Location intelligence with big data analytics reveal patterns and trends to anticipate their customer needs. Geospatial awareness is a key difference-maker in identifying insights, often in real-time, on situations that may dramatically impact your business. #risktech #insurtech #riskmanagement

Updated or modified climate risk models can dramatically shift risk strategies. When CAT risk models change, risk and insurance professionals need to reassess all the ways this can affect their business’ operations. Maptycs platform provides our users big data analytics with geospatial visualization to accurately analyze and asses risk exposure, bringing together internal and external…

More than a third of risk professionals reported they increased their use of #risktech in the past year, aligning with a broader need for advanced analytics and accurate assessments. With growing frequency of natural catastrophes projected for 2021 and the continuing crises, staying ahead of the curve through improved risktech is critical. #riskmanagement

Geospatial visualization and mapping opens up impactful data analytics. Projecting risks, proactively managing real-time events, and clearly communicating risk exposures are quintessential for all risk and insurance professionals navigating a data-first world. #risktech #insurtech #riskmanagement #geospatialdata

Geospatial visualization is a gamechanger in climate resilience, providing both a holistic framework and conveyance device to make sense of distance, scale, and impact. As the frequency of natural hazards continue to rise, Maptycs offers an intuitive, easy-to-use platform for risk and insurance professionals to make better decisions with actionable insights hidden in your risk…

The new wave of Covid-variants heightens the importance of proactive risk management. Organizations that take a multi-layered view of risk with geospatial awareness on cascading effects will remain resilient when situations dramatically change. #risktech #covid19 #insurtech #riskmanagement

Quote of the Week: “The availability of information on a map allows people to use and identify visual patterns, which helps decision-makers increase sales or monitor cost-effectively. The skill to manage large-scale data sets in the cloud, display data geographically, and provide the tools for analysis is the best way to add value to raw…

Commercial P&C insurance rates rose 7% in the first quarter of 2021, with CAT prone areas significantly more affected. As the number of predicted named storms increase every week, risk and insurance professionals should proactively adjust risk strategies as industry experts expect rate increases to continue for the rest of 2021. #risktech #insurtech #riskmanagement #propertycasualty…

Forecasts for the 2021 hurricane season are beginning to emerge, with the most recent WeatherBELL forecast anticipating a “very active season” with more named storms than previously expected. Rapidly changing expectations require risk and insurance professionals to consistently adjust risk strategies to stay ahead as new data presents itself. #risktech #insurtech #riskmanagement #climaterisk #hurricaneseason

Collaborative risk management is a supply chain superpower against disruptions; As the saying goes, you are only as strong as your weakest link. Resilience is built by bringing data together across your vendors, suppliers, and everything in between, yet many advanced analytics tools turn collaboration into a cumbersome process. Maptycs users seamlessly integrate risk data…

FEMA officially announced Risk Rating 2.0 last Thursday as a change to the National Flood Insurance Program’s risk rating methodology, affecting new policies beginning Oct. 1, 2021 and renewals after April 1, 2022. These changes present a dramatic shift in pricing for risk and insurance professionals to analyze, especially as FEMA’s flood map data evolves.…

Hurricane season is several months away, yet AccuWeather projects an above-average hurricane season similar to a record-breaking 2020 season. Especially with Swiss Re’s recent projection of 250bn+ USD industry loss this year, risk and insurance professionals should proactively prepare now for peak peril events this summer. #risktech #climaterisk #insurtech #riskmanagement

The UN’s “Future Trends in Geospatial Information Management” underscores how the ever-increasing size and complexity of existing data sources require technologies that can effectively integrate, analyze, and identify actionable insights from a wide array of sources. #risktech #insurtech #riskmanagement #geospatialdata http://ggim.un.org/meetings/GGIM-committee/10th-Session/documents/Future_Trends_Report_THIRD_EDITION_digital_accessible.pdf

Several severe weather events began a damaging start to the severe thunderstorm and tornado season this year, with damages expected to reach well into the hundreds of millions of US Dollars. With 2020 being the costliest year on record for severe storm peril, risk and insurance professionals should carefully monitor and proactively prepare to adjust…

