The Lloyd’s Market Association (LMA) said on July 6 that it has received backing and funding support for a satellite imagery and intelligence service for all Lloyd’s managing agents.
The new service aims to enable improvements to claims processes and exposure management both pre and post a natural catastrophe across multiple classes of business. It will help Lloyd’s carriers to assess the extent of the damage/loss at an early stage by providing ‘ground truth’ intelligence such as satellite imagery and any available all-source data, according to the statement.
The data and analytics will allow Lloyd’s claims professionals to manage and adjust claims remotely, in some instances making early part-payment or full settlement to policy holders. The service will be delivered to each managing agent via MIS’s custom-built portal, the LMA said.
“Data and analytics are driving rapid change in our industry and I am pleased that we are supporting such an important and growing field,” said Ruth Cameron-Errington, senior claims executive at the LMA. “This service and the technology it brings will undoubtedly further improve the way in which claims professionals and the wider market manage and respond to claims post a significant natural catastrophe.”
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Lloyd’s Market Association, LMA, MGA, Satellite imagery, Intelligence service, London, UK