SAR data provider and expert in environmental flood hazard data, ICEYE, has entered into a strategic collaboration with AI-driven flood insurtech, Neptune Flood,
As part of the collaboration, ICEYE will 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.
The agreement will also allow for exploration of future initiatives including triggers for parametric insurance products offered through Neptune’s Jumpstart brand.
Neptune Flood’s patent pending AI engine – Triton, is able to process tens of thousands of insurance quotes daily, utilizing machine learning to influence risk selection, pricing and disaggregation.
“At Neptune we have long been following the work done by ICEYE to drive the satellite imagery industry forward,” said Neptune CEO, Trevor Burgess. “We believe the ability to monitor our client’s properties in real-time for indications of flooding activity provides our stakeholders with unparalleled assurance and benefits.
“We are also excited to explore the possibility of broader coverage options for our clients made possible through the synchronization of ICEYE’s data with our Jumpstart parametric technology.”
Rafal Modrzewski, CEO & Co-Founder of ICEYE, added: “ICEYE is committed to supporting the ongoing advancement of flood insurance solutions. Through our collaboration with Neptune, the largest and most technology enabled flood insurance company in the United States, we will be able to provide near real-time clarity around not only the extent of a flood event, but also the level of flood impact at the individual building level.
“We believe this hazard insight not only enhances loss sizing and claims response capabilities, but also helps further accelerate flood insurance innovation.”
Meanwhile, ICEYE recently announced that it will provide flood insights for large-scale flood events into EigenRisk’s EigenPrism catastrophe risk management platform.