HazardHub may be a newer name on the data scene, but with 24+ hazard datasets and risk information in shapefiles and APIs, these experienced data scientists are pros at modeling volatile perils like flood, storm surge, wildfire, earthquake, and more. Recently, SpatialKey caught up with John Siegman, founding partner at HazardHub, to talk through the power of hazard data for insurers. Here’s what he had to say about how their data is helping insurers better select and manage risk:
What’s your data story?
HazardHub originated when a friend’s house was flooded. They had no idea they were next to a flood zone—and no way of knowing their risk exposure. Our mission is to change that.
How is your solution helping solve insurers’ problems?
Close examination of policy-by-policy risk exposure enables insurers to identify areas where they should stop writing policies and areas where more risk is acceptable. By providing multiple points of analysis, we enable underwriters to make more informed decisions. And, claims to better mitigate and respond to risk with proprietary data at their fingertips.
“I already have hazard data. Why do I need more?”
A single source of data limits an insurer’s view of risk, and competitive advantage with it. Each hazard data company has its own scientists and its own way of providing answers to insurers’ risk questions. It makes sense that you can mitigate risk better with a more informed picture of exposure via multiple data sources.
Why is your data different?
We can’t give away our secret sauce! But, a key driver is the addition of elevation data into our flood and storm surge products, adding incredible property-level accuracy to estimates. One insurer saw a 20% increase in their flood risk accuracy, while another saw a 15% lift in their storm surge accuracy.
How does SpatialKey empower your data?
SpatialKey brings a spectacular level of data visualization that we can’t provide alone. Integrating with their trusted solution makes our data easily accessible to insurers and empowers their insights through SpatialKey’s industry-leading visualizations.
What can we look forward to from HazardHub?
New and innovative datasets not currently available in the marketplace! For example, we just introduced the only national database of Underground Storage Tanks. We're introducing Nuclear Sites and Toxic Release Sites. And, we continue to introduce datasets not available elsewhere.
And just for fun…if your company was human, what would its traits/characteristics be?
We’d be a Boy Scout: trustworthy, loyal, helpful. In fact, one of our founders is an Eagle Scout.
If your company was a superhero which would it be?
Iron Man. He’s data driven.
What would your company’s theme song be?
Any song by Earth(quake), Wind, and Fire