Financial model now includes special conditions
With another soft market expected for P&C insurance in 2017, we know that our clients will be looking for any opportunity to maintain or improve underwriting profitability. European Risk Frontiers explored the importance of using insurance terms and structures to limit loss: “In the main lines of P&C, [insurers] have generally seen rates range from flat to reductions in the low double-digit range, reflecting specific loss experience, of course. Also being noted are widening of policy wordings, increased sub-limits, and reduced deductibles.”
To help our customers capture and understand their true exposure, SpatialKey is continuing to expand our financial modeling capabilities to include special conditions.
Our policy special conditions feature enables:
- Expansion of our exposed limit calculation to include restrictions, sub-limits, and sub-conditions so you can analyze your data with a more accurate financial calculation
- Automatic detection of policy restrictions, sub-limits, and sub-conditions when data is uploaded through the import API, SpatialKey Bridge desktop app, or from within SpatialKey
- Use of special conditions columns when calculating exposed limit across all SpatialKey apps. (Existing data sets will not automatically include the data to take advantage of this, so you’ll need to (re)import datasets that have policy special conditions data fields in order for SpatialKey to automatically detect the relevant columns.)
Contact us for more information on how to set up your files so SpatialKey will automatically detect your special conditions columns through our API, Bridge or through manual import within the SpatialKey application.