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Location-based insights provide more nuanced analysis in terms of population and resource locations, opening up a broader array of connection points to improve risk management.

As the UK Geospatial Commission’s recent report highlights, vast risk datasets are only as useful as the capacity to interpret, manipulate, and analyze the data. Maptycs bridges the gaps between geospatial data for risk and insurance professionals to bring together datasets across multiple formats and sources in an intuitive, easy-to-use platform designed for maximizing value.

Increased climate disclosures for insurers will improve risk data quality and quantity, but risk and insurance professionals will only be able to take a more targeted response with the proper tools in place.

The rise in frequency and severity of NatCats is a long-term trend that undermines the reliability of historical data for risk and insurance professionals. Quick, effective, and accurate analysis to real-time developments is a necessity in today’s risk climate.

For risk and insurance professionals, “what once may have been considered a nice-to-have tool is rapidly becoming essential.” Taking advantage of automated advanced analytics and reporting tools are the two trends to stay ahead of the curve.

First Street’s newest report projects National Flood Insurance Program (NFIP) rates may more than quadruple as regions “specifically vulnerable to flood risk” are likely significantly underinsured.

Advanced risk modeling is a necessity for risk and insurance professionals to prevent losses from future broad-scale events like COVID-19 pandemic. Organizations investing now are preparing for the likelihood for similar events in coming years.

Quote of the Week: “Now more than ever, insurers that make it easy for customers to buy coverage and settle claims online will have the biggest advantage in the evolving marketplace.” – APCIA’s new report

2020 has taught that point in-time assessments for monitoring risk is too static for effective risk management. Instead, “effective risk mitigation required continuous monitoring and risk intelligence.”

As RIMS’ recent report underscores, “The COVID-19 pandemic highlighted the interdependencies of risk throughout an organization’s ecosystem.” With the renewed focus and investment on enterprise risk management, organizations must continue this momentum to ensure business continuity and proactive risk management strategies for the long-term.