How to make your event response workflow run like clockwork

When catastrophes strike, you have no time. You’re under pressure to quickly understand the financial impact of an event and provide estimates to management. At the same time, you (and your team) are constantly tracking the event, processing hazard data, making sure exposure data is accurate, pulling reports, and (hopefully) beginning outreach to insureds. The last item—proactive customer outreach—may suffer though when the other to-dos consume your time and resources.

Why P&C insurers need a better way to operationalize hazard data

Our industry is facing two major problems related to hazard data:

  1. There are more hazard and event data providers producing higher resolution footprints for a larger number of catastrophic events than ever before.
  2. This new quantity and quality of data is difficult (and, in some cases, impossible) for insurers to process fast enough to deploy timely response to their insureds.

Holborn adopts SpatialKey for advanced event response capabilities

How disparate systems sabotage your event response

The ecosystem of hazard models and data is rapidly expanding, and this is exciting news for the P&C industry. But with all the hazard data that is being generated, especially during catastrophic events like hurricane and wildfire, comes the need for a more streamlined way to access it.

Data quality and modeling is continually improving—more accuracy, better science, higher resolution—which we have witnessed here at SpatialKey working with providers like KatRisk, JBA, RedZone, Swiss Re, Impact Forecasting, HazardHub, and a host of others for a number of years now.

Automating Event Response: P&C Challenges & Solutions

Pricing pressure and challenging market conditions are making growth more difficult for P&C insurers:

  • Meeting growing customer satisfaction demands and reducing expenses requires a more efficient event response and claims process
  • This is especially evident due to more frequent and extreme perils, particularly in parts of the US more susceptible to the effects of climate change

Globally, the combined insured losses for 2017 and 2018 resulting from natural catastrophes were the highest ever for a two-year period at $219 billion, with a large percentage of those losses in North America. 

SpatialKey Releases the Next Iteration of its Automated Event Notification Solution for P&C Insurers, Including Hurricane and Storm Surge Alerts & Analysis

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. 

The Friday Five: Week of July 1, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

2019 Hurricane Best Practices for P&C Insurers

Although El Niño may help quiet the 2019 season, it only takes one storm to cause serious losses. Not to mention, back-to-back storms to wreak operational havoc. Each landfalling hurricane is unique, and brings with it much more than the hurricanes itself: inland flooding, wind, storm surge, hail, and even tornadoes. Beyond the loss exposure, insurers must deal with operational and organizational strain. It’s a season when, perhaps more than any other, insurers need to have their proverbial “ducks in a row.” This means preparing now for the possibility of the worst.

SpatialKey launches automated event notification and analysis solution for P&C insurers

SpatialKey is pleased to launch the initial offering of its automated event notifications solution which provides 24/7 severe storms event notifications and analysis using weather data from WeatherGuidance. 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 US severe storms events by leveraging leading weather data to power event enhancements.

The Friday Five: Week of June 17, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

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