Reinsurance News

ICEYE partners with MIS on flood hazard analysis

10th November 2021 - Author: Luke Gallin

A new partnership between ICEYE and McKenzie Intelligence Services (MIS) seeks to combine the former’s building-level flood analysis for global flood events with the latter’s ‘decisions-as-a-service’ platform.

floodThe agreement sees ICEYE, a commercial synthetic-aperture radar (SAR) satellite operator and flood data specialist, provide flood hazard analysis throughout active flood events to support its delivery of property loss figures to Lloyd’s, through the MIS Global Events Observer (GEO) platform.

The information provided by ICEYE before, during, and after large-scale flood events, includes data relating to flood depth at the individual building level across the affected areas.

The aim is to bring together satellite imagery and flood measurements from auxiliary sources, including river and tidal gauges, digital elevation models, ground sensors, and watershed maps.

ICEYE highlights that its offering provides an independently verifiable, transparent, and consistent method of establishing an accurate flood depth measurement in near real-time for any location in the world.

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The MIS provides ‘decisions-as-a-service’, where it takes multiple data sources, including satellite, drone, and CCTV images into its GEO platform in order to provide insurers with observation-based portfolio and individual property loss estimates, which enables automated claims processing and reporting.

Lisa Wardlaw, Global Head of Insurance Solutions at ICEYE, said: “We are delighted to be announcing our agreement with McKenzie Intelligence Services.

“This partnership brings together two Lloyd’s Lab graduates, combining best-in-class observation analysis from ICEYE with the innovative ‘decisions-as-a-service’ platform GEO from MIS. By supplying ICEYE’s proprietary flood hazard data, we can enhance the services that MIS is delivering under its two-year partnership with Lloyd’s and deliver world-class satellite imagery and data to the market.”

Forbes McKenzie, Chief Executive Officer (CEO) of MIS, commented: “We are very pleased to be joining forces with ICEYE on providing flood loss analysis to the Lloyd’s market.

“Through our participation in the Future at Lloyd’s programme over the past two years, we have gained unprecedented insights into how our technology can add additional value to the whole insurance value chain.

“This new partnership will add further value cases for Lloyd’s syndicates and deepen our understanding of flood risks. We look forward to working with ICEYE to better serve the Lloyd’s marketplace.”

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