Specialist US flood insurer, Neptune Flood, has announced a deal which will enhance its ability to deliver future parametric solutions.
The AI-driven flood insurer company has entered a strategic collaboration with ICEYE – an international, satellite imagery company providing earth observation data via the world’s largest synthetic-aperture radar (SAR) constellation.
As part of the collaboration, ICEYE will provide Neptune Flood with high-resolution flood hazard data in the immediate aftermath of a flood event to enable monitoring of Neptune’s insured geolocations for micro changes in water depths around properties. The agreement also allows for exploration of future initiatives including triggers for parametric insurance products offered through Neptune’s Jumpstart brand.
“At Neptune we have long been following the work done by ICEYE to drive the satellite imagery industry forward,” said Neptune CEO, Trevor Burgess. “We believe the ability to monitor our client’s properties in real-time for indications of flooding activity provides our stakeholders with unparalleled assurance and benefits. We are also excited to explore the possibility of broader coverage options for our clients made possible through the synchronization of ICEYE’s data with our Jumpstart parametric technology.”
Owning the world’s largest SAR satellite constellation, ICEYE provides access to an entirely new level of persistent monitoring for any location on earth: uninterrupted visibility, day and night, in any weather conditions, that is transforming the insurance industry. By combining data from its spaceborne sensors with multiple auxiliary information sources, ICEYE delivers in near real-time easily ingestible hazard and damage data to the entire insurance value chain.
Triton, Neptune’s patent pending artificial intelligence engine, processes tens of thousands of insurance quotes daily utilising machine learning to influence risk selection, pricing and disaggregation.
“ICEYE is committed to supporting the ongoing advancement of flood insurance solutions,” said Rafal Modrzewski, CEO & co-founder of ICEYE. “Through our collaboration with Neptune, the largest and most technology enabled flood insurance company in the United States, we will be able to provide near real-time clarity around not only the extent of a flood event, but also the level of flood impact at the individual building level. We believe this hazard insight not only enhances loss sizing and claims response capabilities, but also helps further accelerate flood insurance innovation.”