Insurity, a core system solution developer and data analytics platform, is deploying its newly acquired geospatial analytics solution into reinsurance firm Lockton Re.
The insurance firm will implement Insurity’s SpatialKey Exposure Management and SpatialKey Event Response solutions to support its risk advisory services. The tool will provide it with geospatial analytics, expert data and visualizations to supply actionable intelligence for portfolio risk analytics.
SpatialKey Exposure Management will empower Lockton Re to advise its insurer clients on how to better understand their risk profiles and manage risks to improve portfolio health. The cloud-based solution can help insurers develop a deeper view of risk be assessing correlations between exposure, modelled loss and hazard data, as well as through examining risk drivers and regional concentrations.
Additionally, the SpatialKey Event Response service will empower LocktonRe to help its clients quantify key drivers of exposure to a live, recent and historical catastrophe event.
Lockton Re head of analytics Claude Yoder said, “We required a sophisticated analytics solution that can visually illustrate the impact of catastrophe risk on a book of business.
“Not only does the SpatialKey solution deliver insights that we can easily use to analyze our client portfolios and help guide strategy, but Insurity’s robust data partnerships will help scale our business over time based on clients’ needs. This partnership is an important component of our multifaceted Analytics Platform.”
Earlier in the year, Insurity acquired geospatial analytics and data enrichment hub company SpatialKey for an undisclosed amount. The acquisition came hot off the heels of Insurity’s acquisition of data platform Valen Analytics.
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