[Video] Key challenges facing P&C insurers: SpatialKey CEO, Tom Link, talks with Insurance Thought Leadership

by Jen Smoldt on November 15, 2018

In this 3-minute video, Tom Link, SpatialKey Founder and CEO, talks with Insurance Thought Leadership about how SpatialKey is helping P&C organizations make better decisions by enabling, enriching, and analyzing any and all data—via a single solution. He also explains why data is both a problem and an opportunity for insurers, especially with the influx of more sophisticated hazard and event data. Using the 2017 hurricane season as an example, Mr. Link describes how insurers, brokers, and MGAs may struggle with accessing the right data, at the right time.

 

Some key challenges P&C organizations face, include:

  1. Keeping up with data -- The ecosystem of hazard and event data providers is increasing dramatically, so carriers may not even be aware of all the all options available now
  2. High switching costs to incorporate and enable new data
  3. Integrating and operationalizing data into their workflows
  4. System and personnel issues with handling volumes of sophisticated data (especially during large or back-to-back events)
  5. Disparate systems and sources that reduce operational efficiency

For example, often a commercial property underwriter looks at a great deal of attributes to make a decision. As they add more data, they can actually reduce their efficiency. It’s not uncommon to see a commercial property underwriter access multiple spreadsheets, different proprietary systems, or even hunt for public data online. This can be ad hoc, inconsistent, inefficient, and a poor use of human capital.

SpatialKey helps to solve these problems by providing a single access point to expert data. A carrier can integrate once and have easy access to all of SpatialKey’s 20+ data providers. Mr. Link also explains how integration with the company reduces an insurer’s IT burden, such as individual integrations with disparate sources of data as well as associated maintenance and hosting costs. On top of that, the company’s visualization and analytic framework helps increase the value of data (an insurer’s own data as well as third-party) and make it easy to contextualize and incorporate within an organization.

Mr. Link also hints at what’s on the horizon for SpatialKey in 2019, including a proactive event response solution that pushes information and alerts to carriers. Interested in learning more? Get in touch

READ MORE FROM TOM: "IT'S TIME TO EVOLVE HOW YOU COLLABORATE"

Topics: hazard data, Underwriting data, technology innovation, insurtech

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