Geospatially visualizing risk exposure data is crucial for risk and insurance professionals as the quantity of data increases every year – “the data is either too large to grasp or it’s not clear how the data is being manipulated.” Tapping into the actionable insights hidden in your risk exposure data is possible on the Maptycs…

Investing in #insurtech adds flexibility for underwriters, brokers, and clients to stay informed and connected on constantly changing risks. Especially for global risk and insurance professionals, “a legacy system [can] not hold up to an ever-changing tech landscape.” #risktech #riskmanagement

Quote of the Week: “A risk-informed approach fit for the digital age is one that is strategic in considering the impact of risk on strategy and performance; balanced in evaluating both opportunity and risk; integrated with strategy setting, planning and business execution; and customized, reflecting organizational business needs, expectations and cultural attributes.” How would you define your risk approach? #risktech…

Stronger flood insurance mandates may be on the horizon in the United States as FEMA prepares to adjust their flood risk assessment system. A reason to be hopeful: “Technology is changing the way the insurance industry understands and measures risk” to allow risk and insurance professionals to properly analyze and communicate these changes internally with…

FEMA is planning to announce its “Risk Rating 2.0” that will dramatically revise risk assessments for flood risk properties. Proactively understanding and preparing for these changes is a necessary first step for risk and insurance professionals to take sooner than later. #risktech #insurtech #riskmanagement #floodrisk

Single-model approaches to catastrophic risk is the norm for many risk and insurance professionals, which increases the fragility of risk strategies. Instead, researchers recommend a multi-risk model especially as climate risks increase in the new decade. #risktech #insurtech #riskmanagement

Climate risk blind spots present a significant challenge for risk and insurance professionals relying on climate risk disclosure initiatives for guidance. Granular insights into exposure is critical as climate risks continue to rise, and “Developing strategies that meet these objectives requires a more robust understanding of the potential risks from physical climate hazards.” #risktech #insurtech…

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. #risktech #insurtech #riskmanagement #GIS

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. Maptycs users rely on the platform’s advanced geospatial visualization platform to closely monitor, project, and report on climate risks. Unlock actionable insights…

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. #risktech #insurtech #riskmanagement #climaterisk

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. #risktech #insurtech #riskmanagement

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. Maptycs users seamlessly integrate new and existing risk exposure data to quickly visualize, analyze, and proactively adjust their risk strategies. Connect with our team to see the Maptycs platform…

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. #risktech #insurtech #riskmanagement

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 #riskmanagement #risktech #insurtech

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.” Maptycs users harness the platform’s automated real-time risk monitoring and notification systems to continuously stay prepared and quickly respond to developing events. Connect with our team to see…

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. #risktech #insurtech #riskmanagement #climaterisk #propertyandcasualty

Against the backdrop of severe weather events in Texas, Federal Reserve official Lael Brainard provided a strong statement on climate risk reporting and analysis: “Financial institutions that do not put in place frameworks to measure, monitor, and manage climate-related risks could face outsized losses on climate-sensitive assets caused by environmental shifts.” Risk and insurance professionals…

Active climate risk management still remains a weak point for most companies. The first step to bolster resilience? “Identify and quantify exposures related to assets, to locations, and to clients.” #risktech #insurtech #riskmanagement #climaterisk

A 20 year study of the top 100 P&C insurers identifies underwriting with deep insights and digitally enhanced productivity are two key commonalities among top-performers. Risk and insurance professionals use Maptycs to geospatially analyze data across multiple formats and sizes to accurately monitor, assess, and respond to severe weather events as they happen. Connect with…

Relying on manual spreadsheet processes to prepare or analyze risk exposure data will inevitably lead to inefficient and ineffective risk management strategies. Insurtech opens up new actionable insights hidden between large datasets and formats. #risktech #insurtech #riskmanagement

The challenge with accurate climate risk assessment isn’t the quantity of data; it’s the quality of analysis arising from data siloes. #risktech #insurtech #riskmanagement #climaterisk

UNEP’s final report for the “Principles of Sustainable Insurance Initiative” urges insurers to take a more integrated approach to climate risk analysis that includes physical, transition, and litigation risks in scenario-based frameworks. Maptycs’ platform bridges the data silos created across formats, departments, and large datasets to bolster risk resilience. Connect with our team to see…

