Aided by the London Market Association’s satellite imagery and intelligence service, Lloyd’s managing agents have started the process of assessing and paying claims to policyholders affected by hurricanes Florence and Michael.
Satellite photograph of Mexico Beach, Florida
The service, which was introduced last year and is now used by all Lloyd’s managing agents, utilises detailed satellite imagery and radar to provide ‘ground truth’ in the immediate aftermath of major claims events.
Service usage has reportedly increased by 75% since the 2017 hurricane season.
“The service is providing insurers with a real edge over global competitors, with many grasping the opportunity to use it to make swift decisions and payments,” said Lee Elliston, Claims Director at the LMA.
“The service is providing insurers with a real edge over global competitors, with many grasping the opportunity to use it to make swift decisions and payments.”
First triggered by Hurricane Harvey in 2017, the service makes desktop images and reports available to users from a dedicated satellite and local CCTV, social media and a range of other sources.
“Service improvements, such as clearer, more robust on-the-ground intelligence, have enabled claims teams to be on the front foot far quicker this hurricane season, in a tangible demonstration of Lloyd’s and wider-market efforts to truly modernise coming to fruition,” added Elliston.
“By enabling faster response times, this technology is delivering benefit direct to customers and reputational advantage for Lloyd’s.”
