ICEYE, a global leader in satellite-powered disaster management solutions, has launched a high-resolution Flood Early Warning and ongoing customer pilots of Flood Rapid Impact solutions for the UK insurance market.
The offering aims to address the pressing need for advanced flood management capabilities in the domestic market.
By offering real-time flood monitoring and prediction, these solutions seek to increase customer resilience and reduce insurers’ financial costs associated with floods.
The product provides advanced flood impact forecast predictions up to four days in advance, with building-level resolution and overlaying of flood hazard zones from UK country environment agencies.
On the other hand, Flood Rapid Impact delivers rapid satellite data-derived flood extent maps within 12 hours of the flood onset and at frequent intervals thereafter. These solutions enable insurers to track flood progression in real-time, regardless of atmospheric conditions.
The combination of Flood Early Warning and Flood Rapid Impact allows insurers to track and predict evolving flood risks at individual locations, facilitating dynamic customer resilience actions and targeted communications.
Insurers can proactively deploy flood prevention measures, support policyholders during flooding events, and initiate restoration activities promptly.
Rupert Bidwell, Vice President, Insurance Solutions at ICEYE, said, “We believe ICEYE’s Flood Early Warning and Flood Rapid Impact will be transformational in the way insurers can handle floods in the UK. Flood information before and during the event can be incomplete, as it is reliant on weather forecasts, models, and media – what we are providing is unique, it is the live tracking of the flood using our satellite constellation. It means insurers can be ahead of the water and deploy resources to prevent and mitigate flood damage, and proactively support and communicate with their policyholders and with communities, and ultimately reduce the rising cost and impact of floods.”
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