On April 18, an astounding two feet of rain fell overnight around Houston, Texas—a 1-in-200 year event, according to NOAA. CNN reported this catastrophic flooding has already killed seven people, flooded 1,000 homes, and caused an estimated $5 billion or more in property damage in Harris County alone.
With such a large number of claims expected in a short period of time—and more rain on the way—getting your adjusters to assess policyholder damages is a tricky, yet critical, challenge. And, because private insurers are poised to begin underwriting flood insurance along with the NFIP, it’s also a reminder to take steps now to mitigate any future losses.
We’ve outlined three SpatialKey features clients are using to make their event response the best in the insurance industry and enable them to proactively select and price risks that mitigate the impact of claims to their business.
1) Flood Footprints from KatRisk Within 24 Hours
Less than a day after the onset of the flooding in Texas, SpatialKey users had access to a detailed flood footprint provided by our partner, KatRisk. Event footprints like these help you identify which policyholders may be affected, form a more complete view of potential exposure, and begin the process of deploying claims operations.
2) Easy Access to Data from Multiple Sources
In addition to KatRisk, you can access, compare, and understand multiple, expert data sources—including USGS, FEMA, and JBA Risk Management—all from within SpatialKey. So instead of searching different websites, you can see the data you need in context of the insured locations and calibrate your view of risk.
3) Tools to Enable More Effective Underwriting
SpatialKey also facilitates underwriting by bringing hazard data and metrics to the forefront of the decision-making process by displaying areas where past or future hazard severity may be indicative of loss potential.
What’s more, you can identify and add policies that capture adequate premium, allowing you to grow a healthy flood portfolio as competition for that business expands.
To learn more about how SpatialKey can help you respond to events faster and underwrite profitable flood business, contact us today.