EUR 685,000 co-funding will enable McKenzie Intelligence Services to build and deliver a Global Event Observer for the insurance industry
London, Wednesday 5th August 2020
Geospatial imagery and re/insurance intelligence consultancy McKenzie Intelligence Services (MIS) is delighted to announce that it has been awarded a contract for a European Space Agency (ESA) Demonstration Project.
Awarded through ESA's Business Applications programme, ESA Space Solutions, the EUR 685,000 co-funding will enable MIS to develop and deliver a Global Event Observer for the insurance industry and to validate its performance with involved pilot users.
Since 2016, MIS has exclusively been the geospatial imagery and intelligence provider for Lloyd’s, its managing agents, TPAs and partners, providing access to invaluable exposure management and claims data following global events via the award-winning MIS-Intel Portal.
The ESA-supported Global Event Observer represents the evolution of MIS’ technology capability, and will enable the further collection and use of highly accurate, geotagged external data from a range of sources - including augmenting data from internet of things devices and satellite and aerial imagery - to provide early warnings of loss events thereby increasing opportunities to mitigate the risks and support the transformation of claims workflows.
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, said:
“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.
The possibility of Lloyd’s, insurers, brokers, TPAs and ESA exploring the future applications of space data and processing is another exciting prospect for the industry.”
Vicky Mills, Chief Product Officer at MIS, said:
“The features of a global event observer are far reaching, we can automatically ingest risk data, store and monitor it against insured perils, using a huge number of data sources from around the world. Once a trigger event happens, we send that data back to the client system and they act upon it in either their exposure management, claims or other workflows, greatly speeding these up workflows and providing very accurate data from the ground. For parametric policies, the benefits are multiplied.”
Notes to Editors
About MIS McKenzie Intelligence Services (MIS) is an imagery and geospatial intelligence firm, providing processing, data and information collection services for clients all over the world.
MIS intelligence is available to the global re/insurance industry across a number of areas and specialisms, including claims and loss adjusting; exposure management, risk modelling and business interruption.
MIS gives its users the ability to look anywhere on earth in near real time via the medium of cloud penetrating satellite images and ground sensed internet of things devices. This intelligence empowers users to make important reserving and coverage decisions faster, while reducing their reliance on loss adjusting, and enables delivery of a proactive service to policyholders plus early insight into exposure at portfolio level.
MIS intelligence is derived from multiple sources:
- The Internet of Things
- Military grade analysts
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For more information please visit: https://www.mckenzieintelligence.co.uk/
About the European Space Agency The European Space Agency (ESA) provides Europe’s gateway to space.
ESA is an intergovernmental organisation, created in 1975, with the mission to shape the development of Europe’s space capability and ensure that investment in space delivers benefits to the citizens of Europe and the world.
ESA has 22 Member States: Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland and the United Kingdom. Slovenia is an Associate Member.
ESA has established formal cooperation with seven Member States of the EU. Canada takes part in some ESA programmes under a Cooperation Agreement.
By coordinating the financial and intellectual resources of its members, ESA can undertake programmes and activities far beyond the scope of any single European country. It is working in particular with the EU on implementing the Galileo and Copernicus programmes as well as with Eumetsat for the development of meteorological missions.
ESA develops the launchers, spacecraft and ground facilities needed to keep Europe at the forefront of global space activities.
Today, it develops and launches satellites for Earth observation, navigation, telecommunications and astronomy, sends probes to the far reaches of the Solar System and cooperates in the human exploration of space. ESA also has a strong applications programme developing services in Earth observation, navigation and telecommunications.
Learn more about ESA at www.esa.int
About ESA Space Solutions ESA Space Solutions aims at reaching commercial exploitation of space assets, data and capabilities addressing incubation, proving technical feasibility and business development. This includes the development of operational services for a wide range of users through the combination of different systems, and support in creating viable companies as well as to existing companies. Funding typically ranges from Euro 50,000 to Euro 2 million and supports everything from early stage incubation programs, feasibility studies to large-scale demonstration projects. For more information please visit: http://business.esa.int or send an email to firstname.lastname@example.org
Published on August 5, 2020 00:00