SpatialKey Points


Hail Hits Home for SpatialKey...Plus, how to proactively inform your hail risk and response


by Jen Smoldt

Hail is scary and it hits home for many of us. SpatialKey’s home state of Colorado is no exception to hail risk. Our downtown Denver headquarters reside in a heavy hail risk zone—and so do the homes of many SpatialKey team members.

HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver


Punxsutawney Phil predicts it's time to reevaluate your underwriting approach


by Jen Smoldt

So, what does Groundhog Day have to do with underwriting?

On February 2nd, Punxsutawney Phil saw his shadow. And, you're probably thinking, "So what does this have to do with my underwriting?" Just bear with the logic for a moment….Do you know how often Phil’s forecasts have been right? If he were right say even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps? 


How can 2016 risk inform your 2017 strategy?


by Sarah Stadler

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  


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


by Sarah Stadler

SpatialKey to include hazard data for more countries


Devastating earthquake hits central Italy: Respond now and plan for tomorrow


by Heather Munro

Photo credit: www.independent.co.uk

 A magnitude-6.0 earthquake rocked central Italy early Wednesday morning, killing more than 260 people. Losses are expected to be below that of the 2009 L’Aquila event, which Willis Re estimated to have £502 million in insured losses. The quake could be felt as far away as Bologna to the north and Naples to the south, and devastated centuries-old towns where historic churches and monuments dot the landscape.

The picturesque village of Amatrice was particularly hard hit, with the mayor telling The Guardian that “half of the town no longer exists.” The town of L’Aquila, which lost 300 residents during the earthquake in 2009, has promised to take in the hundreds left homeless in Amatrice.

As your insureds in Italy focus on rescue efforts and begin the grim task of sifting through the rubble left behind, you can get a more complete view of your potential exposure—and market opportunities—throughout the region.

Understand and act quickly on the impact to your portfolio

Centered about 110 kilometers northeast of Rome and about 35 kilometers north of the deadly magnitude 6.3 earthquake that hit L’Aquila in 2009, the Istituto Nazionale di Geofisica e Vulcanologia (INGV) estimates a magnitude of 6.0 and depth of 4 kilometers. Shallow earthquakes like these generally cause more damage, as was the case here.

To help you understand the extent of this and prior events, SpatialKey includes shakemaps from the U.S. Geological Survey (USGS) global library of earthquake footprints, which show the impact in and around the epicenter. You can easily visualize which policyholders have been affected and begin mobilizing your claims team to respond as quickly as possible.

Willis Re is already providing insurance companies with an assessment of their potentially affected risks by providing event-response analytics with SpatialKey.

“We have been assisting insurers in visualizing the event and their insured risks that are likely to have been affected,” explains Tim Edwards, Head of Europe, Willis Re Catastrophe Analytics. “We have applied the latest USGS event footprint in SpatialKey to individual client portfolios. This enables the identification of potential policies impacted by the most severe shaking intensities, including net exposures after earthquake indemnity limits. This has allowed insurers to work with their claims teams, senior management, and reinsurers and respond in a timely fashion.”

The image below is an example of the types of value-added analytics Willis Re delivers to its clients to support their event response efforts.


Who needs Q for underwriting gadgets when you have SpatialKey?


by Heather Munro

 Photo credit: alternative007.uk.co

James Bond wouldn’t be James Bond without Q, the British Secret Service’s gadget guru. Whether it’s a space-age jetpack or a briefcase that shoots knives, Q designs one-of-a-kind tools that simplify the job of being Britain’s top secret agent.


Confidential: How to proactively manage accumulations at the point of sale


by Heather Munro

Photo credit: countercurrents.com

In every film, James Bond visits the plush office of his no-nonsense boss known simply as M. As head of the Secret Intelligence Service, M is the brains behind Britain’s top secret agent.


Every underwriter needs a Miss Moneypenny on their side


by Heather Munro

Photo credit: 007james.com


How to be the 007 of underwriting


by Heather Munro

 

Photo credit: fullhdpix.com

Brussels Attack Highlights Need for Sophisticated Insurance Analytics Tools


by Sarah Stadler
Photo credit: REUTERS/Charles Plateau.