Texas Storm Signals Hail Season in Full Swing for Insurers

Posted on March 25, 2016 by Sarah Stadler

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rsz_hail_damage Image courtesy of aceroofingtexas.com

Golf-ball sized hail roared through Dallas/Fort Worth on Wednesday, marking the second storm for the area in nearly a week. Insurers know only too well that this is just the beginning of a busy season.

While it’s too soon to know the latest storm’s losses, the previous week’s storm caused an estimated $600 million in insured losses, according to the Insurance Council of Texas.

With such a large number of claims filed in just over a week, assessing the damages and responding to policyholders as quickly as possible will be a challenge. The last thing you need is clunky software slowing you down.

SpatialKey gives you seamless access to intuitive analytics and expert hail data in one spot, making it easier to mobilize your claims teams and quickly help your customers.

Understand the Potential Impact of Hail Events

What makes SpatialKey different? For starters, it’s seamlessly integrated with Weather Verification Services from CoreLogic® to help you quickly assess the potential impact of recent or past hailstorms and understand damage severity based on hail size.

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You can also filter by hail size for insight into potential damage to various areas and classes of business. Understanding damage severity helps you manage claims reserves and gives you a clear vision of what kind of damage your portfolio might experience.

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Finally, you can coalesce all of this information in one view with robust, purpose-built analytics to bring your full analysis to life and make truly data-driven business decisions.

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To learn more about how SpatialKey’s robust data, crisp visualizations, and industry-leading user experience can help you improve your policyholders’ claims experience, contact us today.

Posted in Visualization, Hail, Event response | Leave a reply

Hurricane Patricia Shaping up to be the Strongest Hurricane in History

Posted on October 23, 2015 by Sarah Stadler

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Rapidly turning into a category 5 storm overnight, Hurricane Patricia is nearing the coast of Mexico with wind speeds of up to 200mph. Hurricane Ike topped out at 143mph, and Andrew at 175mph, leaving Patricia as the strongest hurricane ever recorded. With landfall expected this afternoon or evening, properties are bound to be destroyed, and insurers are preparing themselves for the impact.

Hurricane Patricia Wind Pattern - SpatialKey

50,000 people are being evacuated, and the town of Manzanilla is right on Patricia’s path. According to reports from CNN, a 30-foot storm surge is expected in Manzanilla’s bay, which is likely to cause flooding and landslides. Puerto Vallarta and Acapulco are the closest resort towns, and some are predicting that Puerto Vallarta will see winds up to 75mph - many businesses there are preparing for the storm by boarding and taping up windows. Our thoughts are with everyone bracing for such a devastating storm.

Wind speed visualized
Patricia’s winds are record-setting, clocking in at 200mph and holding steady - enough to carry an airplane and keep it in flight, according to World Meteorological Organization spokeswoman Clare Nullis. We can see here that a number of properties are vulnerable to the potential destruction from the combination of wind and water that this hurricane is predicted to produce.

Hurricane Patricia Potential Impact - SpatialKey

How this could impact your portfolio
With resort towns Puerto Vallarta and Acapulco threatened, insurers are likely to see some potential property claims after the storm clears. Understanding how much of your portfolio is exposed helps you figure out what to do next. With our direct integration with NOAA, insurers can immediately track the storm as updates are released. We’re here to help - contact us now.

Posted in weather, Hurricane, Insurance, Visualization, Analytics, Data visualization, Event response | Leave a reply

What next? Assessing the damage after the M8.3 earthquake in Chile

Posted on September 23, 2015 by Sarah Stadler

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Last week, Chile was shaken by a significant earthquake along its central coast. According to catastrophe modeling firm AIR Worldwide, an estimated $600-$900 million in insured losses is expected.

Image credit: Martin Bernetti/AFP/Getty Images

How far does the damage spread?

This quake impacted a large radius surrounding where it struck with significant shaking felt in the nation’s capital of Santiago. Having a visual understanding of the magnitude of impact in and around the epicenter helps our clients know where to focus first. Our Earthquake app provides insurers with near real-time intelligence via shakemaps from the U.S. Geological Survey, so they can easily see and quantify the potential exposure from the event and associated aftershocks and make the most informed decisions for their customers and business.
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Get in touch today. We’ll help you evaluate your exposure to the Chile earthquake, so you can effectively communicate the potential impact to stakeholders and expedite relief to your insureds.

