How can 2016 risk inform your 2017 strategy?

Posted on November 21, 2016 by Sarah Stadler

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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.

This year's success  

Enhanced data and analytics for underwriters

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We revamped our Underwriting app this year, giving users access to analytics and visualizations for any hazard, such as terror, flood, wind and crime. Underwriters can now access intelligence to inform risk selection, all in one place. Further, our solution offers the flexibility to consume and integrate any 3rd party or in-house content to assist with decision making across the globe.  Uniting data, analytics, and visualizations for underwriters to proactively manage your portfolio at the point of sale is an ongoing effort for SpatialKey, and we’re thrilled to be on the path to making data-driven underwriting a reality for all insurers. Take a look at this webinar recording featuring our terror underwriting solution.

On-time event response for claims
Our clients have been able to stay on top of catastrophe events as they happen by leveraging up-to-date event information from expert sources.  This produces competitive advantage, proactive customer outreach, efficient claims deployment and early intelligence to detect potential claims fraud. Combining timely expert data, visualization, and analytics in one spot offers tangible insight into potential exposure and helps reduce claims costs. Here are some of the notable events we saw this year, and how we visualized them in SpatialKey:

McMurray fire

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Hurricane Matthew  Hurricane_Matthew.png

Louisiana floods 

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European Windstorm app
We also heard the call from many of our European users to make it possible for them to understand severe windstorms (many of you reading might remember the impact windstorm Kyrill had nearly a decade ago), in SpatialKey. We collaborated with our valued partner, Willis Re, to create a purpose-built app for insurers to easily access, visualize and analyze insureds potentially affected by a storm, track windstorms as they happen with forecast data and event footprints, and overlay event footprints onto portfolio data in one intuitive dashboard. 

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More 3rd-party data providers

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At SpatialKey, we are deeply committed to making sure insurers have the right data at their fingertips, so they can easily analyze and visualize risk in their underwriting, exposure management and claims operations. 2016 brought even more expert data providers to SpatialKey’s platform, including HazardHub, EuroTempest, Location, Inc. and Impact Forecasting. Being a data agnostic platform means that insurers can access the most relevant data and models available in the industry, plus make use of their own in-house hazard, exposure and experience data, to make data-driven decisions for their business. To date, we are proud to have been selected as a value-added partner to these expert firms!

Focused on the power of collaboration 

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At SpatialKey, we believe that innovation is delivered with enhanced speed and quality as the result of industry collaboration, allowing each contributor to relentlessly focus in areas of core competence and focus its financial resources.  This collaboration requires involvement from the insurance and the commercial solution provider communities.  Insurers provide the proper business context and focus, while commercial providers work collaboratively to deliver best of breed data and software solutions that link disparate systems and serve up intelligence directly to the business user community.  


Our passionate leaders had a lot to say about that this year. Our CEO, Tom Link, wants to see everyone evolve in how they collaborate in today’s data driven world; our CTO, Brandon Purcell, published an insightful post on the buy vs. build debate and cost of ownership; and our VP of Products, Derek Blum, talked to us about leveraging the right experts to get ahead. Not to be left out, our COO, Bret Stone, authored a white paper on the subject that you can read here.

The point is, we care about working together to move the insurance industry forward, and we’ll always be putting energy and effort into making sure we leverage the experts around us to make SpatialKey solutions even more relevant, insightful and powerful.

 

Enough about the past, let’s talk about the future

Next year is going to be important for how insurers use technology and data. We will continue to see new technologies and practices emerge. Some of which seek to disrupt traditional practices, but almost all of which, will offer greater efficiency, cost savings, and decision support. Here are three ways we think insurers can stay ahead of the game in 2017:

Leverage technology for competitive advantage

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It’s a tough reality to face, but the current soft market may not improve next year.  Additionally, the "low rates" in the soft insurance market pertains to low premium rates. Add to this the fact that interest rates on investments have been particularly low for years and this means that there is even further pressure on underwriting profitability. 2016 saw significant wind, flood and wildfire event losses, and we have no reason to expect that 2017 will be less. InsurTech has been getting a lot of coverage, and the insurance industry is supporting this not only through adoption of new tech, but also injecting capital investment as well to activate new firms and initiatives and their associated innovations. InsurTech solutions have the potential to accelerate the decision making process, enhance data capture and accessibility, and deliver even more expert content.  All leading to efficient, better business. SpatialKey’s ongoing investment in geospatial insurance analytics ensures that insurers can readily access data and technology that support their critical business decisions.

