ICEYE Launches Geospatial Analysis Platform To Provide Insurers with Instant Flood Impact Analysis

The new ICEYE Insights platform seamlessly integrates insurers’ property data and maps, buildings and other structures with ICEYE’s unique flood extent and depth analysis to enable rapid, fact-based decision making.

Helsinki, FINLAND – June 29, 2022 – ICEYE, a world-leading provider of SAR data and natural catastrophe analysis solutions, announced today the launch of ICEYE Insights, a powerful geospatial platform which allows insurance companies to combine ICEYE’s unique flood observation data and analysis with their property insurance information to understand the impact of a flood event and take action.

Utilising the EigenPrism® catastrophe risk management tool, the ICEYE Insights platform is automatically updated with data and analysis from ICEYE’s Flood Insights product in near real-time following a flood event. The data includes high-resolution reporting of flood extent and measurement of depth required to assess the impact on individual buildings. Insurers can seamlessly upload details of their property portfolio via an API, and instantly visualise and analyse a flood event's impact on their personal and commercial insurance customers.

The capabilities provided by ICEYE Insights enable insurers to achieve rapid, proactive communication with customers, optimise the allocation of field resources, enhance triage of claims, identify opportunities to make provisional payments or early total loss settlement, estimate the cost damage to individual properties and their portfolio overall, and optimise their reserves.

“ICEYE Insights provides a new way of interacting with the unique and powerful flood hazard data delivered by ICEYE,” said Stephen Lathrope, Global Head of Insurance at ICEYE. “Insurers and MGAs can choose either to receive our flood data directly into their existing geospatial analysis tools or if they prefer, they now have the option of subscribing to access this information via the ICEYE Insights platform. There is no more convenient, cost-effective, powerful means by which insurers can take immediate action in response to flooding, or to analyse the impact of flooding retrospectively in order to enhance their underwriting.”