European Space Agency funds out of this world claims solution

McKenzie Intelligence Services, the geospatial imagery and re/insurance consultancy has won a €685,000 contract from the European Space Agency to develop a Global Event Observer for the insurance industry.

Since 2016, MIS has provided geospatial imagery and intelligence to Lloyd’s, its managing agents, third party administrators and partners, giving access to exposure management and claims data following global events.

Nick Appleyard, head of space solutions, ESA, said: “ESA sees a significant opportunity for space to support financial services, in particular the insurance sector, since space-derived data allows a rapid assessment of both risk and damage over a wide area of observation.

“We’re excited to support MIS for this venture with their partners in the insurance sector, which promises the automatic generation of event-driven claims, based on triggers written into the insurance contract and underpinned by cost-effective and trusted information that can be used to remotely investigate and assess the situation on the ground."

Forbes McKenzie, chief executive and founder of MIS, added: “Our relationship with the Lloyd’s market has gone from strength to strength and this announcement is a significant milestone. The value of what MIS can potentially deliver to the market could be truly remarkable in providing very early data from catastrophe or other loss events quicker than the insurance industry has been able to deliver before."

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