 

Posted in Visualization, Earthquake, Event response | Leave a reply

Know your exposure to hail

Posted on August 25, 2015 by Sarah Stadler

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With over 5,500 major hail storms in 2014, insurers need to quickly assess the impact of hail events and expedite assistance to customers that may have been affected. SpatialKey Hail is seamlessly integrated with Weather Verification Services from CoreLogic® to help you quickly assess the potential impact of recent or past hailstorms, understand damage severity based on hail size, and ultimately, expedite relief to your insureds. You now have access to industry-leading analytics and expert hail data in one place without the limitations of time-consuming processes and clunky legacy software.

Within moments of a hail event, you can estimate the extent of your portfolio exposure using SpatialKey Hail.

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You can filter by hail size for insight into potential damage to various areas and classes of business. Understanding damage severity helps you to manage claims reserves and gives you a clear vision of what kind of damage your portfolio might experience.

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Finally, you can coalesce all of this information on one screen with robust, purpose-built analytics to power your business decisions.

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Get in touch with us today to gain access to this expert data, coupled with SpatialKey’s industry-leading user experience and visualizations. Download our data sheet here and take a look at SpatialKey Hail in action below.

[embed]https://youtu.be/R4-0ELxaZrA[/embed]

 

Posted in Mapping, Insurance, Visualization, Hail, Analytics, Event response | Leave a reply

Ring and Target Accumulations help you avoid and manage excessive exposure to terrorist activity

Posted on July 14, 2015 by Sarah Stadler

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SpatialKey Accumulations Rings Image

It’s important for insurers to have an advanced understanding of their exposure concentrations as well as concentrations where terror attacks are most likely to occur, so they can analyze their current book of business effectively and apply guidelines to select new business as it is underwritten. We’ve developed Rings and Target models within our Accumulations app to assess any type of accumulation, but many of our clients are turning to these models for a deeper understanding of terror accumulations related to their current portfolio or new business that they’re evaluating.

The Rings and Target accumulation models are powerful tools that help you:

    • Identify peak accumulations of exposure within your portfolio. Many legacy solutions leave gaps that SpatialKey has been able to fill with its industry-leading methodology, so you can manage and write with confidence, knowing no potential accumulations have been missed.
    • Analyze your portfolio relative to points of interest. Load any set of location references to analyze concentrations against, like a dataset of high-interest properties, points of interest, historical terror claims or activity, etc.
    • Look at a terror target dataset (locations identified as having terrorism risk such as skyscrapers, churches, train stations, etc.
    • Understand event history (e.g. terror target history, tornado touchdowns, claims experience points, etc.)
    • Evaluate accumulations against your own portfolio locations – run an accumulations analysis by drawing a ring around each point in your own dataset
    • Understand the composition of each accumulation by any attribute of your data and understand which policies and locations contribute to it

Rings and Targets, along with our other models in Accumulations, gives you the option to run your analysis based on specific metrics in your own dataset, on exposed limits, or on a specific area of interest within custom geographic extents. Don’t ignore the impact terror can have on your portfolio and get ahead of it by implementing these new models today. Reach out and we’ll get everything set up for you: sales@spatialkey.com

 

 

Posted in Insurance Intelligence, Insurance, Visualization, Analytics, Data visualization | Leave a reply

Manage your exposure concentrations with confidence

Posted on May 18, 2015 by Sarah Stadler

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We’ve been hard at work enhancing our Accumulations app, so you can confidently assess and manage risk across your portfolio. Accumulations delivers analytics and visualization to help you quickly identify peak portfolio accumulations, understand risk composition including policy and location drivers, and monitor capacity utilization and diversification. Leverage these analytics to monitor and adjust your underwriting strategy, evaluate bomb blast scenarios, and understand the impact of acquisitions.

Our latest addition, Ring Accumulations, brings best-in-class analytics and visualization that transform your portfolio data to help you effectively manage risk.

Ring Accumulations helps you monitor your use of capacity

Does your organization set capacity thresholds to help you write better business? Within Rings, you can create reusable scenarios, which include the definition of ring size, geographic extent, and a minimum loss threshold. You will be able to visualize and interrogate the resulting TIV or Exposed Limit accumulations to gain insight into adverse accumulations and further investigate each zone’s compositional drivers. Use these analytics to identify opportunities to better optimize your use of capacity.

Quickly understand adverse terror accumulations

Evaluate multiple bomb blast scenarios of varied size and damage potential. Using SpatialKey’s refined methodology and de-duplication algorithms, you are assured that potential terror exposure is not missed. Use this intelligence to eliminate gaps in understanding, identify top at-risk policies, and place moratoriums in areas of heightened potential exposure.

