Tech solution used in Australian floods to be rolled out in US, Japan

30 May 2022

A satellite imagery and high-tech data solution helping insurers respond to flood claims that was successfully “battle-tested” during recent flooding in Queensland and NSW is to be rolled out in Australia, the US, Canada and Japan.

The collaboration between ICEYE and US-based Arturo will give fast and detailed flood depth insights. Insurers can determine the extent of property damage in near real-time and evaluate the ongoing risk, estimate claims payouts across portfolios and mobilise accordingly to support policyholders.

“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,” Arturo Chief Strategy Officer Neil Pearson said.

“The ability for insurers to rely on this solution to predict flood damage and immediately process claims will go a long way for customer loyalty.”

ICEYE says it owns the world’s largest synthetic-aperture radar constellation and can monitor any location on earth, and the data can be collected day or night and through cloud cover.

It will combine with Arturo’s portfolio and property characteristics data, which is enabled by artificial intelligence, and the pair say this will give insurers the ability to estimate and triage flood damage immediately following a flood event, and respond to flood claims with greater efficiency and accuracy.