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

SpatialKey is pleased to be partnering with RMS to integrate SpatialKey analytic solutions with RMS(one)

Posted on June 3, 2014 by Bret Stone

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Press Release (excerpt) - May 29, 2014

RMS(one) Developer Network enables new applications leveraging RMS(one) analytics and its position as a system of record for exposure and risk data

RMS, the world’s leading catastrophe risk management firm, announced that the first commercial partners have joined the RMS(one) Developer Network and are building applications that leverage the RMS(one) application programming interface (API).

These apps extend the range of risk management capabilities available to users of RMS(one), the industry’s first and only real-time exposure and risk management environment. The RMS(one) Developer Network, the first of its kind in the industry, allows developers to tap into the wealth of exposure and risk data and analytics available on the RMS(one) platform and to bring innovative solutions to market. Apps are being developed by individual developers, start ups and large companies alike to extend the capabilities of the RMS(one) platform.

“Members of the RMS(one) Developer Network are building apps that unlock the possibilities of the RMS(one) platform in a variety of ways, from visualization to advanced analytics and pricing tools,” said Alex Barnett, vice president of developer relations, RMS. “By developing apps and integrating data on the RMS(one) platform, clients can create a single source of truth for exposure and risk data.”

New partners include SpatialKey, whose app allows analysts and executives in the insurance and reinsurance industries to visualize and analyze exposure and risk data, and Analyze Re, whose product helps increase efficiency of capital deployment through its portfolio-based risk metrics and optimization platform.

The RMS(one) Developer Network is available to clients and third-party developers and provides all of the tools necessary to build apps leveraging the RMS(one) platform. RMS(one) Developer tools include the RMS(one) API and RMS(one) Model Development Kit (MDK), which enables RMS client and partner developers to integrate tools, applications and models with RMS(one).

“We are thrilled to seamlessly integrate SpatialKey solutions with RMS(one), making risk intelligence readily accessible and extending analytic and operational value to our mutual clients,” said Tom Link CEO of SpatialKey. “RMS is the industry leader in catastrophe modeling and is uniquely positioned with RMS(one) to undertake this tremendously ambitious and exciting ecosystem approach.”

“Only the RMS(one) ecosystem gives us the exposure in the industry we need to be able to reach more customers,” said Adrian Bentley, CEO of Analyze Re. “Working with RMS gives us the credibility as a start-up that we wouldn’t have if we had not been a part of the RMS(one) ecosystem.”

Full press release can be accessed here.

Posted in Insurance Intelligence, Insurance, Visualization, Partnerships, Analytics | Leave a reply

SpatialKey partners with Innovation Group to deliver insight and extended business value to insurers.

Posted on February 19, 2014 by Bret Stone

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Press Release - Feb 19, 2014:

INNOVATION GROUP AND SPATIALKEY ANNOUNCE STRATEGIC PARTNERSHIP

Innovation Group is pleased to announce a new strategic partnership with SpatialKey that combines the expertise of two leading insurance industry data analytics solution providers.

The need for data analytics is a high priority for insurers as it drives informed decision-making and more effective risk management. The next logical step is to provide that data in delivery-focused, intuitive, analytic visualizations which increase the usability and power of the best intelligence available, the insurer's data. This new partnership makes that next step a reality by integrating the data capabilities of Innovation Group's Insurer Analytics with SpatialKey's geospatial and visualization technology.

"We are excited about this partnership and our ability to join forces with SpatialKey to further support our customers," said Euan King, CEO North America Insurer Software for Innovation Group. "Insurer Analytics has already brought enhanced insights to insurers and this will further expand their knowledge and improve their utilization of data. Our goal is to provide Innovation Group customers with cutting-edge solutions that enable them business improvement through knowledge and efficiency. This alliance supports that mission through additional benefits for both underwriting and claims."

Insurer Analytics transforms data through an automated governance process into relevant and actionable business information from policy through claims. SpatialKey adds an additional dimension to these capabilities through advanced visualization capabilities, making that information more accessible and usable for business critical processes, like catastrophe event response and underwriting. Available immediately, the integration of the two solutions allows users of both Insurer Analytics and SpatialKey to not only provide easy access to business users, but allows them to trust the data displayed.

"By bringing together Insurer Analytics with SpatialKey, insurers can keep all of their data in one place and seamlessly pass data to SpatialKey's Insurance Intelligence solution to more efficiently turn data into intelligence and intelligence into action," said Tom Link, CEO of SpatialKey. "As stewards to the evolving insurance ecosystem, we are thrilled to partner with Innovation Group to deliver advanced and relevant analytics to our clients. This partnership further reinforces our mutual commitment to delivering value to the insurance industry."

Posted in Insurance Intelligence, Insurance, Visualization, Underwriting, Partnerships, Analytics | Leave a reply