Make rapid, informed and proactive decisions with data

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Data loses its power if it’s difficult to access, or worse yet, impossible to interpret. Insurers need data to work for them, not against them. They will continue to demand solutions that help them understand and analyze data quickly, so they can make informed decisions fast. More now than ever, insurers want to move analytics out of the back office and into the hands of the business with easy to use one-stop solutions that enable self-serve analysis of information.  

To that end, in 2017, SpatialKey will continue to commit 100% of its research and development into delivery of well-designed solutions, focused in the areas of underwriting, exposure management and claims.  Additionally, we will continue to seek collaborative partnerships with cat and non-cat expert content and technology providers to offer our clients even more choice and seamless access to the intelligence they need.  

Differentiate yourself through customer service

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In addition to the seamless integration of third party data, we see improving customer support and insight as a natural part of event response and as a key trend in 2017. Using data to proactively track a hurricane, wildfire, flood or other catastrophes empowers insurers to act quickly and respond to their insureds with speed and efficiency - amplifying their customer service and retention. In a soft market like today’s, there’s nothing more valuable than serving current customers and maintaining that strong business.

Connect now to learn how you can benefit from SpatialKey solutions

Posted in Wildfire, Hurricane, Underwriting, Flood, Data visualization, windstorm, Collaboration, claims, data partner | Leave a reply

SpatialKey® and HazardHub collaborate to give insurers easier access to hazard data

Posted on November 1, 2016 by Sarah Stadler

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SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to hazard data from HazardHub, a risk data provider. HazardHub specializes in developing proprietary models and processing past event data to help underwriters and exposure managers better understand the probability of future property damage, in order to write profitable business and maintain a strong portfolio.

HazardHub’s expert data is the latest to be seamlessly integrated into SpatialKey’s geospatial analytics solution. The integration complements SpatialKey’s applications designed specifically for insurers, and helps underwriters and exposure managers better visualize risk and understand exposure alongside hazard data. Clients can now easily layer on the HazardHub data from straight-line wind, hail, and tornado to new policy submissions during the risk analysis process and make more informed decisions. Additional hazards from HazardHub, such as wildfire, earthquake and hurricane, will be added to SpatialKey Underwriting and Hazard Analyst applications within the next few months.

HazardHub’s team of experienced data scientists translate, create, and deploy large volumes of geospatial data from past events that are translated into scores that represent future risk potential.

“Working with SpatialKey offers insurers a seamless way to visualize and analyze our data without the heavy lifting of having to integrate it into their own systems,” said Bob Frady, CEO and Founder, HazardHub. “This collaboration offers the marketplace an innovative approach to consuming and understanding hazard data without the need for internal GIS systems or expertise."

With Insurance Journal reporting that catastrophes contributed to increased underwriting losses during the first half of 2016, high-quality hazard data is increasingly valuable to insurers. The partnership between SpatialKey and HazardHub simplifies the process of deriving meaningful insights from hazard data for insurers so they can focus on driving underwriting profits.

“We’re delighted to expand SpatialKey’s hazard data offerings for underwriters and exposure managers in the U.S.,” said Bret Stone, COO, SpatialKey. “With HazardHub data seamlessly integrated within SpatialKey, our clients can easily access and analyze relevant data to better pinpoint new business opportunities in an increasingly competitive market.”

Posted in Wildfire, Press Releases, Hurricane, Partnerships, Earthquake, Hail, tornado, wind | Leave a reply

Hurricane Matthew by the numbers: What we know so far

Posted on October 12, 2016 by Heather Munro

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Blue skies may be back, but the impact from Hurricane Matthew is still being felt. As your claims team works around the clock managing your event response, information on the extent of the damage is critical to your ability to respond as quickly as possible.

SpatialKey seamlessly integrates the latest event footprints from third-party data providers like KatRisk, Impact Forecasting, and NOAA so you have access to the up-to-date data you need to take action. You’ll be glad to know that footprints for wind, surge and inland flood for Hurricane Matthew from KatRisk are now integrated within SpatialKey and available for use.

Below, we’ve rounded up the latest statistics on the initial losses from Matthew, so you can continue to evaluate the impact of the storm on your book of business.

