The SpatialKey solutions are said to offer intuitive, geospatial analytics, expert data, and visualisations to generate actionable intelligence for portfolio risk analytics

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Lockton Re to employ Insurity’s SpatialKey solutions. (Credit: Free-Photos from Pixabay)

Insurity said that Lockton Re will be using its SpatialKey Exposure Management and SpatialKey Event Response solutions to enhance its risk advisory services.

According to the US insurtech company, the SpatialKey solutions offer intuitive, geospatial analytics, expert data, and visualisations to generate actionable intelligence for portfolio risk analytics.

Lockton Re is the global reinsurance arm of US-based insurance brokerage firm Lockton Companies, which is engaged in helping businesses understand, mitigate, and capitalise on risk.

Lockton Re analytics head Claude Yoder said: “We required a sophisticated analytics solution that can visually illustrate the impact of catastrophe risk on a book of business.

“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.”

How the SpatialKey solutions from Insurity will help Lockton Re

Insurity expects the SpatialKey Exposure Management solution to enable the reinsurance provider in advising its insurer clients on how to better understand their risk profiles, and handle the risks to subsequently enhance portfolio health.

The insurtech company claimed that the cloud-based platform can help insurers in developing a comprehensive and cohesive view of risk by looking at correlations among exposure, modeled loss, and hazard data, and by examining risk drivers and regional concentrations.

On the other hand, the SpatialKey Event Response solution is expected to further help Lockton Re to support its clients in quantifying their potential and key drivers of exposure to a live, recent, or historical catastrophe incident.

Insurity chief revenue officer Michele Shepard said: “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.

“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.”