Risk and resilience are common themes for public authorities, insurance companies and commercial enterprises alike – with a focus on the ability to assess, plan, mitigate impacts and share costs relating to expected and unexpected events. Faced with a worldwide increase in natural disasters (e.g. landslides, flooding) and the intensification of their impact on people, the economy, and thus on insured property and items, the insurance industry must continuously respond to new challenges.
Telespazio works closely with the Financial Technology (Fintech) industry, where technology and innovation aims to compete with traditional financial methods in the delivery of financial services. It is an emerging and fast growing industry that uses technology to improve activities in finance. Fast and large-scale coverage satellite data and information can be crucial for financial institutions or investment companies’ decision-making.
Satellite-based technology offers unique insights for the insurance industry:
- Historical information – a worldwide archive of satellite data that can be used for historical analysis of past events such as floods, and where statistical information is not available.
- New insurance products – extraction of indicators supporting and promoting the development of new insurance products.
- Objective and independent – extensive and independent information adapted for specific insurance policies and needs.
Services and Products
Telespazio offers support for pre-disaster management and post-disaster assessment for primary insurers and reinsurers. This includes risk mapping, monitoring and assessment, asset exposure and vulnerability, loss and damage assessment, and claims management for:
- Environmental risks and disasters (floods, storms, hurricanes, subsidence, landslides, volcanoes, earthquakes, droughts, tsunamis, coastal erosion, sea-surges, beetle infestations, forest fires)
- Industrial accidents and disasters
- Climate variability (greater frequency of extreme weather events) and climate risk
- Industrial infrastructure monitoring, including utility assets
Through the combination of Earth Observation image processing with insurance data, Telespazio offers added value for insurance:
- Risk modelling
- Risk assessment
- Loss estimation
- Accumulation control
- Fraud detection
- Market potential
- Innovative products