Risk modelling firm CoreLogic estimates insured losses from Matthew will likely range between $4 and $6 billion. CoreLogic’s initial figure includes losses from wind and storm surge, but not additional flooding, business interruption or building contents. The firm also places the storm’s losses higher than hurricanes Floyd (1999) and David (1979), but well below hurricanes Katrina (2005) and Sandy (2012).

On top of losses from wind and storm surge, early estimates indicate that the evacuations may result in $10 to $15 billion in losses from economic disruption, according to Chuck Watson, a disaster modeler with Enki Research.

Hurricane Matthew was notable for ending a nine-year streak without an Atlantic Basin Category 5 hurricane. The powerful storm, which weakened as it moved from Haiti to the U.S., forced three million people to evacuate. By the time it was over, it had caused coastal erosion, wind damage, and freshwater flooding across five states, including Florida, Georgia, North Carolina, South Carolina, and Virginia. 

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 In North Carolina, rising flood waters threatened more than 1,500 people in need of rescuing. Photo credit: Associated Press

In the Caribbean, Matthew reached Category 5 status with peak gusts up to 166 mph. Haiti was the hardest hit, with more than 1,000 people killed. Now, a resulting cholera outbreak threatens to cause further devastation in an area with history of earthquakes and hurricanes and a low insurance penetration rate.

At the height of the storm, about 2.2 million people—1 million in Florida alone— lost power.

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 Images from NASA showing power outages during Hurricane Matthew. Photo credit: NASA

Peak wind gusts in the U.S. during Matthew ranged from 69 to 107 mph. At press time, the latest U.S. death toll is 33, but that number could go up as flooding continues over the next few days.

Outside of power loss and severe winds, storm surge was another significant concern. Fernandina Beach, Florida experienced a storm surge of 9.88 feet above normal, and Ft. Pulaski, Georgia encountered record tide levels and a storm surge just under eight feet.

While it’s too early to tally Matthew’s total impact in the U.S., insured losses will undoubtedly increase due to flooding, especially in North Carolina where flooded rivers that wash through farms and coal ash sites may spread toxins through miles of waterways.

The American Red Cross is already spearheading recovery efforts for the many people affected by the powerful event. To support this effort or learn more about how you can help, click here.

In the meantime, as your claims adjusters manage the growing number of claims, remember SpatialKey can help. To find out more or to access the latest Hurricane Matthew data and analyze it against your own portfolio in SpatialKey, contact us today.

Posted in Hurricane, Insurance, Flood, Event response | Leave a reply

Hurricane Matthew: 3 best practices your claims team can use this weekend

Posted on October 7, 2016 by Heather Munro

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Photo credit: Mark Wilson via Getty Images.

Now that Hurricane Matthew is hovering about 35 miles off Florida’s east coast, it’s time for your claims team to begin estimating potential exposure and jump into action. The category 3 hurricane is expected to pack a punch this weekend with a powerful combination of storm surge flooding, rainfall flooding, and destructive winds impacting areas from northeast Florida to the southern part of North Carolina. Jacksonville, Savannah, and Charleston are expected to be hard hit. While it’s too early to say what will happen, the level of risk is clearly elevated and insurers are on high alert.

At the same time, tropical storm Nicole picked up speed near Bermuda yesterday afternoon, setting a new record. This is the latest time of year that two storms in the North Atlantic Ocean have had winds over 105 mph simultaneously, according to NASA’s Goddard Space Flight Center.

As Hurricane Matthew evolves, you can access the current storm path in SpatialKey and adjust your response strategy as needed. Now’s the time to begin gearing up for the surge in claims, informing senior management, stakeholders, and investors about the possible financial impact, and most importantly, staying in touch with and providing relief to your customers.

While you are mobilizing your claims team to handle the region’s most powerful storm in nearly ten years, we’ve put together three best practices to help you proactively prepare for the incoming claims from Hurricane Matthew.

1. Understand your exposure and estimate potential claims costs. Now that it’s clear Matthew will cause flooding and wind damage in Florida, Georgia, and the Carolinas, it’s critical to get a sense of the storm’s magnitude and its potential impact to your portfolio. As the storm unfolds, be sure to monitor, analyze, and re-analyze the changing impact—SpatialKey makes it easy to understand portfolio impact throughout the storm. Being able to filter by construction type, location, or line of business with a tool like SpatialKey can also help you understand the drivers of loss and how they contribute to storm-related claims in the aggregate.

