Aspen, SpatialKey Team On Flood Application
SpatialKey — a leader in insurance analytics — announced today [Apr.1] that it has enhanced Bermuda re/insurer Aspen’s underwriting workflows, resulting in their ability to write higher quality UK flood business.
SpatialKey’s Flood Underwriting application provides detailed flood maps with purpose-built workflows and analytics to optimise risk selection and allow for proactive management of portfolio accumulations at the point of underwriting.
This application can also be easily integrated with policy systems to reduce redundant data entry and enable a more cohesive user experience, said a spokesman for estfield, Massachusetts-based SpatialKey.
“We are delighted to have the opportunity to innovate with Aspen and deliver tangible business value to the insurance industry. Aspen’s expertise and known leadership in risk management was essential in helping SpatialKey deliver our first underwriting solution. We are committed to helping insurers, like Aspen, leverage actionable intelligence in their business and time-critical underwriting processes,” says Tom Link, CEO and founder of SpatialKey.
Because the Flood Underwriting application is an easy-to-use, turn-key solution, Aspen was able to quickly put it into production and realize immediate business value. With this application, prospective risks are quickly qualified; insurance programs structured and premium rationale communicated intuitively and visually; and portfolio risk accumulations monitored as each risk is evaluated. Further, this application includes seamless access to capabilities delivered within the base SpatialKey platform; so analysts and underwriters can leverage flexible analysis tools to better understand an individual account or gain insight regarding similar risks within their portfolio.
“In just a few months using SpatialKey’s Flood Underwriting solution, we have improved customer satisfaction, combined with increasing integrity of our assumed UK flood risk. Being able to quickly visualize and analyse flood hazard for prospective risks and to understand risk contribution to our portfolio has unlocked potential in our underwriting practices and reduction of future claims and risk transfer costs. Our relationship with SpatialKey is an example of Aspen’s pursuit of innovation and building competitive advantage through the latest technology and science to better serve our customers and build a sustainable business,” says Clive Edwards, Head of UK Commercial Property of Aspen Insurance.
SpatialKey integrates flood risk intelligence across the globe, currently with offerings in Europe and Asia with US following later this year. For broader exposure management needs, insurers will be able to evaluate flood risk at both global and local levels, helping them target underwriting and risk transfer strategies.
“With client partners, like Aspen, we will continue to expand the scope of our underwriting and exposure management solutions to deliver Insurance Intelligence to the global insurance market,” said Tom Link.
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
For the year ended December 31, 2012, Aspen reported $10.3 billion in total assets, $4.8 billion in gross reserves, $3.5 billion in shareholders’ equity, and $2.6 billion in gross written premiums.
