The collaboration will combine SAR satellite imagery with property insights to enable insurers to respond to flood claims with greater efficiency and accuracy
CHICAGO and HELSINKI, FINLAND (May 25, 2022) – Arturo, the proptech company that delivers intelligent analytics from individual property to portfolio, and ICEYE, a world-leading SAR data provider and expert in natural catastrophe solutions, announced today a partnership that will change what’s possible with insurance response to flood events. ICEYE’s near real-time flood imagery that provides flood depth, extent and duration data will combine with Arturo’s portfolio and property characteristics data to give insurers the ability to estimate and triage flood damages immediately following a flood event.
ICEYE owns the world’s largest SAR satellite constellation and combines the data from its spaceborne sensors with multiple auxiliary information sources on the ground to quickly produce a precise representation of a flood’s extent and depth anywhere in the world. When this intelligence is added to Arturo’s AI-enabled property analytics, insurers can now determine the extent of property damages in near real-time. This mission-critical information can help evaluate the ongoing risk, estimate claims payouts across portfolios and mobilize accordingly to support policyholders.
“When a flood rushes in, an insurer’s response can make or break a policyholder’s experience and the insurer’s bottom line, so fast and accurate claims management is critical,” said Neil Pearson, Chief Strategy Officer of Arturo. “This collaboration enables insurers to see down to the property level what type of flood damage a home will have, and get the policyholder the financial assistance they need to quickly repair their home.”
The Arturo – ICEYE combined solution was battle-tested during a March 2022 flood event in Australia and showed the predicted flood damages were accurate with claims activity in the area, a proof point Pearson believes is significant for future flood events.
“The ability for insurers to rely on this solution to predict flood damages and immediately process claims will go a long way for customer loyalty,” said Pearson.
“By providing increasingly rapid access to near real-time hazard data, the entire insurance value chain can benefit, even down to the individual customer experience,” says Rafal Modrzewski, CEO and Co-founder of ICEYE. “We are very pleased to be adding Arturo as one of our ICEYE Solutions Partners as we jointly aim to improve decision making and facilitate speedier responses to floods for the entire insurance sector.”
ICEYE and Arturo’s collaboration will initially cover flood depth insights for the United States, Canada, Japan and Australia. Arturo and ICEYE invite select insurers who are interested in learning more about the partnership to visit booth A9 at the Insurtech Insights Americas in New York City on May 25 and 26.
ICEYE delivers unmatched persistent monitoring capabilities for any location on earth. Owning the world’s largest synthetic-aperture radar constellation, the company enables objective, data-driven decisions for its customers in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring and finance. ICEYE’s data can be collected day or night, and even through cloud cover. For more information, please visit: www.iceye.com.
Arturo combines AI and machine learning models with property images to help businesses decide with intelligence from the property to portfolio level. Across the insurance, lending, securities and real estate markets, Arturo empowers customers with on-demand, accurate property characteristics and predictive analysis to tackle the biggest property challenges with efficiency, accuracy and confidence. Discover more at arturo.ai.