Screen_Shot_2016-10-07_at_3.27.13_PM-1.pngQuickly determine your exposure and estimate potential claims costs from Hurricane Matthew within SpatialKey.

2. Communicate the potential financial impact to senior management, stakeholders, and investors.
If your book of business is heavily concentrated in Jacksonville, for example, an area that hasn’t been under a hurricane warning for 17 years, your chief underwriting officer will most likely want to see a summary of the impact. With a click of a button, quickly run reports to visualize the Total Insured Value or Exposed Limits in the affected area and share them with your team using the SpatialKey Hurricane Forecasts event response app.

3. Quickly get in touch with affected customers. While many of your customers may have already evacuated, you can still contact those further inland with tips for preparing their properties to weather the storm. By understanding the path and potential impact of the storm, you can proactively reach out to your customers to demonstrate that you're invested in their well-being, making them more likely to renew when the time comes.

While Matthew is your main concern this weekend, there are nearly two months left in the 2016 Atlantic hurricane season. SpatialKey Hurricane Forecasts can help you manage your response for Matthew, Nicole, and any other hurricanes on the horizon. To find out more about how SpatialKey can help, contact us today.

Posted in Hurricane | Leave a reply

Category 3 Hurricane Matthew barrels toward Southeastern US: How insurers can act now with confidence

Posted on October 5, 2016 by Heather Munro

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Screen_Shot_2016-10-05_at_3.33.15_PM.pngEasily track Hurricane Matthew’s storm path in SpatialKey.

As the most powerful Atlantic storm since 2007, Hurricane Matthew is the first Category 3 hurricane to make landfall in Haiti in 52 years. Forecasters are predicting Matthew will continue to head north towards Florida, Georgia, South Carolina, and North Carolina starting Thursday evening. Florida and South Carolina have already begun evacuations, as the states prepare for the possibility of significant wind and storm surge damage.

As you know, meteorologists have some sense of what might happen, but weather patterns can change quickly. The hurricane could strengthen or weaken, head out to sea or reverse course and veer inland. Forecasters identify the most likely track of the storm as it evolves, but the uncertainty increases as they project further into the future. The cone of uncertainty, at it’s typically called, captures the fact that we may see changes in speed, size, severity, and direction.

As the storm unfolds, analyzing Hurricane Matthew’s storm track against your own portfolio data will help you quickly prepare for the event.

  1. Access Hurricane Matthew’s current storm path to outline your plan of action. Once you have the storm path, which is provided by NOAA and seamlessly integrated within SpatialKey, you can track the storm as it’s happening and efficiently manage your event response.
  2. Understand your exposure concentration to not only to determine the potential claims costs, but to effectively mobilize your claims team to respond to insureds. To quantify how much is likely to be exposed to hurricane-force winds, you can filter and segment that data based on characteristics, such as wind speed, construction type, or line of business.
  3. Evaluate the path of the storm and run what-if scenarios to understand the potential impact to your portfolio. As the storm shifts, accessing the latest data will help your team respond to senior management and support business operations as quickly as possible.

It’s important to understand that about one-third of the time, the most intense winds and storm surge impacts associated with the storm will veer outside of the cone of uncertainty, according to the National Hurricane Center. All the more reason to stay on alert—and track the storm— as Hurricane Matthew unfolds. Using  SpatialKey’s Hurricane Forecast app can help you turn the cone of uncertainty into decisive action. 

To find out more about accessing the latest Hurricane Matthew data and analyzing it against your own portfolio in SpatialKey, contact us today.

Posted in Hurricane, Event response | Leave a reply

Summer 2016 catastrophe wrap-up: Understand your exposure and prepare for future events

Posted on September 30, 2016 by Heather Munro

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Photo credit: shutterstock.com

With hail, hurricane, and wildfire seasons in full swing, summer is always a busy time for claims adjusters. This past summer was no exception, with several major events happening across the globe.

While California battled multiple, simultaneous wildfires, Hurricane Earl caused mudslides in Eastern Mexico. A tropical storm dropped 30 inches of rain in parts of Louisiana, which experienced its worst flooding since Hurricane Katrina in 2005. The picturesque Italian town of Amatrice was completely destroyed by a magnitude-6.0 earthquake. Most notably, Canada experienced one of the insurance industry’s costliest wildfire events when the Fort McMurray wildfires spread rapidly and caused $2.5 billion in insured losses.

