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. 

A burning need for better wildfire perimeter data

Insurers have always been a step behind with their wildfire event response efforts. Namely because of how quickly a wildfire moves and how slowly perimeter data has historically been generated. This means carriers are often left in the dark during an event, not knowing which insureds have been or could be impacted. With the past several years seeing steep increases in the severity of wildfire events—$12 billion in insured losses in California alone in 2018, and nearly that same amount in 2017—now is the time for carriers to ensure every measure is being taken to get in front of this year’s wildfires.  

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.

The Friday Five: Week of June 24, 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.

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.

Financial modeling use case: Understanding your actual exposure

As the market continues to become increasingly challenging, having an underwriting and portfolio management platform that includes financial modeling is critical to:

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