Satellite Imagery speeds Florence and Michael claims payments
Lloyd’s managing agents have now begun assessing and paying claims to policyholders affected by hurricanes Florence and Michael, enabled and supported by the LMA’s satellite imagery and intelligence service...
The service, now used by all Lloyd’s managing agents, provides ‘ground truth’ in the immediate aftermath of major claims events via detailed satellite imagery and radar. Service usage has increased by 75% since the 2017 hurricane season as it allows carriers to make desktop adjustment decisions far quicker than was previously possible.
By enabling faster initiation of cat response plans, managing agents are able to be pro-active with insureds, TPAs and coverholders far sooner. First triggered by Hurricane Harvey in 2017, the service makes desk-top images and reports available to users from a dedicated satellite and local CCTV, social media and a range of other sources.
Lee Elliston, claims director at the LMA said: “The service is providing insurers with a real edge over global competitors, with many grasping the opportunity to use it to make swift decisions and payments. Service improvements, such as clearer, more robust on-the-ground intelligence, have enabled claims teams to be on the front foot far quicker this hurricane season, in a tangible demonstration of Lloyd’s and wider-market efforts to truly modernise coming to fruition. By enabling faster response times, this technology is delivering benefit direct to customers and reputational advantage for Lloyd’s.”
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