Market Overview

SpatialKey Launches Automated Event Notification and Analysis Solution for P&C Insurers

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AUSTIN, Texas, June 25, 2019 /PRNewswire-PRWeb/ -- SpatialKey is pleased to launch the initial offering of its automated event notifications solution which provides 24/7 severe storms event notifications and analysis using weather data from WeatherGuidance. SpatialKey, known for its global data enrichment and geospatial analytics platform, will now help property and casualty (P&C) insurers understand the immediate business impact of US severe storms events by leveraging leading weather data to power event enhancements.

With this initial launch, P&C insurers are notified if and when hail, wind, or tornado events impact their portfolios along with what the estimated financial impact is to them. This automates the traditional process of tracking an event and continually pulling reports, essentially replacing the traditional "react and respond" approach with new "prepare and serve" technology.

Severe storms have caused the highest number of billion-dollar disaster events on US record from 1980 to 2019 according to NOAA. Hail alone costs the US upwards of $22 billion yearly in damage to property, crops, and people. With this new solution, clients have all the relevant information they need at hand to focus and pinpoint their response efforts when severe storms strike.

"SpatialKey's event response solution will provide our claims and support teams with more immediate access to the critical data needed to proactively serve our policyholders when events occur," said Jen Klobnak, RLI Insurance Company Senior Vice President of Operations. "Having the ability to define specific criteria that are important to our business will enable us to quickly act on relevant information, while gaining better insight on the financial impact of events."

Rob White, President of WeatherGuidance, says, "Collaborating with SpatialKey enables us to get our severe storms data into the hands of insurers so that claims teams can proactively assess and respond to growing catastrophes. We're pleased to expand our relationship with SpatialKey and drive real value to property and casualty insurers who interact with our data through SpatialKey's innovative solution."

Doug McCune, Chief Product Officer at SpatialKey, adds, "Rapid and accurate event response is increasingly critical for insurers during time-sensitive events. The market struggles to effectively use all the data that's now available during catastrophes, particularly as we've seen these catastrophes increasing in frequency. We're excited to bring this innovative service to market and look forward to future releases that strengthen our position as an essential insight hub that delivers everything insurers need to make data-informed business decisions in one place."

About SpatialKey
SpatialKey is the data enrichment and geospatial analytics hub for the insurance industry. We help P&C professionals make better decisions by enabling, enriching, and analyzing any and all data—via a single solution. More than 100 insurers trust our innovative, off-the-shelf solutions for underwriting, exposure management, and claims to help them achieve healthier portfolios, operations, and profits. For further information, see http://www.spatialkey.com. Follow SpatialKey on Twitter and LinkedIn

About WeatherGuidance
WeatherGuidance is a private sector weather information, forecast and storm warning firm located near Austin, TX. For over 25 years we've provided mission-critical weather information, site-specific forecasts and fully customized storm warnings to a variety of companies and organizations across the United States. Learn more at weatherguidance.com.

About RLI
RLI Corp. (NYSE:RLI) is a specialty insurer serving diverse, niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide. RLI's products are offered through its insurance subsidiaries RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company. All of RLI's subsidiaries are rated A+ "Superior" by A.M. Best Company. To learn more about RLI, visit http://www.rlicorp.com

 

SOURCE SpatialKey, Inc.

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