BADEN-BADEN, Germany, Oct. 24, 2016 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance division of Willis Towers Watson (NASDAQ:WLTW), the global advisory, broking and solutions company has collaborated with SpatialKey Inc. to launch a new European Windstorm app. 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 €1.1 billion per year, according to PERILS AG. During a typical season, which begins in November and ends in March, an average of six windstorms threaten Europe, affecting insured properties across multiple countries. European Windstorm is the newest event response app from SpatialKey.
“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 Willis Re
Willis Re combines global expertise with on-the- ground presence and local understanding. Our integrated teams reveal hidden value in the critical intersections between risk, assets and ideas. As the reinsurance advisory arm of Willis Towers Watson, Willis Re can access and negotiate with worldwide markets and boost your business performance by making better reinsurance decisions. Together, we unlock value. Learn more at willisre.com.
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 territories. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
We build technology that simplifies how insurers gain insights from information. We bundle everything insurers need—the best data, mapping, and analytics—in apps that help them streamline their decision making. More than 100 insurers trust our innovative, off-the-shelf solutions for underwriting, exposure management, and claims to help them achieve healthier portfolios, operations, and profits. Learn more at spatialkey.com
EuroTempest provides weather-risk management tools and services to the insurance industry. We focus on providing operational support to insurance claims teams, with our world-leading claims validation software. We also provide analysis and datasets to actuaries, reinsurance teams, underwriters and cat modelling experts to help them understand and manage the impact of changing weather risk on their business. Our forecasts and impact alerts are used by Europe's largest insurance companies.
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Source:Willis Towers Watson Public Limited Company