With over 5,500 major hail storms in 2014, insurers need to quickly assess the impact of hail events and expedite assistance to customers that may have been affected. SpatialKey Hail is seamlessly integrated with Weather Verification Services from CoreLogic® to help you quickly assess the potential impact of recent or past hailstorms, understand damage severity based on hail size, and ultimately, expedite relief to your insureds. You now have access to industry-leading analytics and expert hail data in one place without the limitations of time-consuming processes and clunky legacy software.
Within moments of a hail event, you can estimate the extent of your portfolio exposure using SpatialKey Hail.
You can filter by hail size for insight into potential damage to various areas and classes of business. Understanding damage severity helps you to manage claims reserves and gives you a clear vision of what kind of damage your portfolio might experience.
Finally, you can coalesce all of this information on one screen with robust, purpose-built analytics to power your business decisions.
We’ve been hard at work enhancing our Accumulations app, so you can confidently assess and manage risk across your portfolio. Accumulations delivers analytics and visualization to help you quickly identify peak portfolio accumulations, understand risk composition including policy and location drivers, and monitor capacity utilization and diversification. Leverage these analytics to monitor and adjust your underwriting strategy, evaluate bomb blast scenarios, and understand the impact of acquisitions.
Our latest addition, Ring Accumulations, brings best-in-class analytics and visualization that transform your portfolio data to help you effectively manage risk.
Ring Accumulations helps you monitor your use of capacity
Does your organization set capacity thresholds to help you write better business? Within Rings, you can create reusable scenarios, which include the definition of ring size, geographic extent, and a minimum loss threshold. You will be able to visualize and interrogate the resulting TIV or Exposed Limit accumulations to gain insight into adverse accumulations and further investigate each zone’s compositional drivers. Use these analytics to identify opportunities to better optimize your use of capacity.
Quickly understand adverse terror accumulations
Evaluate multiple bomb blast scenarios of varied size and damage potential. Using SpatialKey’s refined methodology and de-duplication algorithms, you are assured that potential terror exposure is not missed. Use this intelligence to eliminate gaps in understanding, identify top at-risk policies, and place moratoriums in areas of heightened potential exposure.
Reporting to rating agencies is now even easier
Use the results of a Rings analysis to determine and report your top accumulations zones to rating agencies, like AM Best.
Rings, coupled with the already available Grid and Shape accumulation models, gives you a comprehensive suite of intelligence to help you develop risk management strategy, respond to catastrophes and analyze concentrations in exposure, modeled loss and experience data.
Coming this summer
Target Accumulations to help you identify accumulations relative to any reference dataset, like terror targets, points of interest, and acquisition candidates.
We are excited to release our latest innovation in SpatialKey Insurance Intelligence, the SpatialKey Portfolio Composition application! Now, you can efficiently analyze and consistently communicate portfolio health to stakeholders with unmatched access and ease of use to help you stay on top of your business.
With SpatialKey Portfolio Composition, your entire organization can derive intelligence captured in your most recent portfolio data. This application illuminates patterns and trends in exposure and loss data using rich visual analytics, all in one place. Having access to these insights, anytime and anywhere, empowers your organization with a focus on what's important.
To learn more, please take a look at the SpatialKey Portfolio Composition product sheet and watch the demo video below for a quick orientation.
As always, we would love to hear from you! If you want more details as to how this purpose-built solution could add value to your operations, please contact us.
We hope this application starts your 2014 with enhanced insight!
While calls haven’t been rolling in from Hollywood talent scouts [yet], the SpatialKey executive team is thrilled to have finally made their film debut! If you want to learn more about SpatialKey, the business application of its products, and its culture of innovation, take a look at our new product videos! You will gain more insight into the SpatialKey Insurance Intelligence and Market Intelligence solutions, as well as a general overview of the SpatialKey Platform.
If you don't want to wait for the link to load to our website, enjoy instant gratification here...
Whether you’re insuring individuals, businesses or other insurers, you need to make optimal use of your risk capital to enhance profitability and resiliency. You need efficient processes and the right analytics.
Through SpatialKey, you can exploit faster, better intelligence to ensure more satisfying experiences for customer prospects, higher underwriting profits, and reduced downstream costs associated with claims.
SpatialKey delivers a full suite of unbiased, unprecedented visual analytics tools to empower your organization with risk intelligence that enhances both your resiliency and your bottom line.
SpatialKey helps you evaluate and manage potential outcomes with unparalleled ease of use, calibrating your view of risk, enabling data to be shared across your organization, and accelerating your response to live catastrophes.
Whether your product is a good or service, serving the needs of a business or individual, you need to quickly evaluate market trends and opportunities, understand your customer, and mobilize your growth strategy. With SpatialKey’s unmatched visual analytics, you can quickly build a competitive advantage and accelerate decision making.
SpatialKey Technology & Innovation
SpatialKey gives you rapid analytics and agile visualizations to help you elevate your organization with enhanced insight and intuition.
If you would like more information, please contact us.
