The Friday Five: Week of November 11, 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 Releases the Next Iteration of its Automated Event Notification Solution for P&C Insurers, Including Hurricane and Storm Surge Alerts & Analysis

P&C insurers can now understand the immediate business impact of hurricanes, cyclones, and typhoons, as well as U.S. severe storms with SpatialKey's next iteration of its automated events notifications solution. 

We salute women in InsurTech

The women of SpatialKey discuss what it's like being a woman working in InsurTech, plus how they're making a difference for insurance organizations and future generations of women 

  • Progress is happening on the gender advancement and equality front with women now holding 11% of named officer positions in the insurance industry, up from 8% in 2015

  • With the industry facing a talent shortage, role models will be essential to attracting young women (millennials in particular) to insurance professions, especially STEM roles with the rise of InsurTech

  • To that end, the tenured women of insurance need to be mentoring and sharing their stories, challenges, and successes with the young women of tomorrow

InsurTech is a game changer. Get in the game.

With the rise of InsurTech, the new world of insurance is indeed a playing field—players jockeying for positions, making plays, aligning their teams, and acquiring new ones. Then, there are those who aren’t really sure what position they’re supposed to be playing. For these reasons and more, the sports world is relevant to the present state of InsurTech—it requires a game plan and guts. You can either stay on the bench and watch it unfold, or get in the game and start making plays.

3 ways to speed the property underwriting quote process

An excerpt from our latest eBook: click here to download the full version.

Last year’s record insured losses, $144 billion globally according to Swiss Re, have proven to be a catalyst for reinvigorating P&C insurers’ focus on driving efficiencies in the commercial underwriting process—ideally for minimal cost and disruption.

One of the key issues emerging is a gap between the wealth of information that is now abundant and insurers’ ability to process all that information—there’s both a deficiency in speed to information and the ability to harness its value. This deluge of data, in particular natural hazard risk data, is hindering the performance of property underwriters. But it doesn’t have to.

Twister 2017

“We got cows!” This memorable line from the movie Twister came when a cow was hurled by a tornado in front of a truck driven by two storm chasers. A tornado can pick up just about anything, and while flying cows may not be on most insurers’ minds, they do need to worry about the impact 200+ mph winds could have on their books of business.

Bridging the technology gap with InsurTech

InsurTech, or digital information, isn’t just about Internet of Things (IoT), blockchain, wearables or telematics. A key digital transformation initiative, and competitive differentiator in the digital age, will be advanced data and analytics. And, innovation in data analytics is a big chunk of the $185 billion global insurance technology spend in 2017. If you’re struggling with legacy systems, lack of visual analytics, data inaccuracy and disparity (among many other analytic challenges), it’s time to make advanced data and analytics a transformation priority.

This 2-minute infographic shows how and why to bridge the technology gap with InsurTech for better data and analytics:

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