The Lloyd’s Lab – the home of Insurtech at Lloyd’s – helped Value.Space launch their innovative low-cost structural survey tool for insurers around the globe. The detailed and vital structural data they provide helps insurers make decisions faster – reducing costs, increasing loss prevention, and forming stronger client relationships.
Identifying insurance applications for existing technology
Value.Space was part of a Lloyd’s Lab cohort in early 2020. The company had already perfected a technique for assessing building structures using radar-images from two satellites, which allowed them to quantify how a structure (such as a tower block, production plant or a dam) moved over time. The images are amazingly accurate – within 3mm – and enable the team to predict instability, movement or collapse, grading the risk on a three-point scale.
Value.Space originally focused on providing analysis to infrastructure owners but had seen that there might also be a use case for insurance. However, without insurance backgrounds themselves, they had no idea how to connect to the industry, how to devise a product or how to price it.
Guayanilla Port, Puerto Rico
Pre and Post cat assessment 4th January 2020 and 9th April 2020 following an earthquake magnitude 6.4