McKenzie Intelligence Services (MIS) has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events.
MIS, renowned for its innovative solutions in geospatial intelligence, has developed this industry-leading product as an integral part of its Global Events Observer (GEO) platform, according to FF News.
The development of this AI damage classifier is driven by the need to meet the requirements set out in the 2024 Lloyd’s Market Geospatial Service programme and feedback from other major clients.
It aims to enable insurers to accelerate their incident and claims responses while enhancing their portfolio loss analysis, including policy terms, marking a significant advancement in the market.
The newly launched AI damage classifier on the GEO platform empowers insurers to assess damage on a larger scale with greater speed and accuracy than existing market solutions.
By utilising AI and manual assessments conducted by military-trained intelligence experts, MIS ensures the highest level of precision in property damage evaluation.
Forbes McKenzie, founder and CEO of MIS, expressed excitement about the transformative potential of the AI damage classifier. He said, “Since 2017, we have worked collaboratively with the Lloyd’s market to understand how to take GEO to the next level. MIS’ clients integrating their portfolio data with GEO now gain accelerated insights into their potential portfolio exposure, with all insured properties and their policy terms being displayed on our platform.
“This in-depth insight, per risk up to portfolio-level, only hours after an event, is unique in the global market. Clients also no longer need to cross-reference affected properties, as our industry-leading damage assessments can be seamlessly integrated into clients’ claims systems via API.”
In addition to providing rapid and accurate property-level insights, GEO’s enhanced capabilities offer improved event response capabilities for insurers, increasing claims triage speed and efficiency, and ultimately reducing costs.
With actionable insights, insurers can make better-informed decisions after natural or man-made catastrophes, transforming their CAT team responses.
GEO stands as the complete event response solution for insurers, responders, loss adjusters, and government agencies.
By leveraging multiple data sources, including satellite, aerial, and ground-based imagery, GEO provides rapid, accurate, and detailed actionable intelligence for various catastrophic events such as floods, wildfires, hurricanes, and earthquakes in near real-time.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
