Quote of the Week: “Insurers that cannot make faster, smarter, and safer decisions about their product offerings will not be able to sustain their business.” #insurtech #risktech #riskmanagement #propertyandcasualty

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. #risktech #insurtech #riskmanagement #climaterisk

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.” Use geospatial analytics with Maptycs to transform your risk exposure data into…

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. Connect with the Maptycs team to see how our platform transforms your risk exposure data into actionable insights using our…

Enhanced monitoring, optimized reporting, and streamlined underwriting top the list of changes risk organizations must make moving into 2021. Connect with our team to see how Maptycs transforms your risk exposure data into actionable insights on it’s internationally recognized platform. #risktech #insurtech #riskmanagement #propertyrisk #propertyandcasualty

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. #risktech #riskmanagement #propertyrisk #climaterisk #covid19 #rapidresponse

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. Maptycs platform seamlessly brings together data from multiple sources and formats to quickly…

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. Find insights hidden in your risk exposure data using Maptycs and our proprietary GIS platform. #risktech #insurtech #riskmanagement

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. #riskmanagement https://www.entrepreneur.com/article/359098

Communicating property risk should be wide-ranging and include large number of stakeholders. Insurers must place a greater emphasis on incorporating #insurtech to close insurance gaps and provide more advanced coverage for existing and new clients as businesses continue adjusting post-pandemic. #riskmanagement #riskanalytics https://www.propertycasualty360.com/2020/11/02/how-to-expand-your-book-of-business-through-existing-clients-2/

A key component of customer-centric insurance is limiting the amount of data silos “that hinder effective collaboration, undermine effective data management, and limit change.” Transitioning to more advanced #insurtech from legacy systems opens opportunities for your organization to work more effectively and efficiently, while adding greater value to customers. Maptycs’ platform brings together large datasets…

“Because geospatial technology employs multiple data sets to create efficient models […], it has the potential to enable smarter, more agile decisions in the future.” #risktech #insurtech #riskmanagement #propertyrisk #climaterisk

The loss of 16,000 Covid-19 case records in the U.K. is likely due in part to outdated spreadsheet software, underscoring how manual, dated technology dramatically increases the potential of large problems. Find the actionable insights hidden in your data through geospatial analytics, not spreadsheets. #risktech #insurtech #riskmanagement #dataanalytics https://www.telegraph.co.uk/technology/2020/10/06/test-trace-scandal-bungled-excel-spreadsheets-have-feeding-disaster/

The physical risks that businesses are exposed to vary widely from region to region, with some more predictable than others. Proactive risk management means consistently reviewing different geospatial and time horizon models to understand a broader range of outcomes. Maptycs’ platform makes it fast and easy to create and share custom What-If scenarios with geospatial…

Hardening across reinsurance markets will require more advanced risk analysis for this upcoming renewal period, so underwriters and risk managers must take proactive steps to adjust their risk strategies in preparation. #risktech #insurtech #riskmanagement #propertyinsurance

Quote of the week: “access [to data] is not enough. Data itself is sorely lacking without context — without the ability to use analytics to uncover the hidden value within.” #risktech #insurtech #riskmanagement #propertyrisk #riskanalytics

Accurate reporting and forecasting are critical for insurers, risk managers, and investors to determine the best risk strategies for the future. With greater uncertainty and an estimated $25 billion in cat losses this year, advanced big data analytics are crucial to provide actionable insights on future planning. #risktech #insurtech #riskmanagment #propertyandcasualty

With a greater trend towards more highly distributed supply chains, legacy systems for risk managers limit collaboration. The alternative: “[use] a cloud-based, software-as-a-service product development platform that allows engineers to simultaneous collaborate, design in real time and automatically keep an immutable, digital record of changes.” Stay ahead of the curve and use Maptycs to find…

Quote of the Week: “Tech puts us in the location, shows us what’s happened, predicts what might happen next, and then aids us in working toward innovative solutions to combat [NAT CAT] risks.” Allen Kwan, Swiss Re Corporate Solution. Investing in #insurtech and #risktech are no longer luxuries but must-haves for organizations to effectively mitigate…

California’s temporary ban on insurer policy cancellation is set to expire, which may prompt a mass exodus of insurers from the area. With similar situations throughout the world, it is imperative for both brokers and risk managers to carefully assess their risk strategies to adjust to policy outcomes in the near future. Geospatial analytics provides…

Storm Alex is likely to become the costliest European catastrophe this year, with flooding related impacts contributing to the main source of loss. As companies begin assessing the damages, geospatial analysis and real-time analytics are difference makers to provide rapid response insights and peace of mind. #risktech #insurtech #riskmanagement

