Complexity requires context
Complexity requires context. Finding the actionable insights hidden in your property risk exposure data and presenting the outcomes are just as important as the quantity and quality of the data gathered.
The Insurance Industry is on the Cusp of Big Change.
The insurance industry is entering a new phase as property underwriting shifts from static analysis of historical models to a dynamic process with more granular, real-time analytics.
FinTech Global Ranks Maptycs Among Most Innovative Insurtech Providers Shaping the Future of the Industry
October 26, 2021 – Today, Maptycs (https://maptycs.com/newsite), an insurtech company that uses geospatial visualization and advanced analytics technology to help insurance professionals manage property risk exposure, assess climate change impacts, and monitor severe weather events in real-time, announced it had been named to FinTech Global’s InsurTech100 ranking for a second consecutive year. According to Fintech Global’s announcement on November 26, 2021, the Insurtech100 highlights the world’s most innovative InsurTech companies that will impact the insurance industry as it continues its explosive digital transformation.
“Overlook the human element and the transformation initiative is destined to fail.”
“No matter what new technologies a company incorporates, processes revolve around people. Overlook the human element and the transformation initiative is destined to fail.”
Twice as many insurance executives identify technology as greatest need.
Twice as many insurance executives noted technology as their company’s greatest internal challenge compared to 2019. From providing greater value for customers to enhancing the capabilities of their teams, investing in #insurtech is a need – not a want – for risk and insurance professionals.
2021 Insurance Losses from Severe Weather Double Long-Term Average.
Expect further rate rises in the new year as 2021 insurance losses from natural catastrophes and severe weather events are double the long-term average.
Effective risk management should be forward-looking.
Effective risk management should be forward-looking. Risk and insurance professionals must review exposure in real-time in order to rapidly respond to developing risk events rather than solely review replaying previous events.
Frequency of Billion dollar severe weather events “unprecedented.”
The number of billion dollar weather and climate disasters in the U.S. during 2021 has been “unprecedented” according to the latest data from the National Oceanic and Atmospheric Administration (NOAA). While the total aggregated costs remain below 2005 and 2017, risk and insurance professionals must prepare and plan for increased frequency of such severe weather events for the future.
A more holistic approach to climate risk.
For insurers and reinsurers, a firmer understanding of climate risks and opportunities is necessary to create a forward-thinking climate action strategy. A recent white paper by WTW and Wellington Management provides an 8-step guide in managing climate change, which involves more nuanced analytics of climate risk scenarios.
Most all ratings agencies reevaluating risk analysis methodology.
Almost all rating agencies are reevaluating how they handle catastrophe risk, particularly related to property risk from climate change. With S&P Global already announcing a review of its methodology for insurer capital analysis, risk and insurance professionals should take extra steps to review their own portfolios with advanced analytics