ICEYE, the Helsinki-based artificial aperture radar (SAR) knowledge supplier and specialist in pure disaster options, introduced that Tokio Marine Holdings has made a strategic funding within the firm because it appears to develop new insurance coverage services and products that make the most of satellite tv for pc knowledge.
The announcement is a part of ICEYE’s Sequence D funding spherical, which was led by Seraphim House and raised a complete of $136 million.
As a part of the brand new alliance between the 2 corporations, ICEYE and Tokio Marine will collaborate on a collection of initiatives designed to facilitate the digital transformation of insurance coverage claims capabilities and develop new insurance coverage services and products to handle the growing frequency and severity of pure catastrophes and the rising affect of local weather change.
The 2 corporations will deal with three key initiatives:
- To develop superior insurance coverage claims providers for wind-related injury, utilizing satellite tv for pc photographs and auxiliary knowledge to estimate the presence and extent of roof injury within the aftermath of a windstorm occasion.
- To develop processes that may speed up insurance coverage claims funds throughout all corporations inside the Tokio Marine Group and help the event of parametric insurance coverage merchandise.
- To develop more practical methods of detecting potential disasters by means of satellite tv for pc knowledge and supporting response efforts by monitoring adjustments on the bottom.
“We’re happy to announce that Tokio Marine has entered right into a strategic collaboration with ICEYE by taking part of their Sequence D financing spherical,” commented Masashi Namatame, group chief digital officer, Tokio Marine Holdings.
“We now have been working with ICEYE since 2020 and collectively developed an insurance coverage claims processing resolution for floods, that streamlines and allows faster supply of declare funds. This collaboration represents each ICEYE and Tokio Marine’s robust dedication to take optimistic motion and initiative towards extra dangers,” Namatame added.
“By combining ICEYE’s vertically built-in satellite tv for pc options and Tokio Marine’s historic knowledge, we strongly consider that we are able to develop a number of options to handle severe pure disaster dangers and help our prospects and society all through the world of their time of want,” he mentioned.
“Our collaboration with Tokio Marine to this point has been integral to the developments that we now have made in our insurance-focused options,” mentioned Rafal Modrzewski, CEO and co-founder of ICEYE.
“By capitalizing on satellite tv for pc knowledge, analytical capabilities, synthetic intelligence and machine studying, we are able to improve responsiveness to catastrophic occasions, help more practical claims administration, guarantee speedier cost to these affected, and increase catastrophe detection capabilities,” continued Modrzewski.
ICEYE operates the world’s first SAR satellite tv for pc constellation targeted on the insurance coverage trade. By combining knowledge from its spaceborne sensors with a number of auxiliary info sources, ICEYE mentioned it creates simply ingestible hazard knowledge which could be delivered to the insurance coverage firm in close to real-time.
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