Insurity Transformed, a Conversation with CEO Chris Lafond

Submitted08/10/2021 - 9:28amInsurity, a leading provider of cloud-based software for property and casualty (P&C) carriers, brokers, and MGAs today announced that it has completed the acquisition of Maprisk.Maprisk provides geospatial data and analytics software to enable underwriting automation and allows P&C carriers and MGAs to smartly plan and proactively respond to natural disasters. With the addition of Maprisk to the Insurity suite, P&C 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. The acquisition of Maprisk builds on Insurity’s prior acquisition of SpatialKey, the market leader in geospatial solutions with the largest open network of specialty and hazard data providers, in December 2019. This acquisition further solidifies Insurity’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. It also furthers Insurity’s 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 P&C carriers and MGAs via an easy-to-integrate API and through Maprisk’s web platform. Their comprehensive geospatial and multi-peril coverage includes data on flood, wind, wildfire, property, and crime scores, plus high-resolution aerial and satellite imagery. 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 per cent uptime and sub-second response times. Maprisk is a trusted partner of more than 65 leading P&C carriers and MGAs. “We are thrilled to welcome Maprisk to Insurity,” says 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.” “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,” says 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 USD100 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 organisations.”Like this article? Sign up to our free newsletterAuthor ProfileRelated TopicsDeals & TransactionsAcquisitionsTechnology & software solutions -

GI Partners-backed Insurity acquires Maprisk

One of the P&C industry’s most established core technology providers brings aboard a smaller vendor with a focus on cloud-native technology and personal lines. Anthony R. O’Donnell //
(Insurity’s headquarters in Hartford, Conn.) 
The year 2020 has been a big one for core system vendor moves of all sorts including IPOs, major new investments and M&A. The latest news in this space is Insurity ’s (Hartford) acquisition of CodeObjects. Looked at from one perspective, it’s the fifth acquisitions announced by the Hartford-based firm, the other four being SpatialKey in January, Epic-Premier in June, Virtual MGA in July, and Bill It Now in October. As important as all these may be, we took special interest in the most for two reasons: one is that CodeObjects was a pioneer in cloud-based insurance core suite technology. The other is that it gives Insurity a means of expanding its market focus from being almost exclusively aimed at commercial lines to now being also a dedicated personal lines system vendor. Two discuss the acquisition, IIR reached out to Michele Shepard, Insurity’s Chief Revenue Officer. Insurance Innovation Reporter: Where does the CodeObjects acquisition fit within within Insurity’s M&A strategy. Let’s review Insurity’s recent acquisitions. Michele Shepard, Chief Revenue Officer, Insurity: Our goal overall is to offer the most robust insurance platform in the industry. With our 2020 acquisitions, Insurity has made great strides towards becoming a powerhouse in data and analytics, extending its presence across the entire insurance ecosystem, and broadening its capabilities in new and current market segments to enable our insurers to grow and compete efficiently in the marketplace. Taking a look at the individual acquisitions:
Michele Shepard, Chief Revenue Officer, Insurity. SpatialKey added geospatial analytics to our already robust suite of data and analytics offerings, further enhancing the value of our solutions and the actionable intelligence available to our clients. Epic-Premier expanded our presence and solution offerings across the insurance distribution ecosystem—and in the growing MGA market in particular—and expanded Insurity’s addressable market. Virtual MGA further expanded Insurity’s MGA offerings, expanded our presence in the London wholesale broker and syndicate E&S marketplaces, and solidified a leadership position in the MGA space. Bill It Now extends our capability to address insurer and MGA needs across the policy lifecycle, and enables us to deliver greater value to clients. CodeObjects substantially extends our ability to pursue and compete for personal lines business, significantly broadening Insurity’s addressable market. It introduces a powerful and proven AI technology-based solution into Insurity’s portfolio. IIR: Is it fair to say that the CodeObjects is an acquisition of a different order of magnitude, as it converts Insurity into a core system/platform provider in both commercial and now personal lines? MS: While we do have clients that use Insurity solutions for personal lines, commercial lines has long been our focus. CodeObjects brings to Insurity strong solutions purpose-built to address personal line needs, and the acquisition materially strengthens our ability to pursue and compete for personal lines business. In that regard, yes, our addressable market is increased by orders of magnitude. IIR: CodeObjects was a pioneer in cloud-native core system technology with an end-to-end quasi-platform approach before the industry was even talking about that concept. When I heard about the acquisition, I thought that it was a great match between an underrated small vendor and a major core technology provider. What’s Insurity’s view of the complementarity of the two entities? MS: We couldn’t agree more! Insurity is focused on cloud-based, highly-configurable, end-to-end solutions, so the CodeObjects development approach and solution set is a fantastic match. Insurity currently leads the commercial lines P&C market with over 250 cloud clients, and between our current market presence and our cloud platform which, we believe, offers the strongest SLAs in the industry, we are well-positioned to amplify the growth of the CodeObjects solutions, as well as Insurity’s market share across the industry. IIR: Let’s discuss Insurity’s long-standing focus on the cloud and what it’s achieved in that regard, and then tell us about how that might also be an influence on the acquisition. MS: This was a strong influence. As I mentioned, and to your point, Insurity is keenly focused on leading-edge cloud solutions, and CodeObjects’ technology platform is an important part of our assessment and due diligence process. The vast majority of our clients demand cloud-based solutions, and even our legacy, on-premise clients are migrating to the cloud at an increasing pace. With 15 of the top 25 US P&C insurers as clients, our cloud platform needs to be second-to none in terms of performance, security, and reliability, and insurers have become increasingly sophisticated in knowing what to look for during the vendor selection process. This has worked strongly in our favor, and we have amassed over 250 unique cloud clients—which we understand to be more than all our major competitors combined. IIR: What does the CodeObjects acquisition mean for how Insurity plans to evolve, both as a personal lines system provider and more generally? Do you plan a technological assimilation that will ultimately shape all of Insurity’s offerings? MS: With CodeObjects’ solutions as part of our portfolio, Insurity plans to aggressively pursue the personal lines market, though we will of course continue to expand our presence in the commercial market where Insurity has been a dominant player for decades. As to technological assimilation, our development teams have been hard at work integrating our solutions, with the goal of ultimately coming together as a single platform solution. IIR: How will Insurity and CodeObjects work together. Will CodeObjects retain its branding for some time? What’s the plan? MS: While we will be in a transitional period for some time, the CodeObjects team and brand will ultimately become fully-integrated with Insurity, and we will move forward as a single, unified organization. IIR: Now that Insurity actively pursuing both personal and commercial lines insurer clients, how will that affect market strategy? How will it help to drive greater growth? What are Insurity’s long-term market ambitions? MS: With CodeObjects’ solutions as part of the Insurity portfolio, we are now strongly positioned to pursue both commercial and personal lines, where we were previously focused on the commercial market. Up to this point, our personal lines business was opportunistic as opposed to resulting from a deliberate personal lines market strategy. Our addressable market has now increased by orders of magnitude. With the strength of our solutions, our cloud platform, and our market presence, we are well-positioned to accelerate Insurity’s growth and industry leadership.