From June to August, 10 different weather disasters each caused more than $1 billion in losses in the U.S., according to CBS News. In addition, Swiss Re reports that global insured losses for the first half of 2016 reached $31 billion, which is 51% larger than the same period from last year.

With so much activity, you were undoubtedly busy determining your exposure to these events and sending adjusters into the field to assess damage and pay claims as quickly as possible. Now that summer is officially over, it’s a good time to look back at these events to examine your losses sustained, improve your claims response efforts, and identify potential loss drivers to better mitigate future claims costs.

Assessing the impact, thinking ahead

No matter if it’s a flood, hurricane, or wildfire, your first priority during an event is to respond quickly to your insureds. Visualizing which of your policyholders are affected within flood footprints, hurricane paths, and wildfire extents is the starting point to getting the information you need to take action.

During the active summer event season, SpatialKey clients used our event response apps, which integrate data from a variety of third-party providers, including KatRisk, JBA Risk Management, Impact Forecasting, Willis Re, NOAA, GeoMAC, and USGS, to manage their claims response efforts quickly and efficiently.

Not only did clients use our apps to understand events as they were happening, they learned valuable insights about their portfolio performance which they can now use to prepare for future events. With SpatialKey’s geospatial insurance analytics, you can compare your actual claims against forecasts, understand the drivers of loss by looking at hazard and location characteristics, and determine if changes are necessary to your underwriting guidelines.

In addition, you can perform a “what-if” analysis to see how a past event would impact your portfolio if it were to strike today. Sharing a snapshot of what you discover with your exposure management team will give them the data they need to determine appropriate actions to maintain or build a resilient portfolio.

Summer’s end may mean the end of hail season, but as you know, weather patterns are far from predictable. Wildfires continue to burn in California. In addition, hurricane season, which will run through November, could still bring plenty of wind and flood damage. SpatialKey’s Hurricane Forecasts and Past Hurricane Scenarios are always available and up-to-date to  help you prepare for the next tropical storm or hurricane.

Now’s the time to look back at what happened this summer, so you can proactively adjust your underwriting strategies and be prepared to take action during the next big event. To learn more about how SpatialKey can help you better understand and respond to events to reduce your claims costs, contact us today.
Posted in Wildfire, Hurricane, Event Analysis, Flood, Hail, Event response | Leave a reply

A final look at the impact of Hermine

Posted on September 12, 2016 by Heather Munro

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With post-tropical storm Hermine no longer a threat, insurers are busy handling claims from wind, flood, and storm surge damages across the eastern seaboard.  An early estimate from catastrophe loss estimation firm Karen Clark & Company (KCC), predicts insured losses likely to approach $500 million, with total economic damages close to $1 billion. Three deaths were attributed to the storm.

Hermine made waves, so to speak, as the first hurricane to make landfall in Florida since Hurricane Wilma in 2005. The category 1 hurricane slammed into the state early Friday before weakening into a tropical cyclone and slowly heading up the coast, where rough surf kept many beaches closed over Labor Day weekend.

Most of Florida experienced a state of emergency and officials were concerned that stagnant water would help breed mosquitoes that could spread the Zika virus. In the town of Cedar Key, waters rose more than 9.5 feet, among the highest surges ever seen, according to the National Weather Service.

In addition to dropping heavy rain and wind on parts of Georgia, the Carolinas, and Virginia, the storm caused power outages, coastal flooding, and beach erosion. By Sunday, the storm had weakened further into a post-tropical cyclone, settling off the coast of New York and New England and eventually dissipating.

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As we near the halfway mark for hurricane season, it’s important to note that the damage could have been much worse. Responding to Hermine claims is a top priority, but it’s also a good time to evaluate your portfolio performance and to determine if your event response processes were as efficient as they could have been.

Like most hurricanes, Hermine was a dynamic event, strengthening and weakening over its life. Now that the storm is over, SpatialKey can help you visualize the impact to your portfolio, reevaluate underwriting guidelines, and even perform “what if” analysis such as considering if Hermine, had made landfall in St. Petersburg and exited through Jacksonville instead. Armed with this knowledge, you can adjust your strategies to ensure you are writing a healthy book of business.

