Every underwriter needs a Miss Moneypenny on their side

by Heather Munro on July 5, 2016

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Photo credit: 007james.com

Whether it’s plane tickets, top-secret passwords, or detailed instructions from M, Miss Moneypenny is always there to support James Bond with the critical information he needs to carry out his mission. Is it any wonder Bond was so smitten with the smart, efficient MI6 secretary?

Just like Bond, underwriters need someone on their side who understands their unique vocation. Insurance technologies such as SpatialKey are purpose-built for an underwriter’s unique process, making risk selection as streamlined as if Q himself had developed the solution.

SpatialKey makes accessing accurate, relevant data easier, so you can spend more time using your instincts to evaluate the best risks. For help writing a profitable book of business—especially when it comes to terror—read on.

Write terrorism like you are retaining it, because you probably will

While the dangers Bond faces are extreme, underwriters should assess the risks of more conventional attacks, not worst-case scenarios. Terrorism underwriting for commercial properties comes with fewer options for transferring risks than natural catastrophes like flood, hurricane, and hail, so it’s more important than ever to feel confident about your underwriting decisions.

Without a robust terrorism risk transfer market, you are understandably reluctant to place a probability on terrorist events. Like Bond on a mission, who can't rely on reinforcements arriving, you can't assume reinsurers and investors/capital markets will back you up.

Another challenge? Insurers in the U.S. are mandated to offer terrorism insurance. The fact that the U.S. government (as well as other countries that have terrorist attack risk) provides a financial guarantee for extreme attack losses makes pricing terrorism insurance that much harder. Especially because terrorism risks are dynamic and the historical record is small and partly irrelevant.

You can add profitable terrorism coverage to your portfolio and stay ahead of your competition. The key is to make smart underwriting decisions. But you can’t do it alone. Enter: Moneypenny.

Just as Miss Moneypenny is loyal to “Queen and Country,” SpatialKey is dedicated to insurers. Designed specifically for the insurance industry workflow, SpatialKey helps you evaluate terrorism threats and determine the impact to your portfolio, enabling you to:

  • Manage and set threshold levels as part of underwriting criteria
  • Determine the impact on accumulations and terrorism footprints
  • Assess the impact a new risk will have on a portfolio’s total exposed limits within a small geographic area

You can also run your analysis based on specific metrics in your portfolio, on exposed limits, or on a specific area of interest within custom geographic extents.

Additionally, SpatialKey assists you in diving deeper into accumulations to get a more accurate view of terror risks. Our rings and target features go far beyond traditional mapping tools and allow you to:

  • Identify and evaluate peak accumulations of exposure within your portfolio
  • Analyze your portfolio against activity, high-interest properties, or historical terror claims
  • Look at terror target datasets (locations identified as having terrorism risk such as skyscrapers, churches, train stations, etc.)

Having the ability to derive meaningful insights on potential terror accumulations—as you already do with weather-related perils—keeps you at the top of your game.

Support staff like Miss Moneypenny may be hard to come by these days, but fortunately, SpatialKey is the next best thing to having a personal assistant who understands what you need to write a healthy portfolio.

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Topics: Underwriting

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