SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to hazard data from HazardHub, a risk data provider. HazardHub specializes in developing proprietary models and processing past event data to help underwriters and exposure managers better understand the probability of future property damage, in order to write profitable business and maintain a strong portfolio.
HazardHub’s expert data is the latest to be seamlessly integrated into SpatialKey’s geospatial analytics solution. The integration complements SpatialKey’s applications designed specifically for insurers, and helps underwriters and exposure managers better visualize risk and understand exposure alongside hazard data. Clients can now easily layer on the HazardHub data from straight-line wind, hail, and tornado to new policy submissions during the risk analysis process and make more informed decisions. Additional hazards from HazardHub, such as wildfire, earthquake and hurricane, will be added to SpatialKey Underwriting and Hazard Analyst applications within the next few months.
HazardHub’s team of experienced data scientists translate, create, and deploy large volumes of geospatial data from past events that are translated into scores that represent future risk potential.
“Working with SpatialKey offers insurers a seamless way to visualize and analyze our data without the heavy lifting of having to integrate it into their own systems,” said Bob Frady, CEO and Founder, HazardHub. “This collaboration offers the marketplace an innovative approach to consuming and understanding hazard data without the need for internal GIS systems or expertise."
With Insurance Journal reporting that catastrophes contributed to increased underwriting losses during the first half of 2016, high-quality hazard data is increasingly valuable to insurers. The partnership between SpatialKey and HazardHub simplifies the process of deriving meaningful insights from hazard data for insurers so they can focus on driving underwriting profits.
“We’re delighted to expand SpatialKey’s hazard data offerings for underwriters and exposure managers in the U.S.,” said Bret Stone, COO, SpatialKey. “With HazardHub data seamlessly integrated within SpatialKey, our clients can easily access and analyze relevant data to better pinpoint new business opportunities in an increasingly competitive market.”