Satellite technology helps Lloyd’s speed up claims process for nat cat: McKenzie
Satellite imagery technology is a key part of the push at Lloyd’s in using technology to speed up claims payments following natural catastrophe events, according to McKenzie Intelligence Services (MIS).
The global imagery and geospatial intelligence consultancy firm, claims to have “cemented itself” in some of Lloyd’s processes.
MIS points to the Lloyd’s Standard using cutting edge technology to better inform insurers on losses more quickly to subsequently help speed up the claims paying process.
MIS said: “In a video which demonstrates how Lloyd’s is harnessing technology to do this, MIS is highlighted as a core feature, having successfully provided precise, time stamped intelligence at individual property and zip code level to enable proactive customer service and never before possible insight.
MIS said its satellite imagery and analytics gateway service and consulting arm provides insight to all 55 Lloyd’s Managing Agents, having proved its proof of concept to the market by covering hurricanes HIM in 2017. It said that in an increasing number of cases, claims are being paid while an event is still unfolding due to the accuracy and clarity of the information and data gleaned from satellite imagery.
“Satellite technology used by our partners is one of the ways we’re trying to speed up claims payments for policyholders,” said Martin Canavan, technical claims manager at Lloyds, in the video. “Satellite imagery helps insurers understand the situation on the ground before inspections can be carried out.”
MIS gave the recent California wildfires as an example, saying they were “some of the most devastating on record, burning tens of thousands of properties”.
MIS said that if wildfires are still burning, it’s impossible to get teams to investigate the claim on the ground. “That’s where we come in, using our satellite technology to help assess the situation on the ground,” said MIS.
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