Insurers are poised to competitively—and profitably—write flood, thanks to the Flood Insurance Market Parity and Modernization Act, now on its way to the Senate.
The measure will provide an alternative for homeowners currently relying on the National Flood Insurance Program (NFIP) and enable private insurers to compete on rates more closely aligned with the assumed risk.
Once the bill becomes law, you can bet consumers will begin actively seeking the best flood insurance deals. And with current soft market conditions, now’s the time to prepare.
Thankfully, SpatialKey has the visualization and data capabilities you need to identify and add policies that capture adequate premium for a healthy flood portfolio.
Identify Opportunities Where Your Competitors Lack Understanding
What if you could discover which homes have a low risk for flood by accessing and visualizing the data you need in one setting? With SpatialKey, you can.
SpatialKey helps you form a complete view of risk, giving you the tools to easily and efficiently compare and contrast flood data sources and modeled results.
Even better, you can access, compare, and understand multiple, expert data sources—including KatRisk, USGS, FEMA, and JBA Risk Management—all in one place, so you can make quick and confident underwriting decisions.
You can also identify portfolio characteristics that can help you manage and mitigate flood risk at the county, community, postal code and location levels. And to help you target homeowners with a lower flood risk, you can filter by any hazard or location characteristic: Viewing homes greater than one mile from the coast with a 100-year flood depth of less than one foot, for example.
“Not only does SpatialKey help you better understand flood risk and structure a competitive insurance program,” explains SpatialKey COO Bret Stone. “It enables you to quickly select and price risk while reducing your downstream claims costs and enhancing the health of your portfolio.”
Finally, should your portfolio be exposed to a flood event, SpatialKey can help you more easily manage and differentiate your business, too. With SpatialKey, your claims team can easily identify potentially exposed insureds, speed up response times, and provide superior customer service in a competitive market.
Get ahead of your flood insurance competitors. Let’s connect.