Online applications for hurricane risk assessment were crucial in helping clients manage and mitigate risk in advance of Superstorm Sandy as well as efficiently plan and mobilize their response, says Willis Re, the reinsurance arm of Willis Group Holdings (NYSE:WSH), the global insurance broker.
Over 60 insurers used intelligence gathered from the ‘Willis eVENT Hurricane' app, and SpatialKey ‘Hurricane Forecasts' app to quantify and manage risk throughout the lifecycle of Superstorm Sandy.
Commenting on the performance of Willis Re and SpatialKey with respect to Superstorm Sandy, Vivalde Couto, Vice President & Chief Underwriting Officer, of American European Insurance Group Inc. said: "The steps taken to mitigate our exposures and to ensure that our insured risks are geographically spread are having a visible impact in minimizing the losses after a storm such as Superstorm Sandy. In advance of the storm, SpatialKey assists us in managing our coastal exposures. Post-landfall, it provides us with an idea where we can expect the highest impact from an event. Lastly, Willis Re, along with SpatialKey, will help us in the decision making process going forward in how we prepare for and minimize the impact of future hurricanes/storms."
Roy Cloutier, Senior Vice President, Catastrophe Management Services, said: "Given the extent of Sandy's footprint, we needed detailed footprint data to assist clients in quantifying their risk potential and prioritizing where to focus their response efforts. Willis Re offers seamless access to Kinetic Analysis Corporation's detailed wind and surge footprint data in its proprietary eVENT Hurricane application, while SpatialKey's Hurricane Forecasts application captures NOAA's real-time forecasts and event details. These two industry-leading solutions empower our clients with more focused risk intelligence when it matters most."
Vaughn Jensen, Head of Willis Re's Catastrophe Management Services team in the United States, said: "Because of our partnerships with Kinetic and SpatialKey, we were able to offer unprecedented access to the right data at the right time. We were able to better understand the scope of Sandy, evaluate potential outcomes, and assess the impacts of storm surge and subsequent fire outbreaks. Further, we were able to deliver this business-critical intelligence to all of our impacted property clients on a daily and hourly basis.
"While these analytics are tailored to assessing the potential impact of Superstorm Sandy, our partnership with SpatialKey delivers extended business value to our clients looking to manage extremes across the globe before events occur. Event response is just one business-critical process our solution supports. We also offer comprehensive analytic solutions that empower our clients with actionable intelligence to proactively understand, manage, and mitigate portfolio risk," Jensen said.
To learn more about these Willis Re-SpatialKey solutions, please visit willisre.spatialkey.com.