We are delighted that MIS and our Global Events Observer (GEO) have been confirmed as a finalist for the prestigious Insurance Insider Honours Insurtech Solution of the Year Award. In being shortlisted for this award, we would like to thank the expert judging panel for taking the time to review our submission and for recognising the impact MIS is making in revolutionising and disrupting the insurance industry.
We launched GEO for the insurance industry in 2021 using co-funding from the European Space Agency’s Business Applications programme. GEO empowers the global insurance market with trusted intelligence to respond to catastrophes. Our AI-powered solution blends machine learning and expert analysis to deliver a detailed digital representation of global perils at speed.
The applications of GEO are far-reaching, allowing insurers to rapidly identify exposure to a full range of global perils (both modeled and non-modeled) on a truly global scale based upon near real-time data. This enables Claims and Exposure Management teams to make fact-based decisions in the immediate aftermath of a catastrophe at portfolio, policy and location level.
Despite launching less than a year ago, GEO has already accumulated hundreds of users across both the Lloyd’s of London network and the wider companies market. We service 56 major international insurers and risk exposures across the globe and, in turn, host tens of millions of insured risks on our ISO27001 certified architecture – allowing us to provide rapid, impactful assessments to our clients within hours. GEO has also attracted interest from parametric providers, with the first parametric product with, Yokahu, launched onto the platform in January 2022.
In just under 12 months, GEO has delivered rapid intelligence for insurers on over 20 major global events, including Hurricane Ida, flooding in Queensland and Germany, the Russian invasion in Ukraine, major US tornadoes, UK winter storms and wildfires in the US West Coast.
None of this would have been possible without the fantastic support of our clients and partners, and we would like to thank all of you for your continued kindness and support.