Reporting to rating agencies is now even easier

Use the results of a Rings analysis to determine and report your top accumulations zones to rating agencies, like AM Best.

Rings, coupled with the already available Grid and Shape accumulation models, gives you a comprehensive suite of intelligence to help you develop risk management strategy, respond to catastrophes and analyze concentrations in exposure, modeled loss and experience data.

Coming this summer

Target Accumulations to help you identify accumulations relative to any reference dataset, like terror targets, points of interest, and acquisition candidates.

Get in touch today to activate this new model.

Posted in Mapping, Insurance, Visualization, Underwriting, risk assessment, Analytics | Leave a reply

SpatialKey Selected by RLI for its Underwriting and Exposure Management Operations

Posted on May 5, 2015 by Sarah Stadler

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SpatialKey, Inc. ("SpatialKey") delivers risk intelligence to RLI Insurance Company’s (“RLI”) exposure management and underwriting operations through robust portfolio data analytics and enhanced decision support at the point of underwriting

SpatialKey’s expertise in delivering intuitive, geospatial analytics and visualizations has enabled RLI to evaluate and respond to changes in the distribution and composition of its portfolio and write better risks. SpatialKey’s Insurance Intelligence solution provides a comprehensive suite of data analytics and visualizations that enable business users to turn information into decisions in their exposure management and underwriting processes.

“Data analytics is a key differentiator in how we operate, compete, select risks, and proactively manage our portfolio. With SpatialKey, we have empowered our underwriters and analytic teams with actionable information to improve risk selection and portfolio performance.” says Jen Klobnak, Senior Vice President, Risk Services at RLI.

SpatialKey’s underwriting solution, designed collaboratively with RLI underwriters, integrates directly with RLI’s property submission management system, creating a seamless underwriting workflow and empowering underwriters with the right information, right now. Further, each prospective risk is evaluated in the context of weekly snapshots of RLI’s portfolio, enabling underwriters to leverage the best data available – their own portfolio, analytic, and experience data – and leading to competitive advantage.

“We are excited to partner with RLI to deliver on the demands of its exposure management and underwriting operations and to identify new opportunities to deliver new analytic innovation to the benefit of the insurance industry.” says Bret Stone, Chief Operations Officer at SpatialKey.

About SpatialKey

SpatialKey is a leader in insurance analytics and visualization, delivering real business value via purpose-built applications. SpatialKey Insurance Intelligence integrates industry-leading data solutions with an unmatched user experience and differentiated geo-spatial and business intelligence capability. Through speed-of-thought analytics and agile visualizations, SpatialKey helps insurers understand risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. As insurers innovate to deliver value to their customers and seek to optimize their risk portfolio, SpatialKey will continue to work with them to deliver revolutionary analytics. For more information, visit www.spatialkey.com.

About RLI Insurance Company

RLI, a specialty insurance company, offers a diversified portfolio of property and casualty coverages and surety bonds serving niche or underserved markets. RLI operates in all 50 states from office locations across the country. RLI’s insurance subsidiaries – RLI Insurance Company, Mt. Hawley Insurance Company, RLI Indemnity Company and Contractors Bonding and Insurance Company – are rated A+ “Superior” by A.M. Best Company. For more information visit the corporate website at www.rlicorp.com.

Posted in Insurance, Visualization, Underwriting, Analytics | 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

SpatialKey June 2013 Release

Posted on June 6, 2013 by Rebecca Morris

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It's time for another release! Over the last few months, we've been working both behind the scenes and on the user interface to enhance your experience with SpatialKey. The new release focuses on improvements to getting data into SpatialKey and visualizing it in a dashboard.

In addition to these new features, you will notice significant thematic mapping performance enhancements. Displaying data for all US Counties for a 1.5M record dataset used to take around 90 seconds... now it takes only 3.5 seconds. Yes, you read that right, 25X faster!

Let's dive in and check out each of the new features in more detail.

Thematic Mapping

Are you importing locations outside of the US?

Our global thematic mapping release is here! SpatialKey has always offered thematic mapping by US State, County, and Postal Code (or by your own custom geographic boundaries) but now, through an additional subscription, you can map your data by Countries, Postal Codes, and CRESTA Zones internationally.

