Climate change is causing pervasive extreme weather, and the insurance market has experienced a rise of catastrophic losses due to flooding, hurricanes, wildfires, and droughts over the past few years. With losses mounting, the key challenge for property underwriters to remain competitive and generate underwriting profits is to consolidate in real-time increasingly complex datasets to build an accurate picture of their risk exposure and compute adequate premiums. The ability to monitor severe weather events is equally critical to optimize the deployment of claims management resources and set aside adequate reserves for claims payouts.
This is exactly Maptycs®value proposition with our geospatial risk assessment solution combined with a customizable notifications engine and a data analytics tool to develop financial scenarios using both property portfolios data and “a la carte” external data.
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