Insurance companies face the challenge of efficiently managing claims during catastrophic weather events. The response to these events can greatly impact the experiences and financial performances of policyholders and insurers.
Leveraging data and analytics, Kinetica collaborates with some of the largest insurance providers worldwide to revolutionize claims management by enabling real-time data processing.
Industry Challenge
Insurance companies must provide fast and accurate claims management services in response to weather-related incidents. Traditional approaches often struggle to handle the scale and speed required to process and analyze vast amounts of data.
Traditional approaches also struggle with timely analysis of detailed data as they come in summarized versions in batches as shown below. So it’s a geospatial problem at its core, as catastrophic weather events are polygons and insured properties are also polygons as different areas will have different damage.
Real-Time Data Analysis
With Kinetica, insurance companies can visualize and analyze data in real-time. A map overlay feature enables the visualization of real-time weather events and policy liabilities, allowing insurers to identify areas affected by specific weather conditions. The data shown below is detailed and real-time.
Geospatial Solution Overview
Kinetica provides insurance companies with a comprehensive solution to transform their claims management processes. The solution incorporates data from multiple sources, including policy datasets and the National Weather Service Alerts. By fusing these datasets, insurers gain valuable insights into policy liabilities, building footprints, materials, and structural types.
Seamless Integration of Machine Learning Models
By leveraging Machine Learning algorithms, Kinetica provides estimates of affected policyholders and liabilities, enhancing decision-making processes
Insurers can deploy their predictive models within the Kinetica environment, eliminating the need for separate systems. This streamlined approach reduces latency and ensures a reliable and efficient claims management system.
Comprehensive Data Aggregation and Summarization
Kinetica’s solution aggregates and summarizes vital information related to policy data, structure types, exterior materials, and roof materials. The platform incorporates weather event data, including event certainty and severity.
This consolidated view enables insurers to understand the impact of weather events on building footprints and associated policies.
Advanced Visualization and Interactivity
The company offers advanced visualization capabilities to facilitate decision-making. The platform presents affected building footprints on a map, color-coded based on their roofing materials.
Users can zoom in to examine individual footprints and access detailed information, such as building geometry. With the server-side rendering of billions of data points, Kinetica ensures a high level of fidelity and interactive data exploration.
Example of Real-time Weather Data Processing and Visualization Flow
In the above image, real-time weather events and policy data are ingested using Amazon Kinesis and S3, respectively. The changing weather data is fused with building footprint data in real time, employing geo-joins and temporal joins. Containerized Sagemaker ML models are then invoked to predict damage, severity, and liability in real time. Finally, the vast amount of data is visualized in real-time by sending WMS data to your preferred business intelligence tools using Postgres Wireline.
Support for Complex Geometries
Kinetica’s solution extends support to complex geometries, such as detailed polygons representing water bodies. By seamlessly handling overlapping geometries, insurers can accurately count the number of distinct properties affected by multiple weather events. This feature prevents double-counting and improves the precision of claims management.
Data Sets Utilization
Kinetica leverages various datasets to power its claims management solution:
- National Weather Service Alerts: Includes event ID, timestamps, geometry, and additional details for each weather event.
- Policy Datasets: Encompasses building footprints, types, roof pitch, and other building-specific details and geometries.
Results and Benefits
Through the claims management solution, insurance companies can achieve the following benefits:
- Enhanced speed and accuracy in processing and analyzing real-time data.
- Improved decision-making
