Willis Re and SpatialKey launch European windstorm data app
Willis Re has partnered with data analytics provider SpatialKey to release a new application that tracks European windstorms as they happen, accessing forecast data and event footprints to understand their exposure and manage potential claims costs.
The application, called European Windstorm, integrates multiple data sources, including EuroTempest, which provides weather-risk management tools and services to the insurance industry.
The application enables insurance claims managers to perform geospatial analysis across an entire portfolio of insured properties exposed to a windstorm, with the aim of making it easier to assess damage and to respond to claims as quickly as possible.
“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 analyse the windstorm data they need to better respond to catastrophes as they occur.”
Nick Wood, commercial director of 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.”
Derek Blum, vice president of product marketing at SpatialKey, commented: “We’re excited to offer our European clients the expert data and advanced analytics they need to proactively prepare for incoming windstorm claims.
European windstorms average €1.1 billion per year, according to PERILS.
“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.”