On Insurity’s Acquisition of CodeObjects: Q&A with CRO Michele Shepard

Yields Data-driven Insights for Catastrophe Risk Management
May 08, 2020 09:00 AM Eastern Daylight Time
HARTFORD, Conn.--( BUSINESS WIRE )--Insurity, Inc., a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, announced today that Lockton Re , the reinsurance business of one of the world’s leading brokerage firms, will be utilizing Insurity’s SpatialKey Exposure Management and SpatialKey Event Response solutions to power its risk advisory services. The solutions provide intuitive, geospatial analytics, expert data, and visualizations to deliver actionable intelligence for portfolio risk analytics. “We required a sophisticated analytics solution that can visually illustrate the impact of catastrophe risk on a book of business,” said Claude Yoder, head of analytics for Lockton Re. “Not only does the SpatialKey solution deliver insights that we can easily use to analyze 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.”
SpatialKey Exposure Management will enable Lockton Re to advise its insurer clients on how to better understand their risk profiles, and manage those risks to subsequently improve portfolio health. The cloud-based platform can help insurers develop a comprehensive and cohesive view of risk by exploring correlations among exposure, modeled loss, and hazard data, and through examining risk drivers and regional concentrations. SpatialKey Event Response will further enable Lockton Re to support its clients in quantifying their potential and key drivers of exposure to a live, recent, or historical catastrophe event. “We’re thrilled to partner with Lockton Re, providing valuable risk intelligence and actionable insight to their clients, who will be better-able to manage and transfer portfolio risk and to assess the portfolio impact of a catastrophe event,” said Michele Shepard chief revenue officer at Insurity. “Lockton Re’s adoption of our SpatialKey solution is an endorsement not only of Insurity as a market leader in the data and analytics space, but also of the importance of data and analytics in an insurer’s core operations.”
To learn more about Insurity’s SpatialKey solutions and the rest of the company’s cloud-based core system solutions and data analytics, Insurity invites all P&C insurance executives and professionals to attend its Connected 2020 virtual conference, beginning May 12, 2020. For more information, visit connected.insurity.com . About Insurity
Insurity is a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core businesses, optimize their operations, and provide superior customer experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property/casualty carriers in the US. For more information, visit www.insurity.com . About Lockton Re
Lockton Re, the global reinsurance arm of Lockton Companies, helps businesses understand, mitigate, and capitalize on risk. They’re pushing the reinsurance industry forward with smarter solutions that leverage new technologies—delivered by people empowered to do what’s right for clients. Find out more: https://www.lockton.com/reinsurance
Contacts
Ross Blume, (310) 481-1431

