Underwriting: Satellite Tech From MIS is Helping Settle Claims Faster

Global imagery and geospatial intelligence consultancy firm, McKenzie Intelligence Services (MIS), has cemented itself as a key component in Lloyd’s drive to use technology to speed up claims payments following nat cat events.

In an effort to make sure the claims service is as smooth as possible and putting the
customer’s needs first, a key aspect behind The Lloyd’s Standard is using cutting edge
technology to better inform insurers on losses more quickly to subsequently help speed up the claims paying process.

In a video which demonstrates how Lloyd’s is harnessing technology to do this, McKenzie
Intelligence Services is highlighted as a core feature, having successfully provided precise, time stamped intelligence at individual property and zip code level to enable proactive customer service and never before possible insight.

McKenzie Intelligence’s satellite imagery and analytics gateway service and consulting arm provides vital insight to all 55 Lloyd’s Managing Agents, having proved its proof of concept to the market by covering hurricanes HIM in 2017. In an increasing number of cases, claims are being paid while an event is still unfolding due to the accuracy and clarity of the information and data gleaned from satellite imagery.

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“Satellite technology used by our partners is one of the ways we’re trying to speed up claims payments for policyholders,” said Martin Canavan, Technical Claims Manager at Lloyds, in the video. “Satellite imagery helps insurers understand the situation on the ground before inspections can be carried out,” he added.

Using the California wildfires as an example, the video features Forbes McKenzie, Chief
Executive of McKenzie Intelligence Services and Zosia Krajewska, Business Operations
Manager, who provide some insight into how the service works.
“The recent California wildfires have been some of the most devastating on record, burning tens of thousands of properties. If in the case of the wildfires, they’re still burning, it’s impossible to get teams to investigate the claim on the ground,” said Mckenzie.

See the Lloyds of London video here;

“That’s where we come in, using our satellite technology to help assess the situation on the ground,” added Krajewska. “The technology gathers the intelligence remotely, showing us the areas most deeply affected, helping Lloyd’s underwriters to understand the true scale of the situation much faster. You can start the investigation process without having to wait,” she said.

“The fundamental value proposition of insurance is to help people get back on their feet when disasters happens. Not only is it important to pay valid claims in full, but to pay them as swiftly as possible.”

 

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