InsurTech McKenzie Intelligence Services (MIS) and Markel International, a subsidiary of Markel Corporation, have announced a partnership aimed to accelerate Markel’s incident and claims responses following major loss events, including natural catastrophes.
Since 2017, Markel has been using MIS’s AI-powered Global Events Observer (GEO) platform for its Lloyd’s syndicate business. This was also the year when MIS won the prestigious contract to build the Lloyd’s market catastrophe intelligence platform serving all 55 Managing Agencies.
Working with MIS to provide rapid event response for international wholesale business, will allow Markel to boost its exposure management and claims response through post-disaster, high-resolution aerial imagery and other data sources from leading specialist partners.
Chris O’Shea, Claims Director of Wholesale at Markel, said: “Extending our relationship with MIS and adopting this latest MIS solution across our event response process gives us another string to our bow when it comes to our award-winning claims service.
“This innovative project with MIS, which has had close involvement from our claims, exposure management, and data science teams, will allow Markel to access MIS’s data hosting service for our property, political violence, and marine books of business, ensuring that business written by Markel benefits from MIS’s post-disaster, high-resolution aerial imagery via the MIS GEO platform.”
The GEO platform blends AI and machine learning with expert analysis to deliver a detailed digital representation of global perils at speed, answering what was damaged, when, and by what.
It enables claims and claims and exposure management teams to make fact-based decisions in the immediate aftermath of a catastrophe (both modelled and non-modelled) at portfolio, policy, and location level.
Forbes McKenzie, Chief Executive and Founder of MIS, said: “We are delighted to partner with Markel, a globally-renowned business that has selected MIS to provide rapid event response across their business lines to benefit their exposure management and claims processes worldwide.
“By not only adopting GEO but also embedding it into their wider event response process, Markel has provided a great demonstration of best practice, which is something that we would recommend any carrier to look to achieve.”