Visualize your Salesforce data with Geopointe, the premier mapping solution for Salesforce. Whether it is opportunities, agent locations, current clients, or something unique to your business, putting your data on a map can help it come to life!
After getting hooked on mapping from using Geopointe, many clients find that they want to ask more questions of the data and perform additional analytics… this is where SpatialKey steps in! SpatialKey and Geopointe have partnered to bring Salesforce users a full-featured Geopointe Analytics solution.
Still directly integrated with Salesforce, SpatialKey will help you answer questions like…
Do I have sufficient agent coverage for my existing customers?
I have customers all over the U.S. but want to hold events in 5 key cities. Which of my customers are within a reasonable distance to these potential event locations?
My advertising agency has advertising locations all over the U.S. and our customers only want to use our advertising services within 10 miles of their locations. What advertising locations are available within the desired zones?
Can I visualize my customers by my custom defined sales territories?
How are my sales trending over time?
Geopointe put together a great webinar that shows off how the SpatialKey integration in Salesforce works. Check it out!
How do I sign up? The SpatialKey integration is automatically enabled for all Geopointe trials. Follow these steps to install Geopointe and get started today!
I recently came across an interesting video about journalism in the age of data that ties directly back to why we think SpatialKey is a game-changing tool.
Did you know that half of our brain is hard wired for vision? Well what wakes the SpatialKey team up at night is that we want to create an application that leverages this crucial sense to its fullest potential. Human beings are visual thinkers, yet how come, in the business world, do we need to make so many critical decisions based on data that is presented in flat/non visual ways?
Our premise is that just because business decision makers have massive amounts of data doesn’t mean they can easily access its essential truths- truths that can reveal critical threats or opportunities that make/brake businesses. We need to see data represented in visual ways to quickly recognize patterns and understand complex events. Seeing that data visually allows us to ask better questions, get better feedback from others and ultimately get to the truths that give us the upper hand in decision making.
As a basic example: which format allows you to understand patterns better.
The answer is simple.
Spatialkey location intelligence software transforms static/flat row-and-column data into rich maps, reports, and visually interactive analytics that instantly reveal the truths business decision makers need. But instead of having to invest hundreds of thousands of dollars and months on implementation, SpatialKey is a cost effective and easy to use SaaS.
An audience that has recently discovered the business benefits of SpatialKey is the insurance industry. SpatialKey enables insurance analysts, underwriters, and brokers to finally use their wealth of geographical information to its fullest potential.
They can now bring together and visualize data about policies, claims, weather, terrain, geographical boundaries, and demographics. They can understand historical trends, current risks, and future opportunities in a more visual and interactive format. And ultimately, they are using the truths they discover to make decisions that maximize their bottom-line profitability.
For more information or to request a free trial- please contact us.
The insurance industry has long relied on location intelligence to assess and manage regional exposure to risk. But until recently, the geospatial analysis technologies available to help to extract this intelligence have been less than ideal. They’ve had high price tags, and their deployment, management, and use have required the help of dedicated data specialists. They’ve also taken a long time to process data.
SpatialKey changes all of that. Designed for hands-on use by the decision makers in your organization, the SaaS application breaks through barriers by giving insurers quick, easy-to-use data mapping and analysis capabilities—no programming or specialists required. Since there is no software to install or maintain, SpatialKey deploys instantly and can be used for a fraction of the cost of traditional GIS and location intelligence systems. And it complements the systems you already have in place.
With SpatialKey, you can bring in data from many sources and instantly visualize it on a map. Then you can analyze and report on your data on the fly to better understand patterns and correlations between policies, perils, demographics, and other factors. Ultimately, you’ll make decisions about capital management, underwriting, pricing, sales, and marketing that immediately benefit the bottom line.
Available either out-of-the-box or customized to meet your company’s specific needs, SpatialKey helps you realize the full potential of your insurance data without substantial system investment.
* Manage risk exposure: In order to remain profitable and comply with government regulations, you’re constantly managing and monitoring risk exposure. SpatialKey provides highly interactive analysis of geographic data, allowing you to properly assess reinsurance protection needs.
* Catastrophic and large-scale event management: SpatialKey enables you to better assess and respond to large claim events such as floods and hurricanes. For example, import hurricane path data to assess probabilistic loss estimates. See how the event will affect local portfolio-holding exposure, and manage response resources accordingly.
* Maximize sales and marketing opportunities: By providing deeper insight into local demographic and policy characteristics, SpatialKey helps you develop more targeted marketing campaigns that deliver higher returns than traditional, blanket campaigns.
For more information or to start a new trial, please contact us
Our own Doug McCune, SpatialKey engineer extraordinaire, will be presenting a session about Crisis Mapping at Where 2.0 in San Jose this Thursday, April 1st. If you are attending the event, please come to Ballroom III at 4:50pm.
Analyzing conflicts via maps is not new. For centuries generals and politicians have moved pushpins on maps to help guide troop movements, understand enemy positions, or help avert conflict altogether. What's new to conflict and crisis mapping are the tools now allowing military, politicians, and humanitarian groups better understand what drives political instability and violent conflict, and better address it.
