Willis Re has established a long-term relationship to develop solutions for risk scenarios using services from SpatialKey, a provider of SaaS-based location intelligence technology. The reinsurance broker will use SpatialKey to help its insurance clients better assess the composition of their portfolios and identify their exposure to natural and man-made hazards, including hurricanes, terrorism, tornados, and wildfires, the solution provider says.
SpatialKey is a Web-based analytic and mapping platform designed to enable Willis Re to perform sophisticated, multi-dimensional analyses of portfolios and risks.
According to the vendor, SpatialKey's interactivity and location-based visualization capabilities will allow Willis Re and its clients to more quickly assess, understand and quantify risks. As a result, Willis Re should be able to make informed portfolio and reinsurance decisions far more quickly than before.
Additionally, SpatialKey says its software blends business and location intelligence to combine client data, including hazard information, in intuitive maps and analyses that make risk levels more apparent. SpatialKey is designed to geographically depict a portfolio's data attributes to facilitate risk assessment, and should enable Willis Re's clients to directly integrate their own data layers into the system.
"Location is clearly a critical component of any insurance analysis, but the industry has been limited by traditional GIS and spreadsheet tools that require insurance professionals to evaluate data by ZIP code or county, with no way to easily understand and communicate how location correlates to results," says Tom Link, SpatialKey GM. "Using location intelligence technology from SpatialKey, leading companies such as Willis Re can help clients clearly understand where they have risk density in their portfolios and better manage risk by spreading it out geographically and developing other risk mitigation strategies that directly affect their bottom line."
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