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  • May 11, 2020
  • Comments Off on Lockton Re Adopts Insurity’s SpatialKey Solutions to Bolster Risk Advisory Services
  • Corporate, News
  • 312 Views

May 11th, 2020
Lockton Re Adopts Insurity’s SpatialKey Solutions to Bolster Risk Advisory Services

HARTFORD, Conn. – Insurity, Inc., a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, announced today that Lockton Re, the reinsurance business of one of the world’s leading brokerage firms, will be utilizing Insurity’s SpatialKey Exposure Management and SpatialKey Event Response solutions to power its risk advisory services. The solutions provide intuitive, geospatial analytics, expert data, and visualizations to deliver actionable intelligence for portfolio risk analytics.

“We required a sophisticated analytics solution that can visually illustrate the impact of catastrophe risk on a book of business,” said Claude Yoder, head of analytics for Lockton Re. “Not only does the SpatialKey solution deliver insights that we can easily use to analyze our client portfolios and help guide strategy, but Insurity’s robust data partnerships will help scale our business over time based on clients’ needs. This partnership is an important component of our multifaceted Analytics Platform.”

SpatialKey Exposure Management will enable Lockton Re to advise its insurer clients on how to better understand their risk profiles, and manage those risks to subsequently improve portfolio health. The cloud-based platform can help insurers develop a comprehensive and cohesive view of risk by exploring correlations among exposure, modeled loss, and hazard data, and through examining risk drivers and regional concentrations. SpatialKey Event Response will further enable Lockton Re to support its clients in quantifying their potential and key drivers of exposure to a live, recent, or historical catastrophe event.

“We’re thrilled to partner with Lockton Re, providing valuable risk intelligence and actionable insight to their clients, who will be better-able to manage and transfer portfolio risk and to assess the portfolio impact of a catastrophe event,” said Michele Shepard chief revenue officer at Insurity. “Lockton Re’s adoption of our SpatialKey solution is an endorsement not only of Insurity as a market leader in the data and analytics space, but also of the importance of data and analytics in an insurer’s core operations.”

To learn more about Insurity’s SpatialKey solutions and the rest of the company’s cloud-based core system solutions and data analytics, Insurity invites all P&C insurance executives and professionals to attend its Connected 2020 virtual conference, beginning May 12, 2020. For more information, visit connected.insurity.com.

About Insurity

Insurity is a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property/casualty carriers in the US. For more information, visit www.insurity.com.

About Lockton Re

Lockton Re, the global reinsurance arm of Lockton Companies, helps businesses understand, mitigate, and capitalize on risk. They’re pushing the reinsurance industry forward with smarter solutions that leverage new technologies—delivered by people empowered to do what’s right for clients. Find out more: https://www.lockton.com/reinsurance