Day 4

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Paper title Harnessing spatial data for insurance
Authors
  1. Forbes McKenzie McKenzie Intelligence Services Speaker
Form of presentation Poster
Topics
  • D1. Managing Risks
    • D1.03 Satellite EO for Disaster Risk Transfer & Insurance
Abstract text In August 2020, McKenzie Intelligence Services was awarded EUR 685,000 in co-funding by the European Space Agency (ESA) Space Solutions to build and deliver a digital platform, the Global Events Observer (GEO) for the insurance industry, enabling the further collection and use of highly accurate, geotagged external data from a range of sources to provide early warnings of loss events.

Launched to the market in 2021, GEO directly addresses the needs of the re/insurance sector, providing a digital solution which delivers better real-time intelligence and analysis on damage post catastrophic events. By automating the collection and analysis of combined space and ground-based sensing capabilities, the collaboration with ESA is intended to enable the global tracking of catastrophe timelines and delivery of user specific reports for Exposure, Claims management and Claims Reinsurance users in a scalable way. Essentially the market is looking for very early data from catastrophe or other loss events, delivered at far higher quality and quicker than it has been able to access before through the intelligence application and fusion of insurance and event data.

At the Living Planet Symposium 2022, Mckenzie Intelligence Services Founder and CEO Forbes McKenzie can update the market on the next steps for EO and risk transfer, in particular the paradigm shift in the way the EO service offer has evolved, the technologies being deployed and the applications in insurance - including the development and mainstreaming of pioneering parametric insurance policies that are targeted at closing the global protection gap.

Via GEO, MIS is leading the paradigm shift in harnessing geospatial data for the insurance used case, enabling decision-as-a-service on demand and at scale.

GEO amalgamates highly accurate geotagged data from a range of sources to identify and track damage to property and infrastructure caused by catastrophic events such as natural disasters, allowing insurers to better serve their clients in their time of need

From 1970 to 2019, weather, climate and water hazards accounted for 50% of all disasters and 74% of all reported economic losses according to the World Meteorological Organization.

MIS understands the need for accurate, near real-time reactive data and is working on improving GEO for our clients daily.