Less than a third of enterprise risk professionals feel very confident in their technologies capturing an accurate, early view of unexpected events, while 7 in 10 find access to real-time information to be siloed. Maptycs combines both your risk exposure data with publicly available information to bring actionable insights in real-time and create what-if scenarios…

A few days of hesitation to a natural catastrophe can mean total loss during a global pandemic. Effective rapid response to severe weather events requires revamped risk strategies and improved insurtech to asses historically underestimated risks. #insurtech #risktech #riskmanagement #climaterisk

As insurtech adoption accelerates, insurers can “differentiate themselves from other companies by how they respond to customers at times of need” with improved catastrophe modeling and real-time real-time event monitoring. With severe weather events projected to increase in impact and frequency in 2021, Maptycs provides risk and insurance professionals an intuitive and powerful platform to…

Quote of the Week: “It’s easy to get really focused on the pandemic, but I think what worries me generally is resiliency, and what the pandemic has pointed out is that if you didn’t plan for [it], but you planned to be resilient, those companies have done better.” How is your organization building resiliency? #risktech…

Extreme weather conditions topped Zurich’s Global Risks Report 2021. While many recognize the catastrophic losses that can occur, most organizations still remain unprepared with reactive, not proactive, risk strategies to protect their businesses. Connect with our team to see how risk and insurance professionals use Maptycs to bolster their risk management practices against NatCat events.…

Risk strategies that revolve around “a static, formulaic, and purely financial view of risk” are still all too common, and organizations will fall behind unless they implement more dynamic and flexible policies, according to McKinsey & Co. Maptycs offers businesses the best platform to assess their risk portfolio and proactively respond to risk events with…

The rise of hurricane event frequency coupled with rising sea levels are incredible likely to worsen future damages from the severe weather event, with losses projected to increase by approximately 20%. Developing a robust, proactive risk strategy is critical to stay ahead of the curve. #risktech #insurtech #climaterisk #propertycasualty

2020 underscores the importance of robust risk management strategies. As 2021 progresses, risk and insurance professionals should broaden the risks they analyze and ensure they’ve bolstered their real-time threat monitoring capabilities. #risktech #insurtech #riskmanagement

KPMG outlines the three major classes of climate risk in their worldwide executives study: physical risk, transitional risk, and liability risks. With almost three-quarters of executives recognizing a skill gap in addressing these issues, organizations must invest more in #risktech to bolster their ability to proactively address these issues. #insurtech #climaterisk #riskmanagement https://www.forbes.com/sites/zengernews/2021/01/14/climate-change-now-key-issue-for-boardrooms-and-balance-sheets/?sh=53f25944e627

As the saying goes, an ounce of prevention is worth a pound of cure. Proactive risk management and risk resilience strategies against climate risk should be front and center for all risk and insurance professionals as we enter into 2021. #risktech #insurtech #riskmanagement #climaterisk

Climate change accounts for more than one-third of all U.S. flood damage since ’98, and with rising climate risks, risk and insurance professionals must bolster their real-time response as historical models become more inaccurate. Maptycs users track real-time weather monitoring and big data analytics to proactively protect their organizations. Connect with our team to see…

Natural disasters from climate risk caused over $210 billion in losses in 2020, representing an almost 44% increase from 2019. With less than two-thirds of those losses being insured, risk and insurance professionals should be proactive in protecting their organizations as the same trend of greater climate risk continues in 2021. #risktech #insurtech #riskmanagement #climaterisk

Quote of the week: “Not embracing technology in the renewal process workflow soon could result in them becoming increasingly complex to handle manually, as cedents and markets both become increasingly sophisticated and also demanding.” Identify actionable insights using big data and geospatial analytics with Maptycs. Connect with our team to see the platform in action.…

Risk exposure and real-time data is only valuable if the data can be seamlessly collected, integrated, and analyzed. It’s why Maptycs’ geospatial platform is built for ease-of-use and analyzes multiple data formats and large sizes so risk and insurance professionals can focus on acting on insights rather than finding them. #risktech #insurtech #riskmanagement #propertycasualty #GIS