Images below: Country and France Postal Code (requires additional subscription level) thematic boundary examples

What is thematic mapping? Thematic maps (aka. Choropleth maps) show the distribution of a single attribute by various different geographical areas. They provide quickly digestible information and can highlight outliers and trends for datasets. Also, thematic maps can help you visualize data that isn’t otherwise mappable. You may run into a situation where you don’t have address information or latitude/longitude coordinates for the records in a dataset. When this happens, your data cannot be visualized on a map in traditional ways like individual points or a heatmap, but you can still use thematic mapping. Simply identify which thematic boundary each record belongs in, and we can create a visual representation of your data.

If your organization is interested in licensing global boundaries, please contact us or check out this article for additional details. If you have a need for additional thematic options - like Metropolitan Statistical Areas (MSAs), Legislative Districts, etc - please let us know. We are always looking to expand the built-in boundary options in SpatialKey.

Comparison Mapping with any Geographic Boundary

Our comparison analytics have just become even more powerful with the expansion of thematic visualization support to any boundary, anywhere in the world! Whether it is a built-in boundary used for standard thematic mapping (US County or High Resolution Postal Codes for example) or a custom shapefile that has been joined with your dataset, now you can view results of comparing two data points thematically by these boundaries.

Visualizing portfolio growth between 2011 and 2012 for a client's Japan portfolio (dark green signifies larger growth)

In addition to simple portfolio growth, you can visualize premium adequacy, compare results from various models, perform market share analyses, and much more. Select any two data points and how you wish to relate them, and you will have a powerful map, telling you much more about your data than before!

If comparing two data points within a single dataset, all thematic options for that dataset will be available. If comparing two data points within two separate datasets, only thematic options that are common between the two datasets will be available - e.g. CRESTA will only be available if both datasets have CRESTA enabled.

Data Upload Wizard

The Data Upload Wizard is getting smarter! We shuffled the screens, added a couple additional options and ... the Data Upload Wizard is able to learn from you as you walk through the upload process, delivering an enhanced user experience.

Here's a quick walkthrough of the new Data Upload Wizard workflow.

  • After selecting your dataset, identify if your data is in a single country, multiple country, or if your data is going to be analyzed without mapping. If your data is mappable, select how to map your data. The additional option you have that wasn't present before is to use other geographic boundaries.

  • The next screen is new and provides more optional functionality. If your organization has subscribed to our global boundary offering, you will see global boundary options in addition to the standard US boundary options (US State, County, and Postal Code).

  • Based on your selections on previous screens, we identify field types and required fields. Now you only have to scan the remaining fields and determine if anything other adjustments need to be made. Also, previewing your data is offered on demand now, whereas it was a step in the upload workflow before.

That's it, a few simple changes to bring you a more streamlined import workflow.

Let SpatialKey Decide

Now with only a single click, you can create a map! SpatialKey will now make all decisions to get you into your dashboard quicker. You still have flexibility to change visualizations and metrics once in your dashboard but with the new "Let SpatialKey Decide" feature, you can save decision making until the end, until after you have explored your data.

Coming from someone who opened many dashboards everyday, enjoy this new feature!

Layer Manager

With all of the changes elsewhere in SpatialKey for this release, we couldn't forget about the Layer Manager. Now, instead of having to look in the layer settings menu to find what you are looking for, we brought frequently used features front and center! Now you have quick access to change metrics, add labels, select visualization options, and remove a layer.


Data Import API Command Line Tool

The Data Import API is now more approachable than ever! Before, only IT and development teams could implement the Data Import API. With the new Data Import API Command Line Tool, typical users of SpatialKey can leverage this functionality without any programming knowledge.

Why use the Data Import API? SpatialKey makes it very easy to login and import data directly… so you might ask yourself, why would I need to use the Data Import API? One common use for the Data Import API is to schedule import tasks. Let’s say that your organization has an internal process that generated a new CSV file for your dataset every night, you could use the Data Import API to automatically pick up that file and submit a replace task in SpatialKey. Instead of coming into work in the morning, logging into SpatialKey, submitting the import job, and then working with the data, you can just wake up, login and start working with the refreshed dataset when you use the Data Import API.

For more details and to download the Command Line Tool visit this article.

Geocoding Options

Providing you with more flexibility and control over your data, we have integrated multiple geocoding options into SpatialKey. Some geocoding options will require a transactional fee to use but SpatialKey has also rolled out the SpatialKey Free geocoder, which is our own custom-built geocoding solution offered complementary with any SpatialKey license.

In addition to the added geocoding options, you can now export geocoded latitude and longitude coordinates and visualize geocodes on any basemap. For more details on geocoding option, check out this article.

Posted in data import, Visualization, Releases, choropleth | Leave a reply