How to geocorrect pre- and post-analysis for enhanced precision

When underwriting or conducting property risk assessment, it’s critical to know exactly where the risk is located. Yet despite the vast availability of geocoding solutions, you may still struggle to accurately pinpoint locations. That’s because sometimes the geocode match is not representative of the property being underwritten, meaning that the street-level geocode match (positioned at the mailbox) could result in a different hazard score than the building/property itself.

Is your underwriting stuck on repeat?

Remember when Bill Murray woke up to a screeching alarm only to face the same day over and over again in the movie Groundhog Day? Are you stuck in that same cycle when it comes to underwritingapproaching it the same way as you’ve always been? It’s likely that your practices are “good enough,” so why make a change? Here’s why: Eventually, the lack of moving forward—into a new day—will hinder performance. You will lose a competitive edge by being stuck in the same mode and missing out on key data and analytics advancements to move your business forward. 

Is your underwriting process stuck on repeat? Let’s break the cycle with some help from Bill Murray

Earlier this morning, Punxsutawney Phil saw his shadow. And, you're probably thinking, "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 even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?

The underwriter of the future is here, now

There’s been a lot of talk in recent years about technology, innovation, and the “underwriter of the future.” Well, the underwriter of the future is here, right now in 2018. The technology to streamline and automate property underwriting exists now. And, the hazard data and advanced analytics to select and assess risk with a new level of confidence and precision exist as well. If you’re like me, however, you may sometimes put off trying something new (and better) in favor of the status quo. So, what gives?

SpatialKey and IHS Markit collaborate to offer political violence risk intelligence data to insurers

SpatialKey is pleased to offer its insurance clients access to market-leading political violence data from IHS Markit. IHS Markit provides comprehensive location-specific risk scores and in-depth intelligence, which is immediately available to underwriters and exposure managers within SpatialKey’s geospatial insurance analyticsplatform.

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.

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

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

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?

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.

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

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.

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