The specialist Lloyd’s insurance and reinsurance marketplace has entered into a two-year partnership with McKenzie Intelligence Services (MIS) to deliver a faster claims service through its geospatial (GEO) technology platform.
The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding, producing data which allows its insurers to assess damages following a natural catastrophe.
Satellite imaging combined with other intelligence data sources is an innovative way of assessing damage to insured infrastructure and businesses.
The technology will help insurers support customers around the world during periods of crisis, whilst reducing operational costs and the carbon footprint of insurers.
Founded in 2017 and developed by MIS as part of the Future at Lloyd’s programme, GEO uses powerful artificial intelligence (AI), machine learning and government intelligence techniques.
It can rapidly analyse data from satellites, drones, global and local sensor networks and third-party information providers in real time. The GEO demonstration project, co-funded by the European Space Agency (ESA), through its Space Solutions Business Applications Programme, promotes the development of space-based applications and services.
The new partnership between MIS and Lloyd’s reflects the importance of cross sector collaboration when managing the global risk landscape.
Patrick Tiernan, Chief of Markets at Lloyd’s said: “We are really pleased to be partnering with MIS. The agreement provides the Lloyd’s market with geospatial data that will enable us to better serve our customers by paying them faster and more efficiently.
“Through the Future at Lloyd’s, we have set out to create the world’s most advanced insurance marketplace, and this partnership is another step towards that goal.”
Forbes McKenzie, CEO of MIS said: “We are delighted to be able to formally announce our partnership with Lloyd’s today. Our participation over the past two years in the Future at Lloyd’s programme has afforded us unparalleled insights into how our technology can add value to the whole insurance value chain.
“We would like to thank Lloyd’s for the opportunity, and we are hugely grateful to ESA for co-funding and validating the GEO platform. We look forward to improving and refining GEO to better serve both Lloyd’s and the wider insurance marketplace”.
Volker Schumacher, Business Applications Engineer at ESA said: “The GEO project is a prime example of what can be achieved if globally available satellite earth observation information extraction is automised and harnessed.
“This in combination with ground-based geospatial data will help deliver an innovative, customer driven service within the Lloyd’s market.
“Through our Business Applications programme, we are supporting companies whose business is “powered by space” to improve everyday activities and addressing real market needs.”