MIS: AI for Insurers Following Catastrophic Events
McKenzie Intelligence Services (MIS), a leader in geospatial intelligence and insurance technology, has introduced a new AI damage classifier to enhance its human intelligence-led assessments for insurers following catastrophic events. This major development in MIS’ Global Events Observer (GEO) platform addresses the requirements set by the 2024 Lloyd’s Market Geospatial Service programme and feedback from other key clients, enabling insurers to accelerate their incident and claims responses and enhance their portfolio loss analysis, including policy terms—a market first.
The latest release of the GEO platform leverages AI to support damage assessment on a much larger scale, providing insurers with faster and more accurate insights than existing market solutions. To further improve accuracy, MIS’ team of military-trained intelligence experts conducts manual assessments of impacted properties using data from multiple sources, including satellite, aerial, and ground-based imagery. This ensures the highest possible precision in property damage evaluation.
Forbes McKenzie, founder and CEO of MIS, states, “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 seamlessly integrated into clients’ claims systems via API,” he added.
The GEO platform now delivers property-level insights through its Exposure and Claims Layers faster than ever on a global, multi-peril basis. This includes 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, increased claims triage speed and efficiency, and ultimately reduced costs.
GEO’s enhanced capabilities also ensure that insurers can make better-informed decisions after a natural or man-made catastrophe, transforming their CAT team responses. By gaining actionable insights, portfolio exposures can be understood prior to the first notice of loss (FNOL), enabling quicker payment of valid claims and reducing potential fraudulent activity.
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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