Analytics firm Arturo has said it is teaming up with data provider ICEYE to bring insurers near real-time flood and property damage insights.
A statement from the two firms said that the collaboration will combine SAR satellite imagery with property insights to enable insurers to respond to flood claims with greater efficiency and accuracy.
Neil Pearson, chief strategy officer of Arturo, said: “When a flood rushes in, an insurer’s response can make or break a policyholder’s experience and the insurer’s bottom line, so fast and accurate claims management is critical. This collaboration enables insurers to see down to the property level what type of flood damage a home will have and get the policyholder the financial assistance they need to quickly repair their home.”
The collaboration will initially cover flood depth insights for the United States, Canada, Japan, and Australia. Arturo and ICEYE invite select insurers who are interested in learning more about the partnership to visit booth A9 at the Insurtech Insights Americas event in New York City on May 25 and 26.
Rafal Modrzewski, CEO and co-founder of ICEYE, said: “By providing increasingly rapid access to near real-time hazard data, the entire insurance value chain can benefit, even down to the individual customer experience. We are very pleased to be adding Arturo as one of our ICEYE Solutions Partners as we jointly aim to improve decision making and facilitate speedier responses to floods for the entire insurance sector.”
ICEYE has signed a few agreements in recent weeks. At the beginning of May, it said it was to provide insights for Neptune Flood. That deal, like this announcement, will see ICEYE provide Neptune Flood with high-resolution flood hazard data in the immediate aftermath of a flood event to enable monitoring of Neptune’s insured geolocations for micro changes in water depths around properties.
It also announced deals in March and April this year with the firms Fermat and EigenRisk.
These deals follow an announcement in February that ICEYE had raised $136m in Series D funding, which the company said at the time would be used to expand its natural catastrophes solutions.
For Arturo, meanwhile, this seems to be its first deal of 2022. But in 2021, it did announce, just before it raised $25m in Series B funding, that it had entered into a partnership with Urban Sky.
