Lloyd’s of London has entered into a two-year partnership with geospatial insurtech McKenzie Intelligence Services (MIS) for access to real-time analysis of global perils.
The new agreement provides the Lloyd’s market with access to multi-source intelligence including satellite imagery, through the Global Events Observer (GEO) platform.
According to Lloyd’s, this will help deliver faster claims decisions and payments for customers, and supports the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology-led insurance marketplace.
The GEO platform, which was co-funded and validated by the European Space Agency (ESA), will provide the Lloyd’s market with real-time analysis of global perils, including storms, wildfires and flooding.
The data, including innovative resolution drone imagery, allows insurers that use it to instantly assess damages at a time when physical access to the risk location may be limited following a natural catastrophe.
Lloyd’s says the GEO platform will bring direct and immediate benefits to reserving, claims management, underwriting and operations across the market. It is also expected to have a significant impact on improving the accuracy of reserving values.
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, chief executive officer of MIS, which developed GEO as part of the Future at Lloyd’s programme, added: “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.”