Arturo, an intelligent analytics proptech, today announced partnering with SAR data and natural catastrophe solution provider ICEYE, to provide insurers real-time flood data and response solutions, according to a press release.
The company says the partnership will change what’s possible with insurance respond to flood events, and will combine ICEYE’s flood information including flood depth, extent and duration data with Arturo’s portfolio and property characteristics data to give insurers the ability to estimate and triage flood damages immediately following an event.
Based in Finland, ICEYE owns the world’s largest SAR (synthetic-aperture radar) satellite constellation, and combines data from these sensors with auxiliary ground data sources to produce precise representation of flood extent and depth across the word.
Arturo says that when this data is used alongside it’s AI-enabled property analytics technology, it can help insurers “evaluate the ongoing risk, estimate claims payouts across portfolios and mobilize accordingly to support policyholders.”
“When a flood rushes in, an insurer’s response can make or break a policyholder’s experience and the insurer’s bottom line, so fast and accurate claims management is critical. This collaboration enables insurers to see down to the property level what type of flood damage a home will have, and get the policyholder the financial assistance they need to quickly repair their home,” stated Neil Pearson, Chief Strategy Officer of Arturo, in the release.
Prior to this formal announcement, the partnership was tested during a March 2022 flood event in Australia and showed predicted flood damages were accurate with claims activity, which Pearson says proves the partnership’s significance for future flood events.
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“The ability for insurers to rely on this solution to predict flood damages and immediately process claims will go a long way for customer loyalty,” said Pearson.
The new collaboration will initially cover flood events in the U.S., Canada, Japan and Australia, with the two companies inviting select insurers to inquire about the partnership at booth A9 at the Insurtech Insights Americas in New York City today and tomorrow.
In other recent proptech news, Sundae launched its premium property investment membership program, Edge. Cloud-based commercial real estate operations platform Fyxt also raised a $4 million Series A led by RET Ventures.