ICEYE, a provider of flood hazard data, has a struck a deal with McKenzie Intelligence Services (MIS) to support its delivery of property loss numbers to the Lloyd’s market via the MIS Global Events Observer (GEO) platform.
Under the agreement, ICEYE will provide MIS with active flood hazard data before, during and after large-scale flood events.
This information will include data relating to flood depth at the individual building level across the affected areas, combining satellite imagery generated by synthetic-aperture radar (SAR) plus flood measurements from auxiliary sources.
MIS takes multiple data sources, including satellite, drone, and CCTV images, into its GEO platform to provide the insurance industry with observation-based portfolio and individual property loss estimates, allowing for automated claims processing and reporting.
The company’s core product, GEO, was developed using co-funding from the European Space Agency’s Business Applications programme and powers the firm’s ability to collect and analyse highly accurate, geotagged external data from a range of space and ground sources.
Commenting on the partnership, Lisa Wardlaw, global head of insurance solutions at ICEYE, said: “This partnership brings together two Lloyd’s Lab graduates, combining best-in-class observation analysis from ICEYE with the innovative ‘decisions-as-a-service’ platform GEO from MIS.”
“By supplying ICEYE’s proprietary flood hazard data, we can enhance the services that MIS is delivering under its two-year partnership with Lloyd’s and deliver world-class satellite imagery and data to the market.”
Forbes McKenzie, chief executive officer of MIS, added: “Through our participation in the Future at Lloyd’s programme over the past two years, we have gained unprecedented insights into how our technology can add additional value to the whole insurance value chain.”
“This new partnership will add further value cases for Lloyd’s syndicates and deepen our understanding of flood risks. We look forward to working with ICEYE to better serve the Lloyd’s marketplace.”