24 October 2016
Insurers now have an easy way to access, visualise, and analyse European windstorm data from UCLB spinout company EuroTempest, to help them proactively manage risk, reduce claims expenses, and increase customer satisfaction and retention.
Coinciding with the start of the windstorm season, SpatialKey, along with development partner Willis Re, the reinsurance division of Willis Towers Watson, is pleased to announce the launch of European Windstorm. This powerful new event response application integrates data from multiple data sources, including EuroTempest—insurance industry experts in forecasting and reporting on European windstorm activity.
Accessible through a web browser, SpatialKey’s European Windstorm application provides seamless, real-time access to both forecast and historical event data. This enables insurance claims managers to perform geospatial analysis across an entire portfolio of insured properties exposed to a windstorm, making it easier to assess damage and to respond to claims as quickly as possible. Claims teams can also use the app to track windstorms as they happen, accessing forecast data and event footprints to understand their exposure and manage potential claims costs.
“We’re delighted to give our clients access to valuable windstorm data from EuroTempest through the powerful SpatialKey platform,” said Tim Edwards, Head of Europe Catastrophe Analytics, Willis Re International. “Now, Willis Re clients can easily access, visualize, and analyze the windstorm data they need to better respond to catastrophes as they occur.”
Nick Wood, Commercial Director, EuroTempest, said: “We’re pleased to partner with SpatialKey and Willis Re to offer insurers a way to visualize and better utilize our unique windstorm data through SpatialKey’s geospatial insurance analytics platform,” said Wood.
SpatialKey, which established a full-time presence in London earlier this year, is releasing the new app at a time when insured losses due to European windstorms average €3 billion per year, according to PERILS.
“We’re excited to offer our European clients the expert data and advanced analytics they need to proactively prepare for incoming windstorm claims,” said Derek Blum, Vice President, Product Marketing, SpatialKey. “Insurers rely on contextualized expert content to manage their response, and using SpatialKey’s European Windstorm solution simplifies and speeds up that process during events, when every minute counts.”
About UCL Business PLC
UCL Business PLC (UCLB) is a leading technology commercialisation company that supports research and innovations arising from UCL, one of the UK’s top research-led universities. UCLB has a successful track record and a strong reputation for identifying and protecting promising new technologies and innovations from UCL academics. UCLB has a strong track record in commercialising medical technologies and provides technology transfer services to UCL’s associated hospitals; University College London Hospitals, Moorfields Eye Hospital, Great Ormond Street Hospital for Children and the Royal Free London Hospital. It invests directly in development projects to maximise the potential of the research and manages the commercialisation process of technologies from laboratory to market.
For further information, please visit: www.uclb.com
About EuroTempest Ltd
EuroTempest Ltd is a venture established by Benfield, Royal & SunAlliance and UCL Business in the area of quantitative weather risk services. The company’s web-based service is recognised as providing the most advanced real-time 5 day forecasts of weather risk across Europe. EuroTempest’s services are targeted at companies who may have financial exposure due to extreme and un-seasonal weather such as the insurance and re-insurance industry.
For further information, please visit: http://www.eurotempest.com