Lockton Re Adopts Insurity’s SpatialKey Solutions to Bolster Risk Advisory Services

Insurity has acquired SpatialKey, Inc., as of December 30, with a goal of strengthening its data and analytics offerings when client insurers respond to disasters. SpatialKey provides geospatial analytics, data, and risk intelligence solutions for the P&C insurance industry. The combined company will bring together insured data, other expert data sources, and insurance-specific analytics and visualization to provide immediate, actionable insights that drive healthier portfolios, operations, and profits, the companies say. Bret Stone, president of SpatialKey shared “With Insurity’s leadership in P&C insurance and with our mutual strategic alignment in data and analytics, together we can further accelerate delivery of innovative solutions that align with the SpatialKey mission to empower insight.”
“Data and analytics is a key focal point in our strategy of delivering differentiated and high-value products to our clients. The acquisition of SpatialKey will enable us to extend our overall market leadership as well as strengthen and expand our already-robust suite of industry-leading data solutions,” added Chris Laford, CEO of Insurity.

Insurity acquires SpatialKey with eye on disaster analytics

Willis Re is the reinsurance division of Willis Towers Watson.

On May 13th, 2021, Arthur J. Gallagher & Co. acquired a majority stake in Willis Re. The terms of the transaction were not disclosed.

Willis Re

Today , Willis Re in partnership with SpatialKey , a leading data enrichment and geospatial analytics hub for the P&C industry , have enhanced this solution in order to deliver to clients at their point of quote .

Willis Re deploys updated wildfire risk solution in partnership with SpatialKey

Swiss Re (SWX: SREN) provides reinsurance, insurance, and other forms of insurance-based risk transfer. The company covers both property and casualty as well as life and health insurance. Its client base consists of insurance companies, mid-to-large-sized corporations, and public sector clients. The company was founded in 1863 and is headquartered in Zurich, Switzerland.

Swiss Re

SpatialKey Inc. , the leader in geospatial insurance analytics , has partnered with leading global reinsurer , Swiss Re , to offer insurers access to multi-peril hazard data through SpatialKey Inc. 's proprietary underwriting solution .

SpatialKey and Swiss Re Collaborate.

WeatherGuidance is a company that specializes in the meteorological industry, providing custom weather solutions. The company offers detailed, site-specific weather information, forecasts, and storm warnings, as well as severe weather verification and historical data for insurance purposes. WeatherGuidance primarily serves weather-sensitive industries, the storm damage restoration industry, and the insurance industry. It is based in Kyle, Texas.

WeatherGuidance

SpatialKey brings WeatherGuidance data to life by adding an element of analytics and visualization that will make a remarkable difference in the speed , accuracy , and collaboration of our claims teams . ''

SpatialKey and WeatherGuidance partner to offer advanced event response to P&C claims teams

RedZone Robotics is a company that focuses on wastewater management and sewer inspection within the environmental services industry. The company offers advanced pipeline assessments and sewer inspection services, utilizing unmanned robots equipped with cameras and sensors to collect comprehensive, actionable data about sewer pipelines. This data aids in making critical infrastructure decisions, thereby protecting communities and the environment. It was founded in 1987 and is based in Pittsburgh, Pennsylvania.

RedZone Robotics

Location Inc. provides location data, analytics and services to help insurers, real estate investors, and business professionals make better location-based decisions.

On January 22nd, 2020, Location Inc. was acquired by CoreLogic, terms of the agreement were not disclosed.

Location Inc.

Insurity

Allstate

Musicland

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

Insurtech

Companies and startups in this collection provide technology to streamline, improve, and transform financial services, products, and operations for individuals and businesses.

Fintech

Acquired

SpatialKey provides geospatial analytics, data enrichment, and risk intelligence solutions for the insurance industry. It helps professionals make better decisions in their underwriting, exposure management, and claims operations. It was founded in 2007 and is based in Austin, Texas. In January 2020, SpatialKey was acquired by Insurity.

Name	Bret Stone
Work History	Insurity, RMS, Willis Re, Allstate, and Musicland
Title	President, Chief Operating Officer
Status	Former

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