracy or to perform an instant risk assessment.

If you want to retain your analysis within your policy file, want to collaborate with other underwriters or analyst teams, or need to submit to management for approvals, simply save the dashboards or individual risk reports as PDFs.

With SpatialKey’s unmatched ease-of-use and intuitive visualizations, insurers can accelerate underwriting decisions, reduce cost of claims, and maximize underwriting profit through advanced risk selection.

To learn more about what we have been up to, check out our December release notes ...

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Topics: Insurance, Underwriting, Flood, Analytics

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