5 Ways SpatialKey Enhanced Insurance Analytics in 2015

by Sarah Stadler on December 17, 2015

Here we are again at the end of another thrilling and productive year. As we look forward to the holidays, we wanted to take a minute and look back at the ways we've worked to improve the way our clients do business throughout 2015.

Take a peek at the five ways SpatialKey has improved data visualization and analytics for insurers over the year - we can't wait to show you what's in store for 2016.

1. Data and Client Partnerships

Partnership

We've had the privilege of directly partnering with our clients RLI, XL Catlin and ProSight Specialty to provide underwriting and exposure management solutions to their underwriting teams, enhancing their confidence in evaluating and writing business.

On the product side, our collaboration with CoreLogic brings their robust weather data to our Hail solution, and our expanded partnership with RMS adds support for EDM files within SpatialKey. Both of these efforts bring industry-trusted data and practices directly into SpatialKey, so our users have an even simpler workflow, giving them access to the data they need to make decisions now. 

2. Enhanced Underwriting for Terror

We understand how important it is for insurers to assess terror when underwriting new business, so we focused a large amount of our time this year developing Terror Underwriting to help underwriters quickly understand risk, manage to underwriting guidelines, simplify their workflow and justify and document decisions for new business. Creating a workflow specifically for terror underwriting brings key pieces of data into one place, giving underwriters the tools they need for confident decision making.

3. Intelligent Integration

BridgeImage

There's nothing better than having a workflow that's completely integrated, which is why we've developed SpatialKey Bridge - a collection of ETL and API tools that help our clients integrate data at the level and pace that works for their organization. We'll continually improve the ways in which our clients can work with SpatialKey because our goal is to make sure you spend time with all of the data you need in a simple and elegant place.

4. More Accumulations Models

The SpatialKey team has been hard at work enhancing all of our products, particularly our Accumulations app through adding Ring and Target Accumulations, which many of our clients are turning to for a deeper understanding of terror accumulations related to their current portfolio. Sadly, 2015 saw significant unrest across the globe, and we hope to help our clients manage their exposure proactively, before these tragic events occur.

5. On-time Event Response

SC_Flood

Later in 2015, we saw record-setting events including Hurricane Patricia, the flooding in Cannes and South Carolina, California wildfires and the earthquake in Chile. Many of our partners worked diligently to update key pieces of data so we could easily incorporate it into SpatialKey, enabling our clients to quickly and seamlessly assess the impact of these events to their portfolio and to identify and lend assistance to impacted insureds as quickly as possible. We continuously focus on keeping the most accurate pieces of information at our users' fingertips, so events such as these don't hinder action plans that must be put into place.

As always, we thank you for your work and partnership with us. If you haven't yet worked with SpatialKey, please reach out - we'd love to bring you into the mix. Happy holidays to you and yours, and cheers to a prosperous 2016!

For more information, or to bring SpatialKey into your own organization, visit spatialkey.com

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