Tropical Depression Bonnie kicked off the 2016 Atlantic hurricane season along the North Carolina coast earlier this week. While experts are still weighing in with predictions for the rest of the season, which runs from June 1 to November 30, estimates range anywhere from 10 to 17 named storms.
2016 is already shaping up to be an unusual year. Hurricane Alex made landfall in the Azores, a group of Portugal islands, in January—making it the first Atlantic hurricane to occur in that month since 1955. What’s more, the shift in weather patterns from El Niño to La Niña could mean a slightly greater chance of tropical storms and hurricanes occurring.
With these things in mind, we’ve outlined three valuable lessons SpatialKey clients are drawing upon to better manage their response and proactively select and price risks that mitigate the impact of catastrophe claims to their business.
Lesson #1: There’s no substitute for live event data
When a hurricane hits, you need real-time event data so you can adjust your claims deployment as quickly as possible.
SpatialKey instantly shows your potential exposure to active hurricanes that may impact the U.S., the Caribbean, and the Gulf of Mexico. You can easily identify risk concentrations, estimate potential exposure, and most importantly, mobilize your claims personnel to quickly respond to insureds.
In addition, SpatialKey delivers the data through an intuitive workflow that readily exposes hurricane characteristics to support exposure analysis, making acting on live data that much easier.
Lesson #2: Faster access to event data saves you valuable time
Why spend time searching for the information you need to make critical decisions? After all, the faster you can respond to your insureds, the more satisfied they will be at renewal time.
SpatialKey provides seamless access to the hurricane event catalog from the National Oceanic and Atmospheric Administration (NOAA), which means you don’t have to source, prepare, and import hazard data yourself. Additionally, NOAA data is updated throughout the lifecycle of a storm, allowing you to review your portfolio performance at multiple snapshots in time.
You can also easily upload other expert data sources to get a richer picture of the event and tailor your response accordingly. Having the flexibility to see different views of the event gives your team the latest intelligence for making fast decisions when every minute counts.
Lesson #3: Insights from past hurricanes can improve present performance
Of course, event response isn’t the only thing to think about. Looking closely at how and why your portfolio performed during past hurricanes and applying those lessons to your current portfolio can be the key to weathering the next big storm.
Not only does SpatialKey enable you to evaluate potential loss scenarios if an event similar to a historical hurricane happened today, it also allows you to:
- Visualize your portfolio performance against your past hurricane claims experience and exposure data and develop risk mitigation measures.
- Perform “what-if” analysis to see how a historical hurricane would impact your portfolio today.
- Modify historical and active storm tracks to analyze possible exposures.
- Display the storm track and its wind speeds.
- Quickly gain insight into the composition of a portfolio of risks to identify the location characteristics likely to drive loss.
While no one can say for certain how many hurricanes will happen over the next few months, whether they will make landfall or not, or how severe they will be, now is the time to make sure you’re ready to use every tool in your arsenal when one does occur.
To learn more about how SpatialKey can help you respond to events faster and underwrite more profitable hurricane business, contact us today.