June 26, 2019
Munich Re, the German (re)insurer, has partnered with reinsurance industry consortium, Geospatial Intelligence Centre (GIC) to help insurers recover quickly after major catastrophes, by giving them access to automated damage classification analytics.
Spearheaded by the National Insurance Crime Bureau (NICB), GIC provides its members with access to advanced data and imagery that enhances underwriting assessment, expedites claims and improves fraud detection following disaster events. The collaboration with Munich Re will be able to give its members a damage assessment heat map layer to work alongside its survey imagery post-disaster.
Ryan Bank, managing director of the GIC stated: “This collaboration with Munich Re is a true value-add to our member insurers, providing them with an additional layer of critical insight when assessing damage after a major catastrophe.”
Adding: “We first piloted Munich Re’s remote sensing technology during Hurricane Michael and quickly saw its potential for optimising claims cycle time for our member insurers. In more than 40 percent of all property claims, its damage assessment was delivered before the insurer received the first notice of loss from the policyholder.”
Roman Buegler, head of Munich Re’s Innovation Lab said: “We are proud to team up with the Geospatial Intelligence Centre to help its member insurers - and ultimately their policyholders - get back on their feet more quickly after major catastrophes. If there’s one thing we know, it’s that speed is key. Our lab combines its dedicated resources of global experts and innovative technology to ensure the success of its partners. We look forward to a successful, long standing partnership.”