Under the agreement, ICEYE will provide MIS with active flood hazard data before, during and after large-scale flood events. This information will include data relating to flood depth at the individual building level across the affected areas, combining satellite imagery generated by synthetic-aperture radar (SAR) plus flood measurements from auxiliary sources, including river and tidal gauges, digital elevation models, ground sensors and watershed maps.
Critical to ICEYE's offering is that it provides an independently verifiable, transparent, and consistent method of establishing an accurate flood depth measurement in near real-time for any location anywhere in the world. ICEYE can provide these services to any insurer or reinsurer globally.
MIS provides 'decisions-as-a-service', taking multiple data sources, including satellite, drone, and CCTV images, into its GEO platform to provide the insurance industry with observation-based portfolio and individual property loss estimates, allowing for automated claims processing and reporting.
The company's core product, GEO, was developed using co-funding from the European Space Agency's Business Applications program and supercharges the firm's ability to collect and analyze highly accurate, geotagged external data from a huge range of space and ground sources.
"We are delighted to be announcing our agreement with McKenzie Intelligence Services," said Lisa WARDLAW, Global Head of Insurance Solutions at ICEYE. "This partnership brings together two Lloyd's Lab graduates, combining best-in-class observation analysis from ICEYE with the innovative 'decisions-as-a-service' platform GEO from MIS. By supplying ICEYE's proprietary flood hazard data, we can enhance the services that MIS is delivering under its two-year partnership with Lloyd's and deliver world-class satellite imagery and data to the market."
"We are very pleased to be joining forces with ICEYE on providing flood loss analysis to the Lloyd's market," says Forbes MCKENZIE, CEO of MIS. "Through our participation in the Future at Lloyd's program over the past two years, we have gained unprecedented insights into how our technology can add additional value to the whole insurance value chain. This new partnership will add further value cases for Lloyd's syndicates and deepen our understanding of flood risks. We look forward to working with ICEYE to better serve the Lloyd's marketplace."
ICEYE delivers unmatched persistent monitoring capabilities for any location on earth. Owning the world's largest synthetic-aperture radar constellation, the company enables objective, data-driven decisions for its customers in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring and finance. ICEYE's data can be collected day or night, and even through cloud cover. For more information, please visit www.iceye.com.
About McKenzie Intelligence Services
McKenzie Intelligence Services is an insurtech providing AI driven Geographic Information System (GIS) Software as a Service (SaaS) solutions to the insurance and related verticals. The Global Events Observer (GEO) platform is a market leading platform providing real life peril data to insurers to enable an effective, efficient and cost-effective response to a catastrophic event anywhere on Earth.