Insurity’s Wildfire Threat Analysis Solution Enables P&C Insurers to Proactively Manage Wildfire Risk in Near Real Time

August 03, 2021 at 09:00 AM EDT

Insurity’s offering generates a wildfire perimeter in 15 minutes, decreasing response time by 98% from comparable solutions

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced its new Wildfire Threat Analysis solution that will help insurers proactively manage and respond to wildfires in near real time. Wildfire Threat Analysis provides users updates on wildfire perimeters every 15 to 30 minutes; in contrast, other wildfire analysis tools only provide wildfire perimeter measurements after 12 to 72 hours.

Wildfires are significant loss drivers for the industry, with insured losses rising to $45 billion from 2010 to 2019, as noted in Insurity’s 2021 Analytics Outlook Report. With an increase in frequency and severity of these catastrophes, insurers need to be able to proactively track wildfires as they progress to manage portfolio risk.

“Insurity’s Wildfire Threat Analysis solution, along with its automated alerts and analysis, provides us with the ability to proactively manage and respond to wildfires—something that is greatly needed and hasn’t been possible until now,” said Scott Rosenthal, SVP, Head of Analytics at Holborn Corporation. “No longer do we have to wait hours or potentially even days for an accurate perimeter update. Insurity’s technology enables us to get the most timely and critical information into the hands of the people that need it as fast as possible.”

Part of Insurity’s SpatialKey Event Response solution, the Wildfire Threat Analysis solution combines publicly available data from several sources, including the National Interagency Fire Center (NIFC) and NASA Visible Infrared Imaging Radiometer Suite (VIIRS) hot spots to develop an approximate wildfire perimeter as soon as a wildfire is named.

“Understanding the potential path of a wildfire is crucial, as they can spread incredibly fast. In fact, Northern California wildfires in 2017 advanced at a rate of more than a football field every three seconds,” said Kirstin Marr, Head of Insurity Analytics. “While wildfires move fast, perimeter data has historically been generated slowly. With Insurity’s Wildfire Threat Analysis, third-party data sources determine if there are any hot spots nearby a specific location. Our solution then generates an approximate perimeter as soon as a wildfire is named. The solution runs an analysis against an insurer’s portfolio to let an organization know whether any of their covered locations fall within buffers ranging from 500 meters to three miles. The data is continually enhanced in near real time as the wildfire progresses to provide the most accurate event alerts to insurance organizations.”

Current customers of Insurity’s SpatialKey Event Response solution can be up and running with the wildfire enhancement in as little as 15 minutes. Other insurers who are interested in the solution can be up and running in as little as one hour.

To learn more, please reach out to Laura Krause at Laura.Krause@Insurity.com.

About Insurity

Insurity is a leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C Carriers in the US and has over 200 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners. For more information, visit www.insurity.com.