You can also understand how to improve your response efforts for the next big storm by comparing your initial claims estimates from tracking the hurricane’s path and actual claims from the event’s final footprint.

With the National Hurricane Center keeping a close eye on tropical storms that could develop into the next named storm, you’ll need to prepare for all possible outcomes. Hurricane paths and footprints are automatically pulled into SpatialKey as soon as they are available, giving you the information you need to take action.

To learn more about how SpatialKey can help you apply the lessons from Hermine and other hurricanes for faster claims response and stronger portfolio performance, contact us today.

Posted in Hurricane, Flood | Leave a reply

Fizzled but not forgotten: Hermine may have weakened, but storm surge still a concern

Posted on September 7, 2016 by Heather Munro

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Dozens of beaches were closed over Labor Day weekend, as post-tropical storm Hermine made its way slowly up the northeast Atlantic coast. Life-threatening riptides and rough surf kept swimmers out of the water in coastal towns across New York and New England.

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On Tuesday, Hermine continued to weaken off the coast, but the storm is still expected to cause damage. Parts of Long Island are bracing for possible storm surge and moderate flooding.

SpatialKey can help you understand which insureds could be affected by secondary damage from the storm’s lingering presence. With the hurricane footprint from NOAA integrated within SpatialKey, you can also determine the storm’s impact on your book of business. Easily view and filter your exposure in coastal areas that have experienced storm surge or are expected to do so.

To learn more about how SpatialKey can help you understand your exposure and mobilize your claims team to respond to events, contact us today. 

Posted in Hurricane, Flood | Leave a reply

How will you weather hurricanes during the rest of the 2016 season?

Posted on August 10, 2016 by Heather Munro

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ibtimes.co.uk_mexico-landslides-hurricane-earl.jpgHurricane Earl dropped a month’s worth of rain in 24 hours, causing mudslides across parts of eastern Mexico. Photo credit: ibtimes.co.uk

While tropical storm Earl escalated into a category 1 hurricane for only a brief time in early August, it caused major loss of life and damage in eastern Mexico. In just 24 hours, the region received a month’s worth of rain, which caused multiple mudslides across the mountainous terrain and at press time, around 41 deaths.

It’s a grim reminder for insurers to stay alert. As we near the halfway mark for the 2016 Atlantic hurricane season, Colorado State University (CSU) is forecasting 11 named storms, five hurricanes, and two major hurricanes for the remainder of the season. While this is a slight increase in the number of storms predicted at the beginning of the season, CSU still expects a near-average Atlantic hurricane season.

September is also the most common month for hurricanes making landfall in the U.S., according to the National Oceanic and Atmospheric Administration (NOAA). Between now and the end of the season in November, it’s safe to say that anything could happen.

Just as you provide peace of mind to your insureds, you need to feel confident that you’re prepared for the next big hurricane. SpatialKey is here to help you before, during, and after an event.

Stay on top of hurricane developments and act on them sooner

Like most hurricanes, Earl was anything but typical. It began as a tropical wave and thanks to warm waters and reduced wind shear as it crossed the central Caribbean Sea, grew into a tropical storm on August 1. One day later, the storm was upgraded to a hurricane, where it moved inland over Belize.

Next, Earl weakened back to a tropical storm as it crossed over the mountains of eastern Mexico. And although the storm never regained its earlier hurricane status, the steady rainfall—a month’s worth of rain in a day’s time—caused deadly landslides across the region.

During rapidly changing events like Earl, assessing the storm’s potential path, severity, and impact is critical to mobilizing your claims team to respond quickly. You need to understand exactly what’s at stake for your insureds and your portfolio. SpatialKey simplifies this process, giving  you seamless access to the NOAA hurricane event catalog, which is updated throughout the life cycle of the storm.

Of course, access to up-to-the-minute data means you have the information you need to manage your response efforts. Once you have a clear picture of the hurricane’s impact, you’ll also need to share a list of affected insureds with your claims team. SpatialKey allows you to easily export and share this kind of exposure data.

Hurrciane_Earl_Screen_Shot_2016-08-10_at_1.00.12_PM.pngVisualize a hurricane’s impact with real-time data in SpatialKey.

