HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, the leading provider of cloud-based software for insurance carriers, brokers, and MGAs, recently released its Hurricane Guide for the 2023 season. Employing proprietary and industry research, the report shows the best practices insurance organizations can implement to move from a “react and respond” mentality to a “prepare and serve” approach this hurricane season. This approach will prepare insurers to face a worrying trend: billion-dollar events in concentrated areas of wealth. In fact, 75% of all global insured losses were recorded in the U.S. in 2022, with Hurricane Ian being responsible for nearly 50% of all global insured losses.
Even with the best technology and in-house GIS experts, hurricanes create a scramble. When hurricanes strike, P&C insurers face the challenge of quickly converting data files into usable information then providing insights to business partners. This process repeats every time the organization receives hazard updates. Insurity Geospatial Event Response, powered by SpatialKey, removes the technical and time-consuming burden of working with massive streams of complex hazard and event data. The entire process is automated and emailed within minutes of each update.
“How effectively you prepare for and respond to hurricanes can either be an asset or a detriment to your business,” said Kirstin Marr, Chief Analytics Officer at Insurity. “A proactive approach that streamlines and automates access to expert data and advanced analytics as events unfold is imperative to managing costs and customer satisfaction.”
The 2023 Hurricane Guide provides checklists for insurers to use before, during, and after a hurricane. It also includes the necessary steps for conducting a hurricane dry run, allowing insurers to stress test with past scenarios to gain insight into the composition of their portfolio of risks and identify the location characteristics likely to drive losses.
The guide stresses the importance of having data and analytics in place to understand and gain an accurate idea of potential concentrations of loss immediately following a hurricane. This helps anticipate the extent of claims and pinpoint exactly where those claims will be coming from - without the need to have boots on the ground to get the initial estimates.
“Having a robust data and analytics solution that goes beyond public or open-source data and simple analytics is paramount before, during, and after large-scale events,” said Marr. “During hurricanes Ian and Nicole, many Insurity customers had access to event footprints as they became available from our library of data providers, like NOAA, JBA, and KatRisk. These up-to-date footprints coupled with policy exposed limits help insurers understand actual exposure and focus their response efforts.”
To learn more about how Insurity Analytics can benefit your organization during a hurricane, get in touch with Elizabeth Hutchinson at Elizabeth.Hutchinson@insurity.com.
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.