SpatialKey® and Location, Inc. give underwriters access to crime risk data, enabling data-driven underwriting decisions and risk-based pricing

Posted on November 15, 2016 by Sarah Stadler

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SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to crime risk data from Location, Inc., a leading provider of U.S. location based analytics. Location, Inc. specializes in providing hyperlocal crime risk data to help underwriters understand, measure and select risk, and calculate premiums with greater accuracy. Exposure managers can also use Location Inc.’s crime risk data to quickly identify and manage adverse portfolio accumulations.

“The Location, Inc. team is excited to be partnering with an innovative geospatial insurance analytics company like SpatialKey,” said Dr. Andrew Schiller, CEO and Founder of Location, Inc. “Making our SecurityGauge® crime risk data available via the SpatialKey platform allows underwriters to visualize and gauge hyperlocal crime risk at the time they are making binding decisions. SpatialKey clients will gain access to another layer of intelligence, enabling their underwriters to more quickly and effectively assess risk and manage exposure.”

Location, Inc. provides a deep-market view of human behavior risks (fire, liability, and theft and vandalism) at the policy address level. Its geospatial behavioral crime indices leverage data collected from over 18,000 authoritative sources and model risk for the entire U.S. landscape, down to an unprecedented 33-foot resolution. This fine-grained assessment of intelligent crime risk data enables insurers to streamline operations by eliminating risks in the early stages of the underwriting process. Insurers can pinpoint pockets of low risk within regions often thought of as high risk and, conversely, locate pockets of high risk within regions often considered low risk, resulting in segmentation and premium advantage over competitors.

“SpatialKey is a valuable risk assessment solution for our underwriting teams,” said RLI Insurance Company President & COO Craig W. Kliethermes. “We rely on sophisticated data to assess and underwrite risks, so having the ability to seamlessly access and analyze Location, Inc.’s crime risk data within SpatialKey will allow us to expand our use of the platform.”

The SpatialKey Underwriting application already gives insurers the expert data and advanced analytics they need to assess other man-made and natural catastrophe perils. Now underwriters and exposure managers can access crime data within the solution to form a more comprehensive view of risk in one convenient platform.

“RLI’s commitment to innovation and reputation for underwriting excellence has made them a great partner to work with in delivering an analytic solution tailored to visualizing and analyzing crime risk,” said Bret Stone, COO, SpatialKey. “We’re excited to take this solution to market with the experts at Location, Inc. as we believe our shared goal to deliver real and actionable insights to the insurance market will help improve risk selection, lower costs and drive results to the bottom line.”

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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

Willis Re and SpatialKey® collaborate to bring EuroTempest data to insurers

Posted on October 23, 2016 by Sarah Stadler

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New European Windstorm event response app available now

Willis Re, the reinsurance division of Willis Towers Watson (NASDAQ: WLTW), the global advisory, broking and solutions company has collaborated with SpatialKey Inc. to launch a new European Windstorm app. This powerful new event response application integrates data from multiple data sources, including EuroTempest—insurance industry experts in forecasting and reporting on European windstorm activity.

Accessible through a web browser, SpatialKey’s European Windstorm application provides seamless, real-time access to both forecast and historical event data. This enables insurance claims managers to perform geospatial analysis across an entire portfolio of insured properties exposed to a windstorm, making it easier to assess damage and to respond to claims as quickly as possible. Claims teams can also use the app to track windstorms as they happen, accessing forecast data and event footprints to understand their exposure and manage potential claims costs.

“We’re delighted to give our clients access to valuable windstorm data from EuroTempest through the powerful SpatialKey platform,” said Tim Edwards, Head of Europe Catastrophe Analytics, Willis Re International. “Now, Willis Re clients can easily access, visualize, and analyze the windstorm data they need to better respond to catastrophes as they occur.”

Nick Wood, Commercial Director, EuroTempest, said: “We’re pleased to partner with SpatialKey and Willis Re to offer insurers a way to visualize and better utilize our unique windstorm data through SpatialKey’s geospatial insurance analytics platform,” said Wood.

