Here’s the word from McKenzie Intelligence Services (MIS), a leader in geospatial intelligence and insurance technology. MIS say they have developed an industry-leading AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events.
This important product development to MIS’ Global Events Observer (GEO) platform meets the requirements set out in the 2024 Lloyd’s Market Geospatial Service programme and feedback from other major clients. It enables insurers to accelerate their incident and claims responses and enhance their portfolio loss analysis, including policy terms – a market first.
With the latest release, GEO leverages AI to support the damage assessment process on a larger scale, delivering insights to insurers with greater speed and accuracy than existing market solutions. To further improve accuracy, MIS’ team of military-trained intelligence experts conduct a manual assessment of impacted properties using data from multiple sources, including satellite, aerial, and ground-based imagery, ensuring the highest possible precision in property damage evaluation.
Forbes McKenzie, founder and CEO of MIS, said:
“Since 2017, we have worked collaboratively with the Lloyd’s market to understand how to take GEO to the next level. MIS’ clients integrating their portfolio data with GEO now gain accelerated insights into their potential portfolio exposure, with all insured properties and their policy terms being displayed on our platform. This in-depth insight, per risk up to portfolio-level, only hours after an event, is unique in the global
market. Clients also no longer need to cross-reference affected properties, as our industry-leading damage assessments can be seamllessly integrated into clients’ claims systems via API.”
MIS now delivers property-level insights through GEO’s Exposure and Claims Layers faster than ever on a global, multi-peril basis, including identifying the extent of damage to impacted properties. This AI-assisted, human intelligence-driven approach provides insurers with improved event response capabilities, a swifter understanding of exposures, increasing claims triage speed and efficiency, and ultimately reduced costs.
GEO’s enhanced capabilities now also ensure that insurers can make better-informed decisions after a natural or man-made catastrophe, transforming their CAT team responses. With actionable insights, portfolio exposures can be understood, even before FNOL, valid claims can be paid more quickly, potential fraud can be mitigated, and policyholders’ experience improved.
GEO is the complete event response solution for (re)insurers, responders, loss adjusters, and government agencies. It holds client risk portfolios in a secure environment, leveraging multiple data sources to provide rapid, accurate, and detailed actionable intelligence for both modelled and non-modelled catastrophic events such as floods, wildfires, hurricanes, and earthquakes, in near real-time.
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