ICEYE, a provider of SAR data and natural catastrophe analysis solutions, has announced the launch of ICEYE Insights, a geospatial platform that allows insurers to combine ICEYE’s flood observation data with their property insurance information.
Utilising the EigenPrism catastrophe risk management tool, the ICEYE Insights platform is automatically updated with data and analysis from ICEYE’s Flood Insights product in near real-time following a flood event.
The data includes high-resolution reporting of flood extent and measurement of depth required to assess the impact on individual buildings.
Insurers can upload details of their property portfolio via an API to visualise and analyse a flood event’s impact on their personal and commercial insurance customers.
ICEYE claims that the capabilities provided by its new platform will enable insurers to achieve proactive communication with customers, optimise the allocation of field resources and enhance triage of claims.
It is also expected to help insurers identify opportunities to make provisional payments or early total loss settlement, estimate the cost damage to individual properties and their portfolio overall, and optimise their reserves.
“ICEYE Insights provides a new way of interacting with the unique and powerful flood hazard data delivered by ICEYE,” said Stephen Lathrope, Global Head of Insurance at ICEYE.
“Insurers and MGAs can choose either to receive our flood data directly into their existing geospatial analysis tools or if they prefer, they now have the option of subscribing to access this information via the ICEYE Insights platform.”
“There is no more convenient, cost-effective, powerful means by which insurers can take immediate action in response to flooding, or to analyse the impact of flooding retrospectively in order to enhance their underwriting.”