MIS has enabled claims to be paid from space while an event is still unfolding
London, UK (Sept. 25, 2019) – Global imagery and geospatial intelligence consultancy firm, McKenzie Intelligence Services (MIS), has cemented itself as a key component in Lloyd’s drive to use technology to speed up claims payments following natural catastrophe events.
In an effort to make sure the claims service is as smooth as possible and putting the customer’s needs first, a key aspect behind The Lloyd’s Standard, the company is using cutting-edge technology to better inform insurers on losses more quickly to subsequently help speed up the claims paying process.
In a video which demonstrates how Lloyd’s is harnessing technology to do this, McKenzie Intelligence Services is highlighted as a core feature, having successfully provided precise, time-stamped intelligence at individual property and zip code level to enable proactive customer service and “never before possible” insight:
McKenzie Intelligence’s satellite imagery and analytics gateway service and consulting arm provides vital insight to all 55 Lloyd’s Managing Agents, having proved its proof of concept to the market by covering hurricanes HIM in 2017.
In an increasing number of cases, claims are being paid while an event is still unfolding due to the accuracy and clarity of the information and data gleaned from satellite imagery.
“Satellite technology used by our partners is one of the ways we’re trying to speed up claims payments for policyholders,” said Martin Canavan, Technical Claims Manager at Lloyds, in the video.
“Satellite imagery helps insurers understand the situation on the ground before inspections can be carried out,” he added.
Using the California wildfires as an example, the video features Forbes McKenzie, Chief Executive of McKenzie Intelligence Services and Zosia Krajewska, Business Operations Manager, who provide some insight into how the service works.
“The recent California wildfires have been some of the most devastating on record, burning tens of thousands of properties. If in the case of the wildfires, they’re still burning, it’s impossible to get teams to investigate the claim on the ground,” said Mckenzie.
“That’s where we come in, using our satellite technology to help assess the situation on the ground,” added Krajewska.
“The technology gathers the intelligence remotely, showing us the areas most deeply affected, helping Lloyd’s underwriters to understand the true scale of the situation much faster. You can start the investigation process without having to wait,” she said.
The fundamental value proposition of insurance is to help people get back on their feet when disasters happens. Not only is it important to pay valid claims in full, but to pay them as swiftly as possible.
Deploying satellite imagery, among other technologies, to get closer to the point of disaster more quickly and to assess the loss earlier, is a key aspect to the effort being made at Lloyd’s to achieve quicker and easier claims payments.
About McKenzie Intelligence Services
McKenzie Intelligence Services (MIS) is an imagery and geospatial intelligence consultancy firm, servicing clients globally.
We provide intelligence processing and data and information collection services for the global re/insurance industry. This includes the ability to look anywhere on Earth in near real time via the medium of cloud penetrating satellite images and ground sensed internet of things devices.
Our intelligence is available to the re/insurance industry across a number of areas and specialisms, including: claims and loss adjusting; exposure management and modelling; business interruption; agriculture; reinsurance and specialty adjusting; power stations, ports and harbours, energy pipelines, municipal buildings and solar panels.
MIS empowers teams to make important reserving and coverage decisions more quickly, helps to reduce reliance on loss adjusting, enables proactive service to policyholders, and early insight into exposure at portfolio level.
Our intelligence is derived from multiple sources, as well our inhouse re/insurance expertise: Satellites The Internet of Things Drones Radar Military grade analysts
MIS have been the Lloyd’s market geospatial imagery and intelligence providers since 2016, providing the Corporation, all Lloyd’s managing agents, TPAs and partners access to the award winning MIS-Intel portal, delivering best in class imagery and analysis, enabling them to utilise technology to better service their policyholders and make claims and exposure management processes more efficient.
For more information, visit www.mckenzieintelligence.co.uk.
About Lloyd’s
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
SOURCE: McKenzie Intelligence Services (MIS)
Tags: aerial imagery, Lloyd's, Natural Catastrophes