SpatialKey, which established a full-time presence in London earlier this year, is releasing the new app at a time when insured losses due to European windstorms average €3 billion per year, according to PERILS AG. During a typical season, which begins in November and ends in March, an average of six windstorms threaten Europe, affecting insured properties across multiple countries. European Windstorm is the newest event response app from SpatialKey.

“We’re excited to offer our European clients the expert data and advanced analytics they need to proactively prepare for incoming windstorm claims,” said Derek Blum, Vice President, Product Marketing, SpatialKey. “Insurers rely on contextualized expert content to manage their response, and using SpatialKey’s European Windstorm solution simplifies and speeds up that process during events, when every minute counts.”

 

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SpatialKey and Impact Forecasting are giving insurers greater access to global peril data

Posted on September 20, 2016 by Sarah Stadler

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SpatialKey to include hazard data for more countries

SpatialKey now offers its insurance clients access to global peril data from Impact Forecasting, a catastrophe model development center within Aon Benfield. Designed to highlight potential risks for underwriters and exposure managers, SpatialKey geospatial analytic solutions now seamlessly integrate with expert content from Impact Forecasting. Insurers can now access the same, expert hazard data across both underwriting and exposure management disciplines, enabling them to make more confident business decisions.

“We’re excited to offer our clients access to a greater breadth of global hazard and risk data,” said Bret Stone, COO of SpatialKey. “Insurers rely on expert content to write and manage their exposure. Working with Impact Forecasting means our clients can easily access the information they need to inform their risk management strategies across the globe.”

In 2015, insured catastrophe losses totaled roughly $27 billion, according to the Insurance Information Institute. Risk experts, like Impact Forecasting, and geospatial insurance analytics providers, like SpatialKey, play an increasingly strategic role in helping insurers improve their bottom line. Both companies help insurers perform more accurate underwriting and risk assessment—two key factors in keeping insurers profitable.

Impact Forecasting provides data for eight kinds of perils in more than 60 countries, including emerging markets. With that data integrated into SpatialKey, insurers can identify new market opportunities and gain insights where their competitors lack understanding.

“We’re delighted to make our risk and hazard data models available to SpatialKey clients for the first time,” commented Adam Podlaha, CEO of Impact Forecasting. “Now, underserved markets can easily access, visualize, and analyze the data they need to better manage risk and write more profitable business.”

To learn more, please contact us.

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Hazard data from Willis Re View of Risk now available to Willis Re clients via SpatialKey

Posted on September 16, 2016 by Heather Munro

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Willis Re, the reinsurance division of Willis Towers Watson (NASDAQ: WLTW), the global advisory, broking and solutions company, today announces the availability of proprietary Willis Re hazard data to its clients via partnership with SpatialKey.

The Willis Re View of Risk assists Willis Re clients in developing their own view of risk, through a combination of enhancing and evaluating existing models, and developing new models where there are none. Constantly advancing Willis Re’s in-house modelling solutions by combining insurance industry experience with expert knowledge, Willis Re Catastrophe Analytics teams help quantify the financial impact of natural and man-made catastrophes on their clients’ portfolios across the world. 

Data developed by the team specifically focuses on gaps in the market for global perils where no reliable risk quantification tools exist, or where Willis Re can help clients enhance limited coverage or improve less detailed information.

Willis Re’s partnership with SpatialKey enables Willis Re clients to access this proprietary Willis Re information alongside data that clients may license from other industry sources, via a powerful and user-friendly geospatial platform. 

The territories and perils covered are broad in scope, ranging from volcanic risk in Italy, to tsunamis in Japan, to flood and storm event assessments in Europe and flood in Australia and New Zealand.

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Karl Jones, Managing Director, Willis Re said: “It’s important for us to help clients understand their risk, especially for perils and regions that get less attention from the commercial vendors.  The expertise of our analysts around the globe, combined with the resources of the Willis Research Network and the power of the SpatialKey platform, puts the latest science at our clients’ fingertips.”

Tom Link, CEO of SpatialKey, said:  “We’re pleased to broaden the range of information that Willis Re clients can access through our platform.  SpatialKey’s vision is to empower insurers with all the information they need, enabling them to make optimal use of their risk capital to enhance profitability and resiliency.”