Insurtech adoption in P&C in a hardening market. With increasing climate risks and the continuing Covid-19 pandemic, risk and insurance professionals can weather the storm with better analysis and proactive preparation. #risktech #insurtech #riskmanagement #propertycasualty

Adoption of new insurtech and digital-driven ecosystems characterize the largest factors moving the insurance industry forward in 2020. As the year ends (Happy New Years’ Eve!), risk and insurance professionals should continue this push to drive greater value for their organizations and clients. #risktech #insurtech #riskmanagement

The two of biggest risks against resiliency in 2021 are climate change and brittle supply chains. Risk and insurance professionals must take advantage of the tools available to them to build resilient risk mitigation strategies. #risktech #insurtech #riskmanagement

Quote of the Week: “When you have software solutions that cross multiple departments, provide orchestration of several workflows, and either automatically optimize, or at least provide recommendations, insurers will take significant leaps forward.” Connect with our team to see how the Maptycs platform removes data silos to open up communication and unlock actionable insights into…

Risk and insurance professionals must become more savvy understanding their organization’s exposure to extreme weather events. Investments in insurtech are critical now with renewals already beginning and higher projected climate risks in 2021. #risktech #insurtech #riskmanagement #climaterisk

Risk and insurance professionals require digital tools to meet clients’ expectations for quicker, more transparent, and more insightful information. As businesses invest into their digital infrastructure, look for “solutions that combine the benefits of human interaction and oversight with technology that’s fast and user friendly.” #insurtech #risktech #riskmanagement

Quote of the Week: “Geospatial data and mapping tools add the ability to analyse spatial data in terms of its relationship with time-series data. The implications are far-reaching for those examining the impact of events – whether extreme weather or the spread of virus or disease – on businesses, industries and public services.” Clients rely…

Risk and insurance professionals should proactively prepare for an increase in hurricane activity in 2021. Early climate conditions project an increase beyond an already record number of hurricanes in 2020. #risktech #insurtech #climaterisk #hurricaneseason #propertycasualty

The January 2021 renewal period requires even greater nuance in analysis and preparation than normal, as “experienced underwriters once again find that capital and competition may make their forward-looking 2021 portfolio projections inaccurate (or impossible to achieve).” Risk and insurance professionals should continue pressing to stay ahead of the curve. Connect with our team to…

A true pleasure for Maptycs to present for the Dragon’s Den session during the Airmic Climate Change forum earlier today! Our presentation – as well as resources from all the speakers at today’s event – can be found on the Airmic Forums website. #insurtech #risktech #climaterisk #climatechange #riskmanagement

Four Twenty Seven’s new report underscores the rising severity and frequency of severe climate hazards in its most recent 20 year projection, and “understanding who and what is exposed to climate hazards is essential to pricing this risk and preparing for its impacts.” Stay ahead of the curve and transform your risk exposure data into…

Join our CEO Jacqueline Legrand this Wednesday, December 9th, for the Dragon’s Den session during the Airmic Climate Change Forum! She’ll be sharing how Maptycs helps risk professionals address climate change risks and how big data analytics transforms your risk exposure data into actionable insights. Free registration: http://www.airmicforums.com/ #climatechangemitigation #insurtechinsights

Evolving data and analytical capabilities are the main differentiators for the top P&C industry leaders. Risk and insurance professionals progressing their organizations further are investing now to prepare for the future. #risktech #insurtech #propertyandcasualty #riskmanagement

Quote of the Week: “Time-sensitive insights allow for a better understanding of the forecast track, timing, intensity, and uncertainty across multiple scenarios to inform proactive preparation strategies, as well as the quantification of potential hazard and loss impacts.” Risk and insurance professionals use Maptycs for real-time notifications and risk assessments to respond quickly to intensifying…

The rise in storm frequency and rapid intensification of hurricanes this season underscores the need for quick adjustments to risk mitigation strategies as a large number of storms dramatically intensified in under 24 hours. While the 2020 hurricane season comes to end this week, risk and insurance professionals should take core lessons from this year…

Siloed data inhibits effective decision making. Information is only as useful for risk and insurance professionals when it is is easily available in the right form and the right time. The Maptycs platform can quickly combine data across multiple formats and sources to visualize and analyze risk. Transform your risk exposure data into actionable insights…

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…