Lloyd’s embraces geospatial technology to improve claims process
Lloyd’s, re/insurance marketplace for commercial, corporate and speciality risk solutions, has launched a two-year partnership with geospatial insurtech McKenzie Intelligence Services (MIS), as part of its ambition to become the "most advanced" digital and technology led insurance marketplace globally.
Under the agreement, Lloyd’s market will have access to mutli-source intelligence including world-class satellite imagery, through the Global Events Observer (GEO) platform, which it claims will help deliver faster claims decisions and payments for customers.
The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding. The data, which includes innovative resolution drone imagery, allows Lloyd’s market insurers to instantly assess damages at a time when physical access to the risk location may be limited following a natural catastrophe.
Lloyd’s explained that satellite imaging combined with other intelligence data sources is an innovative way of assessing damage to insured infrastructure and businesses. The technology will help insurers support customers around the world during periods of crisis, whilst reducing operational costs and the carbon footprint of insurers. The GEO platform will bring direct and immediate benefits to reserving, claims management, underwriting and operations across the Lloyd’s market. The platform is expected to have a significant impact on improving the accuracy of reserving values, it said.
Founded in 2017 and developed by MIS as part of the Future at Lloyd’s programme, GEO uses powerful artificial intelligence (AI), machine learning and government intelligence techniques. It can rapidly analyse data from satellites, drones, global and local sensor networks and third-party information providers in real time. The GEO demonstration project, co-funded by the European Space Agency (ESA), through its Space Solutions Business Applications Programme, promotes the development of space-based applications and services.
The new partnership between MIS and Lloyd’s reflects the importance of cross sector collaboration when managing the global risk landscape.
Patrick Tiernan (pictured), 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 (CEO) of MIS, 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, commented: “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. Through our Business Applications programme, we are supporting companies whose business is “powered by space” to improve everyday activities and addressing real market needs.”
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