Only two years after we started introducing purpose-built apps for the insurance industry, SpatialKey is used by hundreds of insurance and reinsurance companies globally and by thousands of users across all industries. Whether you are working with 10 locations or 2 million locations, SpatialKey can handle it all.
In this last year, we took some time to enhance existing apps and features, while still pushing forward on innovation by introducing four powerful new apps. Here are some highlights of 2012:
- Three new apps were added to help insurers understand loss potential and manage their response to wildfire, earthquake, and severe storm events.
- A new app was introduced to assist insurers with evaluating flood risk at the point of underwriting.
- New analytic capabilities were added with the introduction of policy exposed limit calculation and comparison maps.
- Visualizations were enhanced with new basemaps, new pods and new methods of rendering your data on a map.
- The overall usability that SpatialKey is known for has been improved with the addition of improved dashboard management, notifications, and more.
- Use the new Data Mart feature to view an expanding selection of data that you can import into your organization for analysis.
Event Analysis App Suite
For our insurance customers, we launched the Event Analysis App Suite in 2011 and spent time rounding out the offering in 2012. We added three new applications in 2012 - Wildfire, Earthquake, and Severe Storms. The full Event Analysis offering includes the following apps.
Each of these apps integrates near real-time data from third party sources like NOAA, USGS, and GeoMAC.
With SpatialKey's Wildfire app, you can quickly assess your exposure to live or historical wildfires, forecast the potential spread of the fire, and mobilize claims teams to assist your insureds.
You have direct access to the latest wildfire perimeter data published by GeoMAC. As new intelligence is available, you can quantify insured exposures within the current scope of a wildfire, as well as to forecast loss scenarios by extending the scope of the current perimeters.
The Wildfire app was put to the test during the High Park fire in Colorado this year with hundreds of dashboards generated using SpatialKey during and after the fire event!
SpatialKey's Earthquake app enables you to target risk concentrations, mobilize claims personnel, and track claims associated with live events globally. Additionally, you can calibrate your view of risk and risk management strategy by evaluating loss potential against historical and hypothetical earthquake scenarios.
You have ready access to the USGS’ global library of historical and hypothetical earthquake events. You can quickly compare exposure, model, and claims data in the context of an event and associated ground-shaking severity, helping you build intuition and facilitate understanding of risk throughout your organization.
SpatialKey Severe Storms enables you to proactively manage exposure, quickly respond to catastrophes, and track claims associated with live and historical U.S. tornado, hail, and straight-line wind events as published by NOAA.
Leverage an innovative storm drawing tool to manipulate the footprint of a storm against industry and claims data with the ability to apply damage assumptions to more accurately assess potential exposure.
The Flood Underwriting app empowers you to action intelligence at the point of underwriting, resulting in more converted opportunities, enhanced underwriting profit, and reduced downstream costs associated with claims.
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. You can also understand how these new risks contribute to a book of existing business with a visual assessment and quantification of localized risk.
Policy Exposed Limit
To assist you in developing a more accurate view of your exposure that contemplates your policy terms and conditions, we have added a pod tailored to helping you examine your Exposed Limit. This feature comes with additional import configurations for policy data, a financial engine, and a new analytic pod. It calculates Exposed Limit in aggregate, based on a risk zone, and by policy for a specific peril. You can now visualize risk zone accumulations of Exposed Limit.
As with all analytic pods, any filters applied in the map (e.g. defined by map extent, polygons, or event footprints) or other pods will refresh the content of the Policy Exposed Limit pod.
You can now create comparison map layers that visualize changes or relationships between two sets of data. These can be two instances of the same dataset (like snapshots of your portfolio from two points in time) or two entirely different datasets (like your portfolio and market data). Comparison maps can be rendered as thematic maps or heat maps.
NEW BASE MAPS
We've added brand new base maps that make your data really stand out. We want to make sure your data is the center of attention when you're creating maps and city names, roads, rivers, and buildings might add clutter to the map in a visually distracting way. The new base maps are subtler and cleaner, allowing the focus to be on your data instead of brightly colored crisscrossing highways.
SpatialKey has added a scatter plot chart to its library of analytic pods, which will enable you to efficiently identify patterns and evaluate relationships within your data. Beyond simply plotting points on a chart, we have enabled the ability to leverage analytics to identify concentrations of values easily, akin to the heat map feature you are used to. As with all other pods, this one is also linked to the map and other active pods. This means that you can filter views by selecting a point or collection of points within the chart.
Also, to assist you in collaborating with your colleagues, we are introducing an annotation pod. This enables you to easily draw attention to areas of importance that you wish consumers of your dashboard to note.
NEW MAP VISUALIZATIONS
The graduated circle map renderer now supports bivariate rendering, providing the ability to display two different aggregates at the same time. One aggregate controls the size of the graduated circle while a second aggregate controls the color of the circle. For example, if you were looking at real estate data you could show the average sq footage for a house using circle size and average price using circle color.
With the increased use of saved dashboards, SpatialKey added simple features to allow users to manage and organize their dashboards better. Dashboards can now be filtered by app, saved as favorites, and a counter has been added so you can see how many times a particular dashboard has been accessed. Mark dashboards as favorites by adding them to the favorites folder - favorite dashboards will appear on your home screen when you first log into SpatialKey for quick access.
Some processes can take a while to process in SpatialKey. If you're uploading a large dataset, or if you're doing advanced processing on your data, you'll now be notified within SpatialKey when the process is complete. You will have the option to launch viewing of analysis results right from the notification for some of these more advanced processes, like Earthquake analyses.
ZOOM USING SCROLL WHEEL
Based on your feedback, we have enhanced our zoom feature in all applications. You can now zoom using the scroll wheel on your mouse. As you move the scroll wheel, red indicators will appear next to your mouse arrow, indicating that you are zooming in or out.
PRE-DEFINED HEADER TYPES
Column data types can be defined prior to upload to save the step of defining types on this screen. Simply enter “|[Data Type]|[Subtype]” after the header names in your CSV file and SpatialKey will automatically assign the provided data types during Upload.
For more details on all supported data types and subtypes, check out this article.
SpatialKey has always made it easy to import third party data; but you had to find, format, and import that data yourself. We have added the Data Mart to mitigate the need for you to invest significant amounts of time in gathering hazard and event data yourself. Within the Data Mart, you can choose from an expanding selection of data, and with one click, have the data imported into your organization to begin analysis against your exposures.
The Data Mart currently contains both real-time and historical data from industry weather, event, and census data sources. We provide easy access to NOAA SPC storm reports, NOAA tropical storm/hurricane forecast, historical hurricanes, historical tornados, USGS earthquakes, and MODIS Wildfire perimeters. The Data Mart also enables you to easily add visual map overlays to your dashboards, like FEMA flood zones, precipitation, and cloud cover.
On to 2013
What great momentum for entering 2013! We have a number of projects already in the works and many more on our roadmap.
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