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Jonathan Prinn, BGC Partners: “With Maptycs, TradEd is the first trading solution in the market that integrates geospatial visualization and dynamic risk analytics in a digital underwriting platform.”
Supply chain risk management has historically assumed an insured’s schedule of values remain static over long periods of time. However, the changing nature of risk requires underwriters and risk managers to take a more dynamic approach in assessing and obtaining risk information.
The United Nations’ report this week details how geospatial data and analytics have dramatically improved disaster risk management, natural resource management, and climate risk, noting “The effective integration of geospatial data has proven instrumental to deliver timely information necessary to make evidenced-based decisions.”
Geospatial data and awareness are necessities, not luxuries, in addressing the most pressing issues for insurers and risk managers. Data without context limits the capability to solve problems, ranging from pandemic response to climate risk.
Enhanced monitoring, optimized reporting, and streamlined underwriting top the list of changes risk organizations must make moving into 2021.
Geospatial analysis has dramatically improved disaster response to Covid-19 by improving emergency resource management and spatial awareness of high-need locations. The applications by Kenya showcase how various organizations can take advantage of new #insurtech to support their own companies.
Case Study: Real-Time Event Response for Major Catastrophes
Effective property risk management entails coordination with local utilities and emergency response units, both in bolstering modeling with more accurate information and in rapid response. Insurtech that opens up communication lines are crucial to developing and maintaining risk strategies across various locations.
Global insurance pricing increased by 20% in Q3, the largest increase since 2012. As risk managers and brokers enter into the renewal period, advanced analytics and geospatial monitoring improve risk assessments for negotiations.
The risk management function has greater capabilities and responsibilities with the intervention of greater #risktech and #insurtech tools. With increased severe weather events and pandemic response, investing both into the people and tools are crucial moving into 2021.