One of the more rewarding uses of SpatialKey has been driven by a team led by Dr Clionadh Raleigh. Dr Raleigh and team members from the PRIO Center for the Study of Civil War created the ACLED (Armed Conflict Location and Event Data) database. The ACLED project team's objective was to provide a better read of conflicts by understanding the relationships between combatants, social groups, economies, and even natural phenomena such as droughts or floods. Ultimately their goal is to achieve a more stable, just, and peaceful world.
Thanks in part to funding from the World Bank, ACLED provides up-to-date, immediately accessible analytics and maps for over 50 countries in the developing world to help academics, the World Bank, NGOs, aid agencies and more gain insights on civil war dynamics. The database includes for example the date and location of conflict events, event types, rebel and other groups involved, as well as specifics on battles, killings, riots, and recruitment activities by rebels, governments, militias, armed groups, protesters and civilians, and much more.
The difficulty of creating a central database for crisis mapping is that it needs to bring together vast amounts of diverse information coming from a wide variety of sources. In technical terms: a data mess. Since neither Dr Raleigh nor the users of the ACLED database are trained GIS (Geographic Information System) professionals, they decided to use SpatialKey to centralize and analyze the data. SpatialKey is web-based and does not require special training or programming. All users need is an internet connection to immediately create highly visual maps and reports.
The benefit of using SpatialKey is that each agency using ACLED data can now create maps to help answer totally different questions, no data specialists required. Some groups need to better understand how to mitigate conflict in a specific area, others want to find the safest zone to place a refugee camp, and yet others want to understand the impact of possible floods and droughts on a conflict so they can arrange their resources accordingly.
This has allowed researchers to analyze data with more precision, as well as create a more collaborative environment to help the researcher community create predictive models of civil war. It has also helped challenge assumptions. For example Dr Raleigh says that many people considered civil wars to be primarily rural events, but SpatialKey has showed that these conflicts tend to happen close to larger cities, as rebel groups attempt to engage with the military. She considers that the combination of ACLED and SpatialKey goes a long way toward advancing the field- it provides the next generation in conflict analysis and crisis mapping.
We all know that a picture is worth a thousand words. Images from Tiananmen Square, September 11th, or the recent devastation in Haiti are universally understood and move people to action more than words ever could. Visualizing vs. reading about events is becoming more and more prevalent, with an increasing number of people receiving their information from the web or cell phone. In parallel with the upsurge in use of images and multimedia content to communicate information, the advent of Google Earth, online maps, or car and phone navigation tools has created an explosion in the use of visual maps in every day life. Instead of reading text, we are now provided maps to more easily see how to get from point A to point B, or where to find open homes in a specific neighborhood. For most of us, seeing is understanding and believing.
Photo courtesy of Google maps.
On the business side, 80% of business data has a location component which provides a goldmine of untapped information for marketing, sales and operations. But current visual mapping and analysis tools are expensive, can only be accessed by trained specialists, and require heavy IT involvement to set up and maintain. This is a big barrier to entry for most businesses. They want to "see", understand and communicate data trends, but don't have the time nor means to invest in yet another expensive infrastructure.
The businesses that already do leverage visual mapping and analysis can more effectively and more quickly see geographic or time-based data and trends critical to sales and operations. This provides them a real competitive advantage. Many oil and gas companies for example have invested in sophisticated Geographic Information Systems (GIS) and brought in GIS specialists to gain insight on their location intelligence via visual maps. This allows them not only to plot areas with the highest potential to drill in, but also better manage their pipelines, operations, retail facilities, and more.
.... or.... . ...and...
Thankfully, a revolution is taking place that allows "regular" business users -with no GIS training nor deep pockets- to leverage the power of visual mapping and analysis. Enter Software as a Service (SaaS). SaaS is transforming mapping and data visualization in the business world the same way Google Maps revolutionized mapping for consumers. Using cost-effective, user friendly SaaS mapping and analysis applications, such as SpatialKey, organizations of all types and sizes can now import their business data, combine it with geographic or competitive information, and start visually analyzing trends critical to their business. Where are key customers located? How can they maximize results in their sales territories? How best to map their sales territories? Where should they open a new retail outlet? How does Q2 sales compare to Q1 on a geographic basis? What marketing campaign resulted in the highest ROI? And so much more.
Opportunities and threats previously hidden within row and column-based datasets are now clearly visible via interactive maps. Concepts difficult to explain in text or PowerPoint presentations can now also be shown and therefore easily understood resulting in better decision making. What’s more, since everyday decision makers can use these applications, “what if” questions can be answered on the fly versus having to wait for an analyst to do a new data query. Decision-making, communication, and collaboration are improved. After all, seeing is understanding and believing, even in the business world.
Note: we'll be adding blog posts around visual mapping for sales and marketing users over the next few weeks. In the meantime you can find out more at our sales and marketing and/or enterprise solutions pages.