The new AGCS report details the longer term changes businesses must make post-pandemic. For the future, businesses must take additional steps to de-risk their supply chains and utilize insurtech tools to build and maintain resilience. Finding actionable insights hidden in your risk data is more intuitive and effective with Maptycs’ Geospatial Analytics platform. Connect with…

One of the only ways for private insurance companies to reduce the cost of systemic risk events “in invest in mitigation.” With insurtech platforms like Maptycs, companies have access to a greater quantity and quality of analysis for actionable insights. #risktech #insurtech #riskmanagement

Quote of the week: “The problem of maintaining business operations in an increasingly volatile and complex business environment calls for proactive, integrated solutions encompassing people, data and infrastructure.” Find the actionable insights hidden in your risk data and stay ahead of the rising volatility. #risktech #insurtech #riskmanagement

Insurance customer expectations are always evolving, and brokers must take advantage of the predictive analytics from emerging insurtech to meet the needs of the more customer-centric industry. Staying ahead of the curve, both in understanding data and in understanding customers’ needs, is crucial now more than ever. #insurtech #risktech #insuranceindustry #riskmanagement

The lackluster response to catastrophes over the past few years, coupled with the ripple effects and conjoined risks related to Covid-19, are driving a more significant hardening of insurance markets. Brokers and risk managers must be aware of these shifts and adjust their risk management strategies to adapt to the new normal, utilizing new #insurtech…

Quote of the week from the Claims Innovation Virtual Conference: “Data is vital because you want to make informed decisions based on facts. Culture is key because culture is what helps you scale, and I believe that a culture of transparency and trust are foundational elements of any sustainable transformation strategy.” Bryant Vernon, CCO of…

The New York Superintendent of Financial Services ordered both domestic and foreign insurers to “start integrating the consideration of the financial risks from climate change into their governance frameworks, risk management processes and business strategies,” underscoring a global shift to greater focus on climate risk analysis. Brokers and risk managers must adjust and adapt to…

“While tropical cyclones often attract most focus given the high financial toll that landfalling events can incur, losses from ‘secondary’ perils cannot and should not be ignored.” – Aon Report 2020. More than half of insured losses have come from smaller secondary natural catastrophes, so breadth of risk preparation is as crucial as depth. Find…

With a record 9 named hurricanes already this year, and up to 6 major hurricanes projected by the end of 2020, risk managers and insurance brokers must manage ever rising CAT losses. As the year continues, businesses must take even greater steps to shore up their risk strategies and update rapid response plans around successes…

The WHO’s warning of a second COVID-19 pandemic surge underscores the importance of constantly updating and adjusting risk strategies as new information comes forward. Geospatial risk monitoring is critical to respond quickly to rapidly changing protocols and circumstances. #risktech #insurtech #riskmanagement #covid19 #coronaviruspandemic

The United States’ Commodity Futures Trading Commission (CFTC) first-of-its-kind report encouraged greater guidelines dictating how companies report the climate risks they face. With the west coast wildfires continuing with an above-average hurricane season, businesses should prepare now to revamp how they track and share their climate risk management strategies. #risktech #insurtech #riskmanagement #climaterisk

Quote of the week: ““In these unprecedented times it’s more important than ever to support our clients with risk knowledge, capital strength and tailored solutions.” – Swiss Re:#insurtech #risktech #riskmanagement #riskanalytics #propertyandcasualtyhttps://www.intelligentinsurer.com/news/swiss-re-expects-further-market-hardening-in-year-end-renewals-23406

The West Coast wildfires have already put an estimated $120B at risk, and the threat of fires are forecasted to continue into November. Whether the wildfire damage will be covered by insurance is not certain, underscoring the importance of proactive insurance communication. Maptycs’ platform allows insurers and risk managers to quickly collect, analyze, and share…

More than 20% of flood claims come from outside of FEMA’s flood zones. While much of the data for improved flood data exists, the large flood insurance coverage gap has widened because the sheer quantity of varied and unstructured data sets. Maptycs allows risk professionals to bring data sources across multiple formats and structures into…

A recent survey shows that more than one-third of CFOs have prioritized digital transformation following the Covid-19 pandemic. However, one major roadblock persists: “Legacy platforms make significant cross-functional changes difficult to execute.” Overhauling risk management strategies require a platform designed for cross-functional communication. Maptycs is optimized for global teams to quickly gather, analyze, and share…

In rapid response to catastrophic events, cross-functional teams that communicate quickly and openly are the key to mitigating risks. The tools your teams use are the difference makers in building and maintaining those well-oiled, fully-integrated teams. #risktech #insurtech #climaterisk #gis

