Lloyd’s Insurance and Reinsurance Marketplace has announced a two-year partnership with Insurtech McKenzie Intelligence Services (MIS) to offer faster claims services through its Geospatial technology platform.
In this two-year partnership, Lloyd’s will have access to a Global Event Observer (GEO) platform that will provide information regarding climate threats, including storm wildfires and flooding, with real-time analysis to allow its insurer to access damage following a natural catastrophe. Satellite imaging with other intelligence data sources is an innovative procedure to access the damage to insured infrastructure and businesses. With this technology, several will be able to support customers worldwide during periods of crisis by reducing optimal costs and carbon printing for insurers.
With this platform, there will be benefits in reversing climate management, underwriting, and operations across Lloyd’s market, improving the accuracy of changing values.
MIS was founded in 2017 and developed as part of the future of Lloyd’s programme. It uses powerful artificial intelligence, machine learning, and government intelligence techniques to rapidly analyze data from satellites, drones, global and local sensor networks, and third-party information providers in real-time. The GEO Demonstration project is an NGO founded by the European space agency. It promotes the development of space-based applications and services through its space solution business application program. The partnership between Lloyd’s and MIS reflects the importance of cross-sector collaboration when managing the global risk landscape.
Lloyd’s chief of markets, Patrick Tiernan, said they were pleased to partner with MIS. The agreement provides Lloyd’s market with geospatial specifics that will permit them to better serve customers by paying them faster and more efficiently. The future at Lloyd’s has started to design the world’s most futuristic insurance marketplace, and this partnership is one more step towards achieving that goal.
The CEO of Insurtech MIS, Forbes McKenzie, said they were delighted to announce their partnership with Lloyd’s formally. Over the past two years in the future at Lloyd’s program, their participation has afforded MIS unparalleled insight into how their technology can add value to the whole insurance value chain. He is thankful to Lloyd’s for this opportunity and is grateful to the European Space Agency (ESA) for co-founding and validating the GEO platform company. He looks forward to improving and refining GEO to better serve Lloyd’s and the more comprehensive insurance Marketplace.
Business Applications Engineer at the European Space Agency (ESA), Volker Schumacher, said the GEO project is a prime example of what can be achieved if globally available satellite Earth observation information extraction is automated and harnessed. Combined with ground-based geospatial data, it will help deliver a customer-driven, innovative service within Lloyd’s market throughout the business application program. Some porting companies are powered by space to improve everyday activity and address real market needs.