Let’s say that instead of downgrading to a tropical storm, Earl had grown back into a hurricane and changed course towards Cancun, a section of Mexico with seaside resorts where you have a substantial number of insureds. You can evaluate what-if scenarios like these and adjust your strategies as necessary, all within SpatialKey.

Once a hurricane is over, NOAA’s final event footprint is immediately available within SpatialKey. Your analytic team can review your portfolio performance at multiple snapshots in time and form a more complete view of the storm’s impact to your book of business.

Earl was the fifth named storm and only the second of 15 hurricanes predicted for the entire 2016 Atlantic hurricane season, which still has three months left. Even in years with fewer named storms, savvy insurers understand it only takes one major storm to make landfall and affect your book to make any predictions irrelevant. Are you ready?

Preparing for any outcome is the key to retaining policyholders, minimizing negative impacts to your portfolio, and setting expectations with senior management. To learn more about how SpatialKey can help you respond to events faster and increase customer satisfaction, contact us today.
Posted in weather, Hurricane | Leave a reply

3 lessons to make you see 2016 hurricane season in a new light

Posted on June 4, 2016 by Heather Munro

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Photo credit: nasa.gov Photo credit: nasa.gov

Tropical Depression Bonnie kicked off the 2016 Atlantic hurricane season along the North Carolina coast earlier this week. While experts are still weighing in with predictions for the rest of the season, which runs from June 1 to November 30, estimates range anywhere from 10 to 17 named storms.

2016 is already shaping up to be an unusual year. Hurricane Alex made landfall in the Azores, a group of Portugal islands, in January—making it the first Atlantic hurricane to occur in that month since 1955. What’s more, the shift in weather patterns from El Niño to La Niña could mean a slightly greater chance of tropical storms and hurricanes occurring.

With these things in mind, we’ve outlined three valuable lessons SpatialKey clients are drawing upon to better manage their response and proactively select and price risks that mitigate the impact of catastrophe claims to their business.

Hurricane Patricia approaching Mexico’s coast on October 23, 2015. Hurricane Patricia approaching Mexico’s coast on October 23, 2015.

Lesson #1: There’s no substitute for live event data

When a hurricane hits, you need real-time event data so you can adjust your claims deployment as quickly as possible.

SpatialKey instantly shows your potential exposure to active hurricanes that may impact the U.S., the Caribbean, and the Gulf of Mexico. You can easily identify risk concentrations, estimate potential exposure, and most importantly, mobilize your claims personnel to quickly respond to insureds.

In addition, SpatialKey delivers the data through an intuitive workflow that readily exposes hurricane characteristics to support exposure analysis, making acting on live data that much easier.

Lesson #2: Faster access to event data saves you valuable time

Why spend time searching for the information you need to make critical decisions? After all, the faster you can respond to your insureds, the more satisfied they will be at renewal time.

SpatialKey provides seamless access to the hurricane event catalog from the National Oceanic and Atmospheric Administration (NOAA), which means you don’t have to source, prepare, and import hazard data yourself. Additionally, NOAA data is updated throughout the lifecycle of a storm, allowing you to review your portfolio performance at multiple snapshots in time.

You can also easily upload other expert data sources to get a richer picture of the event and tailor your response accordingly. Having the flexibility to see different views of the event gives your team the latest intelligence for making fast decisions when every minute counts.

What if Hurricane Ike struck again? What if Hurricane Ike struck again?

Lesson #3: Insights from past hurricanes can improve present performance

Of course, event response isn’t the only thing to think about. Looking closely at how and why your portfolio performed during past hurricanes and applying those lessons to your current portfolio can be the key to weathering the next big storm.

Not only does SpatialKey enable you to evaluate potential loss scenarios if an event similar to a historical hurricane happened today, it also allows you to:

  • Visualize your portfolio performance against your past hurricane claims experience and exposure data and develop risk mitigation measures.
  • Perform “what-if” analysis to see how a historical hurricane would impact your portfolio today.
  • Modify historical and active storm tracks to analyze possible exposures.
  • Display the storm track and its wind speeds.
  • Quickly gain insight into the composition of a portfolio of risks to identify the location characteristics likely to drive loss.

While no one can say for certain how many hurricanes will happen over the next few months, whether they will make landfall or not, or how severe they will be, now is the time to make sure you’re ready to use every tool in your arsenal when one does occur.

To learn more about how SpatialKey can help you respond to events faster and underwrite more profitable hurricane business, contact us today.

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