Quote of the week: “Investing $1 in resilience early helps avoid on average $5 in future losses.” – Zurich Identify the actionable insights hidden in your data and strengthen your risk resilience using Maptycs. #risktech #insurtech #climaterisk #propertyandcasualty

The early start of the California wildfire season, which has burned more acres than the whole of 2019, coupled with the above-average hurricane season may add up to unprecedented losses in terms of property damage. Brokers, captive managers, and risk managers must take greater steps as past trends indicate the largest losses will occur later…

Rapid response to catastrophic weather events must take into consideration “the loss of available personnel both in the company’s claims department and at vendors who are needed for full and best response.” As Hurricane Laura lands in the middle of the Covid-19 pandemic, the preparation that has been done in months past are paying off…

“Wildfires in 2020, even at this early stage of the California season, have already burned more acres than the whole of the 2019 season.” Stay ahead the curve and prepare for rapid developments of property risk. Use Maptycs. #risktech #insurtech #riskmanagement#fireprotection#propertyandcasualty#climaterisk

Since the beginning of 2020, reports indicated an above-average hurricane season this year. Hurricane Laura’s upgraded status highlights the importance of preparing early and adjusting for increased threats in catastrophic weather events. Maptycs’ customers use our platform to stay up-to-date with real-time threat monitoring to adapt their rapid response plans quickly and effectively. Connect with…

Captive formations have jumped more than 200% in the first half of 2020, particularly for property coverage. When considering whether captives is best for your company, businesses must determine their own risk appetites and fully establish their risk profile. Every step of owning or participating in a captive requires strong risk analysis and a proactive…

The California “Big One” has been predicted for years, but the earthquake coverage gap has widened while insurers aren’t always appropriately priced for the greater risk. If the Covid-19 pandemic has taught anything, it is that low-probability/high-impact events must be taken seriously and planned for. Maptycs provides the analysis and actionable insights to make proactive…

“After a recurring pattern of [climate risks], they are starting to get priced in and risk premiums – which are reset annually – are adjusting to reflect the increased risk.” – Niklaus Hilti, Credit Suisse. #risktech #insurtech #climaterisk #riskmanagement

World Economic Forum – “With risk, the writing is always on the wall. We know the storm will eventually come, yet in most cases – when the storm hits – leaders are questioned about why they didn’t take more efforts to plan for a response. […] As we pivot and adjust our operations in this…

While the commercial property insurance rates increased by a collective 19% this past quarter, an important caveat hidden in the data is the differences between different regions and markets. The Asia and Pacific region had less volatility, while the United States saw some of the steepest growth. For complex global organizations, these differences present unique…

Derecho storms in the American Midwest knocked out power for 1m+ customers this week. As the 2020 hurricane season and Covid-19 occupy most minds, it is imperative to stay prepared for a wide berth of catastrophic events as weather risks continue to rise this year. #risktech #insurtech #riskmanagement #climaterisk #climatechange

A new study by Nationwide Insurance presents a gap between the perceived value insurance agents provide vs. the value customers perceive the receive. This gap highlights the need for better communication between brokers and clients on their service levels, specific needs, and pricing. Our customers use Maptycs’ platform to both share and showcase risk data…

The National Oceanic and Atmospheric Administration (NOAA) revised their 2020 hurricane season forecast to “extremely active” yesterday, as several U.S. states begin to recover from Hurricane Isaias. This change reinforces the importance of carefully monitoring weather events in real-time to adjust risk management strategies, as plans made one day can quickly become moot with new…

Advanced data analytics is only as useful or accurate as the data that goes in; for property and casualty insurers, this requires the insurtech you use to be geared specifically for the needs of P&C. Maptycs’ founders hold 40+ years of experience in risk management and insurance, giving its models the distinctive edge for risk…

Geospatial analytics and computer vision adds a more “comprehensive view of pre- and post-catastrophe events such as hurricanes, floods, or wildfires.” Especially in a time when Covid-19 will compound with severe weather impacts, accurate post-event analysis will determine future risk mitigation efforts. #risktech #insurtech #geospatialdata #GIS #insuranceindustry #climaterisk https://www.dig-in.com/opinion/computer-vision-and-geospatial-imagery-insurance-use-cases

Hurricane Isaias’s status and its impacts change hour by hour, reminding insurers and risk professionals that rapid response requires accurate tracking, quick and efficient communication, and developed risk strategies. Hurricane Isaias is likely the first of many this #hurricaneseason, so risk and insurance professionals must take greater steps and tech investments to properly mitigate against…

