London, 30 August 2022: Leading Insurtech McKenzie Intelligence Services (MIS) announces that Markel International (Markel), a subsidiary of Markel Corporation (NYSE: MKL), has partnered with MIS to accelerate its incident and claims responses following major loss events, including natural catastrophes.
Markel has been using MIS’s AI-powered Global Events Observer (GEO) platform for its Lloyd’s syndicate business since 2017, when MIS won the prestigious contract to build the Lloyd’s market catastrophe intelligence platform serving all 55 Managing Agencies.
The firm has now chosen MIS to provide rapid event response for its international wholesale business, which will boost its exposure management and claims response through post-disaster, high-resolution aerial imagery and other data sources from leading specialist partners.
MIS empowers insurers with trusted intelligence to respond to catastrophes. GEO blends AI and machine learning with expert analysis to deliver a detailed digital representation of global perils at speed, answering with confidence what was damaged, when, and by what.
Forbes McKenzie, Chief Executive and Founder of MIS, said:
“We are delighted to partner with Markel, a globally-renowned business that has selected MIS to provide rapid event response across their business lines to benefit their exposure management and claims processes worldwide.
“By not only adopting GEO but also embedding it into their wider event response process, Markel has provided a great demonstration of best practice, which is something that we would recommend any carrier to look to achieve.”
Chris O’Shea, Claims Director of Wholesale at Markel International, said:
“Extending our relationship with MIS and adopting this latest MIS solution across our event response process gives us another string to our bow when it comes to our award-winning claims service.
“This innovative project with MIS, which has had close involvement from our claims, exposure management, and data science teams, will allow Markel to access MIS’s data hosting service for our property, political violence, and marine books of business, ensuring that business written by Markel benefits from MIS’s post-disaster, high-resolution aerial imagery via the MIS GEO platform.”
GEO enables claims and exposure management teams to make fact-based decisions in the immediate aftermath of a catastrophe (both modelled and non-modelled) at portfolio, policy, and location level. Using MIS’s market-leading intelligence, insurers, brokers, and delegated authorities deliver efficiencies at a scale that transforms customer response from damage to resolution.
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MIS accelerates disaster relief and economic recovery when people and businesses are most in need. We empower insurers with trusted intelligence to respond to catastrophes, whether natural or man-made. Our clients have realised the following benefits:
- Rapid quantification of potential exposure and concentration to an event, enabling lower administrative costs with efficient claims reserving, triage, and adjuster deployment
- Proactive risk mitigation, delivering reduced claims costs, and improving insured satisfaction and retention
- Reduced cycle times between cross-functional teams operating from a single source of truth, improving operating costs, and facilitating improved stakeholder communication
- Evidence-based assessments to support complex claims, significantly reducing overall claims costs for both insurers and reinsurers
For more information, please visit www.mckenzieintelligence.com
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Markel® is a registered trademark of the Markel Corporation.
Visit Markel on the web at markel.com
Simon Hayes, MD
M: +44 (0)7771 516544