P&C insurers can now understand the immediate business impact of hurricanes, cyclones, and typhoons, as well as U.S. severe storms with SpatialKey's next iteration of its automated events notifications solution.
SpatialKey is pleased to launch the next iteration of its automated event notifications solution which, in addition to providing 24/7 event notifications and analysis for severe storms, will now provide event alerts for hurricanes, cyclones, and typhoons, including both wind and storm surge analysis. SpatialKey, known for its global data enrichment and geospatial analytics platform, will now help property and casualty (P&C) insurers understand the immediate business impact of hurricanes, cyclones, and typhoons, along with U.S. severe storms events by leveraging leading weather data from WeatherGuidance, NOAA, and Kinetic, as well as raster data support, to power event enhancements.
With this updated offering, P&C insurers are notified if and when tropical cyclones, storm surge, hail, wind, or tornado events impact their portfolios—along with their estimated financial impact. This automates the traditional process of tracking an event and continually pulling reports, essentially replacing the traditional “react and respond” approach with new “prepare and serve” technology.
Although NOAA has predicted a 40 percent chance of a near-normal U.S. hurricane season (with two to four major hurricanes), there are competing factors at work. While El Niño may help to temper the 2019 season, warmer-than-average sea-surface temperatures in the Atlantic and Caribbean Sea may intensify hurricane activity. Whatever the season brings, the ability to set custom thresholds ensures that SpatialKey clients are not inundated with information, but can cut through the noise by receiving the relevant information they need to focus and pinpoint their hurricane response efforts.
Scott Rosenthal, SVP & Head of Analytics at Holborn comments: “Catastrophe risks are evolving and require a new approach to event response. The use of automated technology helps keep our clients ahead of the curve. SpatialKey now provides event notifications to our clients in near real-time, with actionable and customized information. Holborn and SpatialKey both understand our clients’ needs for a competitive advantage. This new system includes features stemming from our ongoing collaboration and we are delighted to have had the opportunity to partner with SpatialKey to develop a high-tech, flexible solution to address event management and response.” Mr. Rosenthal continues, “Bottom line, we can deliver timely, detailed, event-level information to our clients so they, in turn, can expeditiously serve their insureds.”
Doug McCune, Chief Product Officer at SpatialKey, adds, “During hurricanes Michael and Florence, our SpatialKey data team processed and made available more than 50 different datasets over the course of four weeks. We know timely and proactive catastrophe response is a consistent struggle for the market given all of the available hazard data, in particular for large-scale, multi-peril events like hurricane. This is why we’ve included hurricane and storm surge data, among other critical features, in our latest automated event response release.” Mr. McCune continues, “There’s a lot of fatigue and frustration in the industry given the magnitude of events we’ve seen over the last two years. We’re tirelessly working not only to ensure that our clients have relevant information automatically pushed to them, but that they have the freedom to compose their own view of risk and take their analysis a step further by leveraging our data hub in combination with our geospatial analytics platform.”
SpatialKey is the data enrichment and geospatial analytics hub for the insurance industry. We help P&C professionals make better decisions by enabling, enriching, and analyzing any and all data—via a single solution. 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. For more information see spatialkey.com
Holborn Corporation (Holborn) is a privately held independent reinsurance brokerage firm established in 1920. With a commitment to integrity and a focus on long-term client relationships, Holborn’s offerings include advanced analytic tools, global market access and responsive reinsurance services. Through the adoption of an Employee Stock Ownership Plan (ESOP) in 1998, Holborn became exclusively owned by its employees. For additional information, please visit holborn.com
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