Skyline Partners, a parametric specialist, has partnered up with Spire Global, a global provider of space-based data, analytics and space services, to bring the capabilities of satellite observation to parametric insurance.
Both firms will work together to develop new risk transfer tools which will ultimately help close the coverage gap for clients in the marine, aviation, and agricultural sectors.
From the ultimate vantage point of space, Spire Global collects previously unattainable knowledge and insights about the Earth and the human activity on and above its surface.
The company gathers detailed information and data on global shipping activity, which includes vessel locations and live port arrivals and departures. Additionally, Spire Global also collects real-time weather data from the entire planet, flight tracking data and other aviation intelligence, and intelligence on climate variables such as sea ice and soil moisture.
This new partnership with Spire Global is one of many that Skyline has entered to unite sectoral expertise and unrivalled data sources in its parametric laboratory.
By working with clients including major firms such as Munich Re, SCOR, Howden, NFU, Intangic MGA, Skyline is creating ground-breaking risk transfer solutions to a wide variety of insurability challenges.
“The combination of computational power, enormous new sources of data, and new risk transfer structures unconstrained by the traditional insurance model allows us to create and administer powerful new cover which breaks the boundaries of insurability,” said Skyline Partners Co-Founder and Executive Director Gethin Jones.
“This new partnership with Spire will fuel the development of a range of innovative products which are currently difficult or impossible to insure adequately using conventional approaches.”
“Our mission is to deliver data and analytics which can only be collected from space, to protect our environment and our communities, transform global logistics, contribute to economic stability, and put moonshot goals within reach,” commented Mike Eilts, general manager of Weather and Earth Intelligence at Spire.
“There are significant potential applications for our data in the insurance sector that align with our mission, and we’re excited to bring those applications to fruition through this new relationship with Skyline Partners for parametric.”
