Cohort: Cohort 7, 2021
Focus in insurance value chain/workflow: Loss modelling & analytics I Claims
Specific lines of business supported: Personal I Corporate I SME I Speciality I Reinsurance I Government
Founded: 2014
Status: Operating, still in insurance
Company type: Data provider
Head office: Finland
Main global offices: Finland
Locations served: Global
Employee count: 201-500
ICEYE uses its own constellation of synthetic aperture radar satellites to provide constant monitoring across the world, at any time and in any weather conditions. The company produces high water mark estimates within 24 hours of a flood, helping insurers to quickly estimate losses and improve the claims process. The company is also developing persistent monitoring solutions for wildfires and can support parametric insurance products.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: Improving claims process
ICEYE worked in the Lab on a solution to help distinguish between damage caused by water and damage caused by wind from a tropical storm. It also got support in building its wildfire damage solution.
“Taking part in Lloyds Lab gave ICEYE superb exposure to the market and the opportunity to gain hugely valuable insight into the way in which market participants can get value from utilising our unique Nat Cat solutions. We’re finding continued involvement highly beneficial.”Stephen Lathrope, Global Head of Insurance
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