SpatialKey Inc is pleased to offer its insurance clients access to wildfire risk data from RedZone. RedZone provides the most accurate, up-to-date wildfire intelligence for underwriters, now immediately available in SpatialKey’s geospatial insurance analytics platform.
According to the Insurance Information Institute, 2016 saw 61,920 wildfires compared to the reported 58,225 in 2015 in the U.S. Historically, there haven’t been great tools for underwriters to understand the risk of wildfire, which is why SpatialKey and RedZone decided to collaborate. Combining SpatialKey’s powerful analytics and visualizations with RedZone’s wildfire risk data, insurers gain a competitive advantage in the marketplace by making more informed risk decisions.
SpatialKey’s Underwriting app, designed by insurance experts, gives underwriters the ability to exploit faster, better intelligence to price and select risk better, driving improved underwriting profit with reduced downstream costs associated with reinsurance and claims. Today’s newly announced partnership puts RedZone’s wildfire risk data directly into the hands of underwriters, empowering them to analyze and visualize live ember risk, fire severity, fire frequency, and more.
Clark Woodward, founder and CEO of RedZone explains: “We’ve devoted our business entirely to giving underwriters access to the most accurate, reliable, up-to-date wildfire intelligence available. Now, underwriters can access this data through the SpatialKey platform and quickly visualize and analyze information to make prudent risk and pricing decisions. This partnership puts data into the hands of the underwriter, and we’re thrilled to be a part of that innovation.”
Bret Stone, President of SpatialKey comments: “We believe rapid innovation is best achieved through collaboration among commercial providers. This collaboration enables insurers to put advancements in InsurTech into action. Our partnership with RedZone brings together the best data and technology to deliver value to insurers. We’re excited that RedZone shares our vision and has enabled us to deliver an unmatched wildfire solution to help insurers better understand, select, and manage wildfire risk.”
About SpatialKey: We build technology that simplifies how insurers gain insights from information. We bundle everything insurers need—the best data, mapping, and analytics—in apps that help them streamline their decision-making. More than 100 insurers trust our innovative, off-the-shelf solutions for underwriting, exposure management, and claims to help them achieve healthier portfolios, operations, and profits. Learn more at https://www.spatialkey.com.
About RedZone: The RedZone technology platform is designed to drive profitable growth and nurture customer loyalty in areas at high risk to wildfires and other disasters. Our suite of products includes off-the-shelf and custom solutions for predictive analysis, underwriting, claims verification and event monitoring. RedZone is headquartered in Boulder Colorado. Learn more by visiting http://www.redzone.co