In a bid to empower insurers with flood management solutions, ICEYE has introduced two new offerings: Flood Early Warning and Flood Rapid Impact solutions, tailored specifically for the UK insurance market. The tools promise to not only enhance customer resilience but also alleviate the financial burdens associated with flood-related claims.
The Flood Early Warning system promises to provide precise flood impact forecasts up to four days in advance. This system is integrated with the flood hazard zones identified by UK environmental agencies, operating at a building-level resolution. According to ICEYE, this early warning mechanism provides insurers with crucial lead time to prepare and implement proactive measures to mitigate potential damages.
Complementing this predictive prowess is the Flood Rapid Impact solution, which delivers real-time flood extent maps within a mere 12 hours of flood onset, with subsequent updates provided at regular intervals. According to a media release, this response capability is made possible by ICEYE’s synthetic aperture radar sensors, which are impervious to atmospheric hindrances such as cloud cover or nocturnal darkness. ICEYE noted that this allows insurers to accurately track the progression of floods, irrespective of environmental conditions, enabling them to make informed decisions in a timely manner.
According to ICEYE, the information insurers gain using these systems will give them unprecedented visibility into the evolving flood risk landscape at a granular level.
Rupert Bidwell (pictured), vice president of insurance solutions at ICEYE, expressed confidence in the transformative impact of these solutions. “We believe ICEYE’s Flood Early Warning and Flood Rapid Impact will be transformational in the way insurers can handle floods in the UK,” said Bidwell. “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.”
Bidwell emphasised the uniqueness of ICEYE’s approach, noting these solutions aim to reduce the financial costs and societal impact of floods.
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