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.

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 and WeatherGuidance partner to offer advanced event response to P&C claims teams

SpatialKey is pleased to offer its insurance clients access to market-leading weather data from WeatherGuidance. WeatherGuidance utilizes comprehensive weather radar technology to create multi-peril risk reports. Property and casualty (P&C) insurers now have immediate access to pre- and post-event reports from WeatherGuidance within SpatialKey’s geospatial insurance intelligence platform.

Uncertain European Windstorm Season Upon Us: Claims mitigation and response should be ready

Aileen (also known as Sebastian) was the first named storm of the European windstorm season, bringing a healthy dose of what could be to come. Still, uncertainty pervades the 2017-18 season. Will it be benign, like past seasons, or will we see a higher frequency and severity of storms? 

Twister 2017

“We got cows!” This memorable line from the movie Twister came when a cow was hurled by a tornado in front of a truck driven by two storm chasers. A tornado can pick up just about anything, and while flying cows may not be on most insurers’ minds, they do need to worry about the impact 200+ mph winds could have on their books of business.

Hail Hits Home for SpatialKey...Plus, how to proactively inform your hail risk and response

Hail is scary and it hits home for many of us. SpatialKey’s home state of Colorado is no exception to hail risk. Our downtown Denver headquarters reside in a heavy hail risk zone—and so do the homes of many SpatialKey team members.

HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver

How can 2016 risk inform your 2017 strategy?

2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.

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