The new collaboration uses satellite data to develop new forms of coverage and service.
Radar data provider Tokio Marine Holdings and NatCat solutions expert ICEYE have announced that they will be working together to use satellite data to develop new insurance products and services.
The types of coverage and services will focus specifically on climate change and natural disasters.
According to ICEYE, Tokio Marine has made a number of strategic investments into the NatCat solutions company as it works to create new insurance products and services geared toward natural catastrophes and climate change.
“As part of the new alliance between the two companies, ICEYE and Tokio Marine will collaborate on a series of initiatives designed to facilitate the digital transformation of insurance claims capabilities and develop new insurance products and services to address the increasing frequency and severity of natural catastrophes and the growing impact of climate change,” said a statement from the companies in a news release issued jointly.
According to the companies, the insurance products partnership has three primary parts.
There are three main initiatives involved in the partnership between ICEYE and Tokio Marine. These are:
- The development of advanced claim services for wind-related damage through the use of images and auxiliary data provided by satellites for detecting and estimating the extent of roof damage after a windstorm.
- The development of claim payment acceleration processes across all the Tokio Marine Group companies and to support parametric insurance product development.
- The development of effective potential disaster detection through satellite data and to support response efforts by monitoring changes on the ground.
Tokyo Marine Holdings Group Chief Digital Officer Masashi Namatame explained that the insurance company first started collaborating with ICEYE in 2020. That relationship began to develop a claims processing solution for floods.
“By capitalizing on satellite data, analytical capabilities, artificial intelligence and machine learning, we can enhance responsiveness to catastrophic events, support more effective claims management, ensure speedier payment to those affected, and augment disaster detection capabilities,” said ICEYE CEO and co-founder Rafal Modrzewski in a news statement about the insurance product and service development collaboration.