Key challenges facing P&C insurers

by Jen Smoldt on October 8, 2019

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 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 touches on the company's new automated event response solution that proactively notifies carriers when their portfolio has been impacted by events. Interested in learning more? Get in touch and subscribe to our blog for more articles like this:  

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

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