ICEYE, a world-leading provider of natural catastrophe data, has launched a pilot scheme with If property & casualty (P&C) Insurance to use its Flood Insights product.
The data and insights that ICEYE provides enables users to gain rapid situational awareness of any flood event globally.
High resolution flood imagery is captured via ICEYE’s proprietary synthetic aperture radar (SAR) satellite constellation and combined with auxiliary information, including elevation models, ground sensors and river gauges, to generate flood extent and depth insights within 24 hours of a flood’s peak.
ICEYE noted that If P&C Insurance will use the data produced to support data-driven claims handling processes for flood-related losses and proactively respond to customer needs during such an event.
In addition, the accurate sizing and data of any of the flood losses will help to deliver a better understanding of potential financial impacts and reserve setting for events.
Rafal Modrzewski, CEO & Co-founder of ICEYE, commented: “We are keen to support If P&C Insurance in their efforts to ensure they are best positioned to respond to the demands of an increasingly flood-exposed world. ICEYE’s rapid-response data capabilities and ability to monitor floods with accuracy and consistency enables insurers to quickly and efficiently size losses, allocate resources effectively, and deliver a more customer-centric claims process.”
Tuomas Räikkönen, Head of Large & International Claims, If P&C Insurance, Finland, added: “One of the known megatrends is global climate change. We at If want to seek new innovative ways to be on top of this development and increase our ability to be by our customers’ side. ICEYE provides a great example of technology-enabled and data-driven services that can be embedded into the more traditional claims-handling services.”
Meanwhile, ICEYE recently announced the launch of ICEYE Insights – a geospatial platform that allows insurers to combine ICEYE’s flood observation data with their property insurance information.