Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has announced a two-year partnership with geospatial insurtech McKenzie Intelligence Services (MIS). The new agreement provides the Lloyd’s market with access to mutli-source intelligence including world-class satellite imagery, through the Global Events Observer (GEO) platform, which will help deliver faster claims decisions and payments for customers, and supports the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology led insurance market place.
The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding. The data, which includes innovative resolution drone imagery, allows Lloyd’s market insurers to instantly assess damages at a time when physical access to the risk location may be limited following a natural catastrophe.
Satellite imaging combined with other intelligence data sources is an innovative way of assessing damage to insured infrastructure and businesses. The technology will help insurers support customers around the world during periods of crisis, whilst reducing operational costs and the carbon footprint of insurers. The GEO platform will bring direct and immediate benefits to reserving, claims management, underwriting and operations across the Lloyd’s market. The platform is expected to have a significant impact on improving the accuracy of reserving values.
Founded in 2017 and developed by MIS as part of the Future at Lloyd’s programme, GEO uses powerful artificial intelligence (AI), machine learning and government intelligence techniques. It can rapidly analyse data from satellites, drones, global and local sensor networks and third-party information providers in real time. The GEO demonstration project, co-funded by the European Space Agency (ESA), through its Space Solutions Business Applications Programme, promotes the development of space-based applications and services. The new partnership between MIS and Lloyd’s reflects the importance of cross sector collaboration when managing the global risk landscape.
Patrick Tiernan, Chief of Markets at Lloyd’s said: “We are really pleased to be partnering with MIS. The agreement provides the Lloyd’s market with geospatial data that will enable us to better serve our customers by paying them faster and more efficiently. Through the Future at Lloyd’s, we have set out to create the world’s most advanced insurance marketplace, and this partnership is another step towards that goal.
Forbes McKenzie, CEO of MIS said: “We are delighted to be able to formally announce our partnership with Lloyd’s today. Our participation over the past two years in the Future at Lloyd’s programme has afforded us unparalleled insights into how our technology can add value to the whole insurance value chain. We would like to thank Lloyd’s for the opportunity, and we are hugely grateful to ESA for co-funding and validating the GEO platform. We look forward to improving and refining GEO to better serve both Lloyd’s and the wider insurance marketplace”.
Volker Schumacher, Business Applications Engineer at ESA said: “The GEO project is a prime example of what can be achieved if globally available satellite earth observation information extraction is automised and harnessed. This in combination with ground-based geospatial data will help deliver an innovative, customer driven service within the Lloyd’s market. Through our Business Applications programme, we are supporting companies whose business is “powered by space” to improve everyday activities and addressing real market needs.”
Notes to Editors:
1. Blueprint Two represents the second phase of Lloyd’s ambitious Future at Lloyd’s strategy and details the digital-led change and execution plan which will transform the way in which Lloyd’s operates. To read the full Blueprint Two report visit our Future at Lloyd’s hub here: https://futureat.lloyds.com/
2. More news and information available from lloyds.com
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Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
The Future at Lloyd’s sets out our strategy to build the most advanced insurance marketplace in the world.
About the European Space Agency
The European Space Agency (ESA) is an intergovernmental organisation created in 1975, with the mission to shape the development of Europe’s space capability and ensure that investment in space delivers benefits to the citizens of Europe and the world.
About ESA Space Solutions
ESA Space Solutions supports entrepreneurs in Europe in the development of business using satellite applications and space technology to improve everyday life. ESA Space Solutions is designed to provide multiple entry points such as ESA Business Incubation Centres (ESA BICs), ESA Technology Broker Network, ESA Business Applications Ambassadors and ESA Business Applications programme. It supports everything from technology transfer, business incubation, Feasibility Studies to large-scale Demonstration Projects. For more information please visit: http://business.esa.int
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 and effective, efficient and cost-effective response to a catastrophic event anywhere on Earth.