Posted in Press Releases, Insurance, Flood | Leave a reply

SpatialKey Hires Product Marketing VP to Expand Insurance Analytics Offerings

Posted on April 12, 2016 by Sarah Stadler

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We’re delighted to welcome Derek Blum as our new Vice President of Product Marketing.

In this newly developed role, Derek will ensure SpatialKey delivers high-quality, relevant insurance analytics products, expanding existing capabilities and developing new offerings to meet our clients’ changing needs.

Derek’s background made him a natural choice for SpatialKey. For most of his 20-year career, he has helped insurers—and reinsurers—use technology to mitigate, manage, and transfer catastrophe risk.

“Derek’s extensive experience in the definition and development of insurance analytics products makes him the ideal person to help us identify innovative product opportunities,” explains SpatialKey COO Bret Stone. “He’ll be instrumental in further developing our product strategy and reinforcing our presence and commitment within the insurance industry.”

In addition, Derek is committed to innovation and will be drawing on his experience in bringing natural and man-made catastrophe risk and exposure analysis products for multiple insurance lines and segments to market.

“Over the years, it has been fascinating to watch insurers embrace analytics and use those insights to shape their risk management, underwriting, and claims decisions,” explains Derek. “I’m excited to join SpatialKey’s smart, innovative team and to continue identifying ways to make the business of writing risk easier—and more profitable—for insurers.”

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SpatialKey Establishes Full-Time Presence in London

Posted on March 22, 2016 by Sarah Stadler

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Client Services Director Louise Braybrooke will help SpatialKey expand our organization in the U.K.

We’re excited to welcome our first team member based in London: Louise Braybrooke.

As our new Client Services Director, Louise will be responsible for securing and expanding our valuable client relationships there, while helping us further develop our presence in the U.K.

“Hiring Louise is just the start of SpatialKey’s plan to grow its business in London and across Europe,” explains Martyn Sutton, Chief Client Officer. “As part of her new role, Louise will help us build a U.K.-based team to support those efforts.”

With 15 years working within the insurance/reinsurance industry, Louise is the ideal person to help us broaden our efforts outside of the States. Louise’s enthusiasm certainly reflects our own as she explains why she wanted to come over to SpatialKey.

I was looking for a new opportunity that allowed me to be instrumental in growing a business from the ground up, and SpatialKey presented exactly that,” she explains. “I thrive on solving challenges faced by the industry’s exposure management and underwriting communities, and I was keen to work with a company that had the agility and momentum to rise to the challenge. I look forward to working with the market to drive new ideas and seeing them come to fruition.”

SpatialKey is thrilled to have a growing presence in the U.K.—it means we can build on our expertise and accelerate our ability to bring analytic solutions to the insurance market.

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SpatialKey Selected by ProSight Specialty to Advance Underwriting Practices Through Data Analytics and Visualization

Posted on October 20, 2015 by Sarah Stadler

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London, October 20, 2015 – SpatialKey Inc. (SpatialKey) is providing ProSight Specialty Underwriters Ltd. (ProSight) with intuitive, geospatial analytics and visualization for its underwriting team and coverholders.

SpatialKey’s Underwriting solution provides analytics and visualizations tailored to the underwriting workflow, enabling ProSight and its coverholders to consistently and confidently underwrite across multiple commercial programs. Specifically, ProSight is accessing rich data analytics, coupled with high quality data from natural hazard experts, JBA Risk Management (JBA), to select and price risks, manage accumulations and calibrate underwriting strategy.

“Developing a complete understanding of risk when evaluating prospective insureds is an essential component of our underwriting practice as we proactively manage our portfolio at the point of sale. SpatialKey and JBA provide an integrated solution we can trust and help us gain competitive advantage, deliver underwriting profit and reduce downstream claims and reinsurance costs.” Rob Saxon, Underwriting Control Manager, ProSight

“We are delighted to have been adopted by ProSight and their coverholders as a best practice to enhance ProSight’s profitability and execute their underwriting strategy. We look forward to driving continued innovation through our products and partnerships as a result of the work we are doing with ProSight.“ Bret Stone, COO, SpatialKey

About SpatialKey

SpatialKey is reinventing the way insurers transform data into actionable intelligence. SpatialKey solutions amplify the value of insured data and expert content through unmatched user experiences and breakthrough geospatial business intelligence. Through focused analytics and agile visualizations, SpatialKey helps more than 100 insurers understand global risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. For more information visit spatialkey.com.

