When a flood hits anywhere in the world, it takes only 24 hours for insurers to have access to flood extent and depth information from ICEYE. This gives insurers and reinsurers the ability to rapidly estimate losses and provide insurance payments to clients faster than ever before.
In this recent podcast, Charles Blanchet, Vice President of Solutions at ICEYE, sheds light into how ICEYE monitors floods and generates flood hazard data that enables insurers to perform rapid loss assessments. The podcast was hosted by Matthew Grant, partner at InsTech London.
Listen to the podcast below.
InsTech London Podcast - Episode 128, published March 5, 2021.
ICEYE’s Flood Monitoring and Analysis
ICEYE uses data from its synthetic-aperture radar (SAR) satellite constellation as the basis for detailed observation of flood events globally. Together with third-party data, such as digital elevation, weather data, building footprints, and analytical technologies, like machine learning, ICEYE generates flood hazard data within 24 hours of the peak. This data includes the depth and footprint of a flooding at the building level.
“Finding potential floods is a huge problem,” Charles Blanchet states in the interview.
Based on the forecasting data that is used to trigger satellite data acquisitions, ICEYE creates flood alert data and makes it available to the clients along with the flood hazard data. This unparalleled dataset allows insurers to mobilize resources quickly.
Advantage of ICEYE’s Solution for Loss Adjustments
ICEYE’s flood hazard data can be directly ingested into the insurers’ systems and workflows and then converted into damage and loss data. The data helps to understand the scale of losses for an event at the portfolio level and to “set aside the capital without having to over- or under-commit, which is important to the core of the insurance industry,” Blanchet concludes.
ICEYE works closely with direct insurers and insurance adjusters like Tokio Marine and Swiss Re.
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