Airmic’s deputy CEO, Julia Graham, urges insurance buyers to start their renewal negotiations as early as possible to stay ahead of the rapidly hardening market. Maptycs’ platform provides risk and insurance professionals a significant leg up in understanding company’s risk exposures and take a greater analytical and strategic approach to negotiations. #riskmanagement #risktech #insurtech

A global second wave of Covid-19 is likely on the near horizon, and S&P warns it will further erode re/insurer’s capital buffers into the second-half of 2020. Property insurers, reinsurers, and risk professionals should be taking proactive steps now to evaluate business interruption coverages and exclusions and continue reanalyzing their risk strategies. Maptycs’ platform empowers…

Quote of the week: “There is an urgent need to integrate resiliency into core business strategy if businesses want to continue to thrive — or even remain operational.” #riskmanagement #risktech #resiliency #propertyrisk #insurtech

Reinsurance rates improved by 20% on July 1st, but captive managers and brokers should be wary as retrocession rates have increased sharply. For carriers, this means taking a serious look at your own exposures and adjusting risk appetites heading into 2021. #risktech #insurtech #riskmanagement #riskexposure #reinsurance #insurance

Colorado State University and Tropical Storm Risk have raised hurricane forecasts once again, predicting more serious potential natural catastrophes for this year’s hurricane season. Companies should incorporate the new data to update their models and adjust their risk management strategies. Maptycs combines real-time weather reporting with your property data to ensure risk is effectively mitigated.…

Insurtech has grown in importance as the Covid-19 pandemic has pushed insurers to introduce new technologies into their tech stack. In this process, it is imperative for insurers to intertwine digital innovation and technological advances into their core strategies and reevaluate the opportunities these new technologies provide. #insurtech #risktech #riskmanagement #riskmitigation

As infections rates in Florida continue doubling every week in June, companies must prepare for sudden shifts in reopening and closing of properties. It is important now to stay vigilant with risk management practices and think in the long-term to see over the hill. #risktech #covid19 #insurtech #riskmanagement #riskmitigation https://www.treasuryandrisk.com/2020/06/30/3-steps-to-prepare-for-reopening-and-for-covid-19s-second-wave/

Forecasters predict a 60% chance of an above-normal hurricane season, with only 10% chance being below-normal. While companies are focused on Covid-19 response, it’s crucial to stay aware of natural hazard risks that may compound risks already being managed. #riskmanagement #risktech #hurricanseason #insurtech #naturalcatastrophes #climaterisk

The “new” approaches to risk management are all about utilizing the new technologies available to strengthen best practices – better monitor risks through centralized data and improved collaboration. It’s why Maptycs was created by veterans of the insurance and risk management industry to meet the present and future needs of risk professionals. #risktech #insurtech #riskmanagement…

Assessing physical climate risk comes with a steep learning curve because the insights are not found in one single model or data set, they exist when they’re overlaid on one another. Maptycs’ platform opens up your data through geospatial visualization and advanced analytics. Stay one step ahead of the competition and find the insights hidden…

“A key to flood resilience — and disaster resilience more broadly — is to make it an integral part of overall strategy. Responding to individual events as “one-offs” is, generally, not cost-efficient. Nor is relying exclusively on civil flood defenses to protect properties.” Be proactive by having a full (geospatial) picture of your property risk.…

Data-driven storytelling has been monumental in communicating urgent healthcare information during the Covid-19 pandemic. Business leaders and insurers should utilize the same lessons in visualizing their data to walk their companies and clients through important improvements in their risk management strategies. Maptycs’ proprietary GIS platform enables risk and insurance professionals to quickly analyze and share…

76% of CEOs and CFOs state their businesses are somewhat to significantly exposed to climate risk, underlying the World Economic Forum’s report listing climate change as 4 of the top ten major risks of 2020. Climate change should be a top priority for companies and insurers, and proactive measures are impossible without analyzing the data…

The IMF’s recent report is a wake-up call: “I have seen very few businesses meaningfully address the physical risks that they face over the long term.” – David Kneale, Head of UK equities at Mirabaud Asset Management. Use Maptycs to take proactive measures to understand the physical risks that affect their business. Find the actionable…

In a survey of 1,000+ professionals, over 20% of respondents said they still do not have a pandemic continuity plan in place, while more than 60% have not added analytical tools for assessing their business operations. With the threat of a second, larger wave on the horizon, this lack of planning increases the potential losses…

A global pandemic and the resulting economic damage had been forecasted over a decade before 2020, but companies ignored the warnings. Much in the same way, climate risk will lead to large scale economic downturn unless companies prepare their businesses to respond proactively. Significant steps must be made by risk professionals to both better understand…

The COVID-19 pandemic has pushed business leaders to rethink and reshape risk management for their organizations, from client relationships to updating their technology and claims process. As businesses begin to reopen, it is critical for businesses to continue developing their risk strategies and preparing for low-frequency/high-intensity events. #riskmanagement #risktech #insurtech #covid19 #businesscontinuity #businessresilience https://www.propertycasualty360.com/2020/06/03/how-covid-19-is-reshaping-risk-management/

The end or easing of coronavirus lockdown measures does not mean companies should expect operations to return to normal.

