McKenzie Intelligence Services (MIS), a provider of geospatial data and analysis to the insurance industry, has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events.
This product development to MIS’ Global Events Observer (GEO) platform – which meets requirements set out in the 2024 Lloyd’s Market Geospatial Service programme – will enable insurers to accelerate their incident and claims responses, enhance their portfolio loss analysis, including policy terms, and reduce costs
The GEO platform combines artificial intelligence and human intelligence to deliver swifter actionable insights at property and portfolio level.
With the latest release, GEO leverages AI to support the damage assessment process on a larger scale, delivering insights to insurers with greater speed and accuracy than existing market solutions.
Additionally, to further improve accuracy, MIS’ team of military-trained intelligence experts conduct a manual assessment of impacted properties using data from multiple sources, the company highlights.
The used data includes satellite, aerial, and ground-based imagery, ensuring the highest possible precision in property damage evaluation.
Forbes McKenzie, founder and CEO of MIS, commented: “Since 2017, we have worked collaboratively with the Lloyd’s market to understand how to take GEO to the next level. MIS’ clients integrating their portfolio data with GEO now gain accelerated insights into their potential portfolio exposure, with all insured properties and their policy terms being displayed on our platform.
“This in-depth insight, per risk up to portfolio-level, only hours after an event, is unique in the global market. Clients also no longer need to cross-reference affected properties, as our industry-leading damage assessments can be seamlessly integrated into clients’ claims systems via API.”
Thanks to this development, MIS is now able to deliver property-level insights through GEO’s Exposure and Claims Layers faster than ever on a global, multi-peril basis, including identifying the extent of damage to impacted properties.
This AI-assisted, human intelligence-driven approach provides insurers with improved event response capabilities, a swifter understanding of exposures, increasing claims triage speed and efficiency, and ultimately reduced costs.