Posted in Press Releases, Press, Insurance, Underwriting, Analytics, Data visualization | Leave a reply

SpatialKey Announces Addition of Robust Data Analytics and Visualization to Hail Product

Posted on September 22, 2015 by Sarah Stadler

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SpatialKey has enhanced its hail impact analysis product with expert content from CoreLogic® to provide insurers with a faster and more accurate way to coordinate aid to their clients. By incorporating Weather Verification Services from CoreLogic, SpatialKey Hail can now:

  • Directly integrate data services from CoreLogic, so that insurers have near real-time access to hail risk intelligence.
  • Quickly evaluate and quantify potential impact of recent and historical U.S. hail events to more accurately determine the Date of Loss (DOL) and initial event reserves.
  • Facilitate improved stakeholder communication and response strategy.
  • Rapidly assess insureds impacted to maximize claims deployment, resulting in increased client satisfaction and retention.

“SpatialKey Hail unites trusted data and industry-leading visualizations, so our clients can respond to hail events with speed and confidence to enhance customer satisfaction. Integrating Weather Verification Services from CoreLogic is a reflection of SpatialKey’s commitment to giving clients the right information, right now.” Tom Link, Founder and CEO of SpatialKey

About SpatialKey

SpatialKey is reinventing the way insurers transform data into actionable intelligence. SpatialKey solutions amplify the value of insured data and expert content through unmatched user experiences and breakthrough geospatial business intelligence. Through focused analytics and agile visualizations, SpatialKey helps more than 120 insurers understand global risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. For more information visit spatialkey.com.

 

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SpatialKey Continues Collaboration With RMS Through Launch of SpatialKey Bridge ETL

Posted on September 9, 2015 by Sarah Stadler

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Now insurers can upload RMS EDM data directly into SpatialKey for a more streamlined workflow

San Francisco, Calif. – September 10, 2015 SpatialKey, Inc. (“SpatialKey”) and Risk Management Solutions, Inc. (“RMS”) have extended their collaboration on RMS(one)® to provide insurers with an automated means to load RMS EDM (Exposure Data Model) data directly into SpatialKey. Creating a seamless bridge between these two systems, via SpatialKey’s all-new Bridge ETL app, eliminates the need to create and maintain scripts and queries that extract and transform exposure data from EDM databases for use in SpatialKey. Now, insurers can invest more time deriving insights and making decisions from the data than on preparing the data for analysis.

“Our mission is to make analyzing data easy, no matter the source, and SpatialKey Bridge ETL is an important step forward. Delivering a seamless process for consuming RMS EDM data is reflective of our continued commitment to empower the insurance industry with increased access to value-added data. We’re excited to expand our scope of work with RMS in an effort to create a more cohesive link between our collective products. ” Bret Stone, COO, SpatialKey.

“RMS is committed to enabling clients to manage their risk efficiently using the tools of their choice,” said Matt Reid, vice president, corporate strategy and business development at RMS. “Our collaboration with SpatialKey enables mutual clients to more effectively and efficiently manage their exposure using the RMS EDM - the industry’s standard currency for risk.”

SpatialKey Bridge ETL is a user-friendly app that sits on a user’s desktop and does the work of converting and uploading RMS EDM information for use in SpatialKey. Historically, insurers developed custom transformation queries to manually extract data for further analytic processing within SpatialKey applications. Now, it’s as simple as installing the application, pointing to your SQL Server and selecting one or many portfolios from your library of EDMs - the rest is automatic, and insurers will have ready-access to their exposure data. This new tool is another example of SpatialKey's commitment to giving clients access to the right information, right now.

About SpatialKey

SpatialKey is reinventing the way insurers transform data into actionable intelligence. SpatialKey solutions amplify the value of insured data and expert content through unmatched user experiences and breakthrough geospatial business intelligence. Through focused analytics and agile visualizations, SpatialKey helps more than 120 insurers understand global risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. For more information visit spatialkey.com

 

Posted in Press Releases, Insurance, Analytics | Leave a reply