(Image source: Maprisk.)
Insurity (Hartford), a provider of cloud-based software for property/casualty carriers, brokers, and MGAs, announced that it has completed the acquisition of Maprisk. Maprisk provides geospatial data and analytics software to enable underwriting automation and allows property/casualty carriers and MGAs to plan and proactively respond to natural disasters.
With the addition of Maprisk to the Insurity suite, carriers and MGAs writing personal and commercial lines can seamlessly integrate geospatial data and analytics across the full policy lifecycle, from quoting and underwriting to claims, according to an Insurity statement on the acquisition. The acquisition of Maprisk builds on Insurity’s prior acquisition of SpatialKey (Austin, Texas), the a provider geospatial solutions with the largest open network of specialty and hazard data providers, in December 2019. Insurity characterizes the acquisition as further solidifying the vendor’s position as the industry leader in data and analytics, both in commercial lines and now in personal lines, with greater breadth and depth than any other geospatial data provider. Insurity says the acquisition also furthers its vision of empowering the insurance industry with the world’s most configurable, cloud-based, and intuitively analytical software suite.
Maprisk offers data and analytics with a strong focus on natural hazard data, both proprietary and through third parties, which is delivered directly to property casualty carriers and MGAs via an API and through Maprisk’s web platform. The company’s comprehensive geospatial and multi-peril coverage includes data on flood, wind, wildfire, property, and crime scores, plus high-resolution aerial and satellite imagery, according to the Insurity statement. “P&C carriers and MGAs benefit from flexible and in-depth augmentation of data at ingestion and can generate automated outputs for aggregate exposure and aggregation zones. As a result of this automation, Maprisk’s software processes over 20 million records per month with 100% uptime and sub-second response times,” the statement says. Insurity reports that Maprisk has more than 65 clients among carriers and MGAs.
“We are thrilled to welcome Maprisk to Insurity,” comments Chris Lafond, CEO, Insurity. “Maprisk’s focus on delivering high-quality, actionable geospatial data and analytics combined with Insurity’s already robust data and analytics solutions and configurable software platform will serve to improve intelligence surrounding hazard and catastrophe risk for P&C carriers and MGAs, empowering them to reduce losses and grow profitably.”
Quickly Creating a More Holistic View of Risk
“Geospatial analytics is no longer an emerging technology in insurance, but a mainstay—to the point where if you are not leveraging geospatial analytics, you are not achieving full ROI from your analytics capabilities,” comments Kirstin Marr, Head of Insurity Analytics. “Maprisk’s strength is its easy to digest data delivery as well as being designed for simplified integration into any carrier’s existing workflow. This enables P&C carriers and MGAs to quickly create a more holistic view of risk.”
“We are extremely excited to join the Insurity family,” says Nick Parian, CEO, Maprisk. “Insurity is a market leader with more than 35 years of experience delivering solutions to P&C carriers and MGAs. Maprisk’s clients will not only immediately benefit from Insurity’s $100 billion data consortium and broad suite of cloud-based geospatial and predictive analytic capabilities but gain access to Insurity’s deep bench of talent, system integrator partners, and network of leading insurance organizations.”