Tokio Marine-backed start-up ICEYE launches flood impact analysis platform
Finnish spacetech start-up ICEYE, which operates the world’s first SAR satellite constellation focussed on the insurance industry, has launched a new geospatial platform that allows insurers to better understand the impact of a flood event.
The new ICEYE Insights platform integrates insurers’ property data and maps, buildings and other structures with its unique flood extent and depth analysis to enable rapid, fact-based decision making. The data includes high-resolution reporting of flood extent and measurement of depth required to assess the impact on individual buildings.
ICEYE received a strategic investment from Japanese insurance group Tokio Marine Holdings earlier this year as part of its wider Series D funding round during which the company raised $136 million to develop new insurance products and services that utilise satellite data.
“ ICEYE Insights provides a new way of interacting with the unique and powerful flood hazard data delivered by ICEYE,” said Stephen Lathrope, global head of insurance at ICEYE. “Insurers and MGAs can choose either to receive our flood data directly into their existing geospatial analysis tools or if they prefer, they now have the option of subscribing to access this information via the ICEYE Insights platform.
“There is no more convenient, cost effective, powerful means by which insurers can take immediate action in response to flooding, or to analyse the impact of flooding retrospectively in order to enhance their underwriting.”
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