Lockton Re, the global reinsurance unit of Lockton Companies, has turned to Insurity to improve its risk advisory services.
Under the partnership, the reinsurer will leverage Insurity’s SpatialKey Exposure Management and SpatialKey Event Response solutions.
The tools offer geospatial analytics, expert data, as well as visualisations to support actionable intelligence for portfolio risk analytics.
Through the cloud-based SpatialKey Exposure Management solution, the reinsurer can provide advice on how to better understand risk profiles and manage risk.
The solution enables insurers to gain a complete view of risk by exploring correlations among exposure, modelled loss, and hazard data.
It also enables evaluation of risk drivers and regional concentrations.
Through the SpatialKey Event Response tool, customers of Lockton Re can quantify their potential and key drivers of exposure to a live, recent, or historical catastrophe event, noted the insurtech firm.
Lockton Re head of analytics 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 analyse 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.”