Monte Carlo (PRWEB) September 10, 2012
Two new online applications for real-time hurricane risk assessment proved a success during Hurricane Isaac, say Willis Re, the reinsurance arm of Willis Group Holdings (NYSE:WSH) the global insurance broker.
Willis Re, in partnership with the visual intelligence provider SpatialKey, launched the ‘Willis eVENT Hurricane’ app, and ‘Hurricane Forecasts’, part of the SpatialKey Natural Perils Suite, in June this year. These proprietary applications are designed to help insurers quantify and manage risk throughout the lifecycle of live catastrophe events.
Joint head of Willis Re Analytics Alice Underwood explained: “Enabling and assisting our clients to understand their own risk is at the core of Willis Re Analytics. Using the SpatialKey platform, we offer intuitive applications (“apps”) built specifically for insurance business processes, which provide our clients with answers to their risk exposure questions independently, and immediately.”
Vaughn Jensen, Head of Willis Re's Catastrophe Management Services team in the United States, said: “We have provided clients with the tools they need to evaluate their own portfolio risk concentrations, manage their potential loss based on adjustments to forecasted storm tracks, and obtain more precise event information as a hurricane evolves. The feedback from clients, who used these apps to monitor their risk exposure and track Hurricane Isaac, has been very positive.”
The SpatialKey Hurricane Forecasts application compares Willis Re client exposures to real time forecasts from the National Hurricane Center (NHC), which are provided at six hour intervals, and offers users the ability to move the NHC’s forecasted storm track to assess sensitivity to forecast error.
The Willis eVENT application compares client exposures to current proprietary high-resolution 5-day forecasts from Kinetic Analysis Corporation (KAC), also available four times daily and licensed by Willis Re on behalf of its clients. Both applications compare and summarize client exposures to forecast hurricane wind-speeds.
Commenting on the performance of the applications during Hurricane Isaac, Tanya Fjare of American Strategic Insurance said: “SpatialKey was able to provide us a detailed profile of our exposure subject to Hurricane Isaac. The seamless interaction of our data within the Hurricane Forecasts and Willis eVENT Hurricane app allowed us to drill into and summarize our affected exposure. We were able to view TIV profiles by wind speed band as well as easily export a policy listing. The fact that SpatialKey was synced up to the National Hurricane Center data feeds enabled us to constantly track the progress of the hurricane on our portfolio like no other application.”
SpatialKey’s Natural Perils Suite of applications currently covers earthquake, hurricane and wildfire hazards. Further applications are under development.
About Willis Re
One of the world's leading reinsurance brokers, Willis Re is known for its world-class Analytics capabilities, which it combines with its Capital Markets and Reinsurance expertise in a seamless, integrated offering that helps clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that help clients make better reinsurance decisions, access worldwide capital markets and negotiate optimum terms. For more information, visit http://www.willisre.com.
SpatialKey is a leader in insurance analytics and visualization and delivers tangible business value to insurance companies via its purpose-built applications. Its Visual Insurance Intelligence solution integrates industry-leading data products with intuitive, best-in-class user experience and information visualization. SpatialKey’s solution directly serves analysts, underwriters and line managers, claims and portfolio managers, and executives. Companies are now empowered with accelerated understanding, collaboration, and decision-making. Nothing unlocks the full potential of business intelligence like SpatialKey. For more information, please visit http://www.spatialkey.com