Researchers predict 18 to 22 named tropical storms will form in the Atlantic this year, with 3 to 5 expected to become major hurricanes. This continues the past years’ trends, but recent update indicates larger activity than expected earlier this year. While Covid-19 is occupying the minds of all risk managers, captive managers, and underwriters,…

As businesses struggle with new operational hurdles, insurers have a unique opportunity to develop and reinforce strong, lasting relationships with policyholders. Proactive support, leveraged with advanced analytics, is a key difference maker and will lay the groundwork for long-term growth. #riskmanagement #risktech #insurtech #covid19

The extreme toll of COVID-19, coupled with what will likely be a long tail in both geography and time, means that the the novel coronavirus will dramatically change how insurance companies price and model similar risk into the future. For private companies and underwriters alike, don’t assume there will be a return to ways of…

As companies begin to restart operations, risk managers must prepare plans to ensure a smooth transition across their organization. The last thing anyone wants is a major property or business interruption, and risk management practices have to be adjusted to mitigate potential disruptions in a post-#COVID19 world. Successful risk management starts and ends with a deep…

Companies who have invested heavily in risk management capabilities, including recruiting senior risk management roles and regularly using risktech/insurtech tools, are best poised to rebuild quickly on stronger foundations. If your company hasn’t, “It’s not too late for other business leaders to follow suit, and start building the resilient organizations of the future.” #riskmanagement #risktech…

Many of the world’s top investors, asset managers, and risk experts are focusing their resources on assessing climate risk and its impact on the businesses they invest in; it’s all in the data. Business leaders should be approaching their own company’s future operations the same way. Use Maptycs. #riskmanagement #riskmitigation #climaterisk

During this pandemic, business leaders need to draw upon their EQ as much as their IQ to guide their teams and companies with confidence. It’s easy to get lost in the chaos, but the true test of leadership is finding tranquility in turmoil. Maptycs provides peace of mind for risk and insurance professionals by finding…

Companies will need to prepare for a “major rethink… in how they organize their supply chains” in a post-COVID19 world, and risk managers will be crucial in leading and supporting their companies as they reflect and restructure how their global supply chains operate. During this Great Pause, risk and insurance professionals have an opportunity change…

An important reminder that climate risks are projected to worsen in the coming months even as much of our attention is on the coronavirus pandemic. While businesses are just beginning to understand and manage their response to COVID-19, it’s imperative to develop deeper risk management strategies for severe weather events concurring with pandemic response. #riskmanagement…

Building supply chain risk resilience begins with greater visibility throughout the chain, and as companies continue to digitize their records, those who start developing better practices early will be better poised to withstand serious disruptions. Maptycs leverages our propriety GIS platform with big data analytics to give business leaders both quick, wide-view snapshots and deep-dived…

Historical loss records alone are not adequate in assessing climate risk, according to Swiss Re. As the losses due to weather events continue to increase, “insurers need to adapt to a dynamic risk landscape by closely monitoring and incorporating socio-economic developments, the latest scientific research on climate change effects, and the status of local risk…

When considering insurtech for your company, it’s important to look for both insurance AND tech expertise. Brokers, risk managers, and underwriters have unique needs, and the tech you depend on must understand your work in order to effectively improve business processes. Maptycs was created by a team with 20+ years in the risk management and…

Risk managers and insurance professionals need to prepare for a greater number of thunderstorms, tornadoes, and hurricanes this summer and fall. Especially as businesses adapt to a post-COVID19 world, it is critical to thoroughly re-examine risk strategies and continuity plans to weather the storms. Maptycs provides the actionable insights necessary to ensure you are best…

There are still many questions surrounding how COVID-19 will affect business interruption insurance claims, and analysts are split on if/how claims will be honored as the pandemic continues. Both businesses and insurers should prepare for both possibilities and adjust their projections accordingly. #riskmanagement#insuranceindustry#insurancecoverage#covid19

Swiss Re’s report reminds us that climate change effects should remain a top priority for business leaders. Extreme weather events will likely continue driving rising losses, therefore private businesses and insurers should take proactive steps today to better understand, project, and plan around Nat CATs. Take steps to shore up P&C risks by using Maptycs…