(Image source: MIS homepage.)
Lloyd’s (London) has announced a two-year agreement with geospatial InsurTech McKenzie Intelligence Services (MIS, London). The new agreement provides the Lloyd’s market with access to multi-source intelligence including satellite imagery, through the Global Events Observer (GEO) platform, which will help deliver faster claims decisions and payments for customers, and supports the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology led insurance marketplace, according to a vendor statement.
“We are really pleased to be partnering with MIS,” comments Patrick Tiernan, Chief of Markets, Lloyd’s. “The agreement provides the Lloyd’s market with geospatial data that will enable us to better serve our customers by paying them faster and more efficiently. Through the Future at Lloyd’s, we have set out to create the world’s most advanced insurance marketplace, and this partnership is another step towards that goal.”
McKenzie Intelligence Services reports that the GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding. The data, which includes drone imagery, allows Lloyd’s market insurers to instantly assess damages at a time when physical access to the risk location may be limited following a natural catastrophe.
The GEO platform combines satellite imaging with other intelligence data sources to assess damage to insured infrastructure and businesses, the vendor statement says. MIS says technology will help insurers support customers around the world during periods of crisis, whilst reducing operational costs. The vendor asserts that the GEO platform will bring direct and immediate benefits to reserving, claims management, underwriting and operations across the Lloyd’s market. The platform is expected to have a significant impact on improving the accuracy of reserving values, according to MIS.
Founded in 2017 and developed by MIS as part of the Future at Lloyd’s program, GEO uses artificial intelligence (AI), machine learning and government intelligence techniques. It is designed to rapidly analyze data from satellites, drones, global and local sensor networks and third-party information providers in real time. The GEO demonstration project, co-funded by the European Space Agency (ESA), through its Space Solutions Business Applications Program, promotes the development of space-based applications and services. The vendor characterizes the new partnership between MIS and Lloyd’s as reflecting the importance of cross sector collaboration when managing the global risk landscape.
“We are delighted to be able to formally announce our partnership with Lloyd’s today,” says Forbes McKenzie, CEO, MIS. “Our participation over the past two years in the Future at Lloyd’s program has afforded us unparalleled insights into how our technology can add value to the whole insurance value chain. We would like to thank Lloyd’s for the opportunity, and we are hugely grateful to ESA for co-funding and validating the GEO platform. We look forward to improving and refining GEO to better serve both Lloyd’s and the wider insurance marketplace.”
The GEO project is a prime example of what can be achieved if globally available satellite earth observation information extraction is automized and harnessed, according to Volker Schumacher, Business Applications Engineer, ESA. “This in combination with ground-based geospatial data will help deliver an innovative, customer driven service within the Lloyd’s market. Through our Business Applications program, we are supporting companies whose business is “powered by space” to improve everyday activities and addressing real market needs.”