MS&AD Joint Venture Will Add Geospatial Data in Claims

Typhoon Neoguri contributed to insured and economic losses in H1 2014

Four MS&AD companies in Japan are setting up a joint venture vehicle called GIC, to provie aerial imagery as part of the claims process. The aim is to form a strategic alliance which will speed up the process, plus add a crucial extra layer of data which can form as an archive, for future risk management. Here’s the word from MS&AD;

In the U.S. and Europe, claims settlements and other processes have been utilizing aerial imagery technology, which can have significantly higher resolution than satellite imagery. In Japan, however, it has been difficult to obtain aerial imagery of large areas, making it difficult to introduce this technology. With the entry of GIC, a provider of aerial imagery and geospatial data used by major insurance companies around the world, into Japan market, it will be possible to obtain aerial imagery over a wide area. Together, we will begin demonstration tests and joint development utilizing aerial imagery for the first time in Japan’s insurance industry.

In November 2020, MSI formed a strategic alliance with Hippo Holdings Inc., a U.S. insurtech company. As the first step of MS&AD Group’s domestic and overseas development of insurance products and other insurance services utilizing data and technology (in which Hippo has strengths), the Group will develop new solutions that contribute to disaster prevention and mitigation and accelerate claims settlement by utilizing aerial imagery.

Future development

GIC will take and provide aerial imagery throughout Japan, and GEOSITE will build a geospatial platform to analyze and integrate these images and information. The four companies of the MS&AD Group aim to develop a geospatial platform that will be used for developing insurance products, new solutions, and accelerating claims settlements. The goal is to start using the platform by the end of fiscal 2023.

The MS&AD Group has been working on the early payment of insurance claims for large-scale disasters such as typhoons and torrential rains by utilizing various data and digital technologies. In the future, by utilizing aerial imagery taken by GIC before and after the disaster, we will provide new solutions that contribute to disaster prevention and mitigation and further accelerate the payment of insurance claims, thereby promoting
the creation of shared value and enhancement of customer experience.

About alastair walker 11372 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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