For insurers, data is power. And with the right analytic insights, data can also be an insurance organization’s number one competitive differentiator. Over the past several years, Insurity has been on a quest to help insurers tap into the insights hidden within their own data, as well as capitalize on innovative third-party data through our expanding ecosystem of data partners, our $100B+ data consortium, and our innovative analytic offerings. We continue in the pursuit of helping our clients become more data-driven organizations with our acquisition of SpatialKey.
Our cloud-based SpatialKey solutions—offering geospatial insurance analytics and data enrichment—provide one more pathway to help our clients become strong players in their markets, and make data a competitive differentiator. By adding SpatialKey solutions to the Insurity portfolio, we have further extended our position as a leader in the data and analytics arena. Our clients now have access to an extraordinary set of data and analytic tools, enabling them to make more-informed underwriting decisions, better-manage their risk exposures, and optimize their responses to claims and catastrophe events.
For example, underwriters frequently access multiple disparate solutions to make informed decisions while risk and claims analysts are often limited by geographic information systems (GIS) software that is not intuitive, flexible, or built to meet the demands of insurance-specific workflows. The SpatialKey solutions were built to solve for these workflow challenges with a single interface that puts robust visualizations, advanced analytics, financial modeling, and an ecosystem of third-party data at the fingertips of insurance professionals—thereby creating operational efficiencies and optimizing portfolios for maximum profitability.
Solving for these encumbrances is especially relevant now as the P&C industry has seen more extreme catastrophe events in recent years—such as hurricanes Dorian, Michael, and Harvey, and the California wildfires to name just a few. In fact, nearly 20 percent of the total insured losses from natural events since 1989 occurred in the years 2017 and 2018. Our SpatialKey solutions are especially relevant in these evolving times as insurers adapt their catastrophe risk management practices to remain profitable as well as meet customer and shareholder expectations.
This acquisition also builds upon our already extensive third-party data ecosystem by adding over 20 industry-leading hazard and event data partners including HazardHub, IHS Markit, JBA, KatRisk, Swiss Re, and many others—further enabling insurers to build their own views of risk through an ever-expanding and open ecosystem of data. Specifically, the SpatialKey solutions help insurers improve operational efficiency and achieve healthier portfolios in three key areas:
- Underwriting: From flood to wildfire, hurricane, hail, political violence, and other perils, SpatialKey Underwriting provides scoring ability with a holistic view of risk, spanning multiple hazards, in a single interactive environment that puts analytics and data at underwriters’ fingertips—along with robust financial modeling that’s built into every analysis performed.
- Exposure Management: If a hurricane were to hit tomorrow, how would that impact an insurer’s portfolio? Whether providing a simulated environment to evaluate changes to catastrophe models and claims history or understand and manage portfolio accumulations, SpatialKey Exposure Management provides insurers with a cohesive view of risk by exploring correlations among exposure, loss, hazard, claims, and market data.
- Event Response: The SpatialKey Event Response solution delivers automated notifications and analytics to help insurers proactively prepare and respond to events while enabling reports to be shared across an organization. Insurers can filter the notifications of a specific damaging incident by location and severity, informing proper claims triage and facilitating proactive deployment of claims teams.
For insurers to most effectively grow their businesses, they must incorporate advanced data and analytics solutions that provide more holistic and granular views of risk, enabling them to proactively assess their business trajectory, guide strategy, and effectively compete. The acquisition of SpatialKey further extends our risk intelligence arsenal. As we continue to build our integrated solutions offerings, our clients will be empowered to make better and faster decisions, promoting growth and improved financial performance.