Willis Towers Watson and Ticinum Aerospace has announced they are collaborating to develop an innovative risk management solution aimed at the property business.
Ticinum Aerospace (TA) is a spinoff company from the University of Pavia, Italy, and specialises in artificial intelligence and geospatial data processing. TA have developed Deep Property, a service using an automatic AI-based approach to extract the risk-relevant characteristics of individual buildings, such as the number of floors, year of construction, and building materials used.
This technology leverages satellite-derived data, earth observation techniques and other hi-tech sources (e.g. multispectral and radar satellite acquisitions, street-level images, smartphone pictures, etc.) to reduce uncertainty when evaluating large-scale property risks.
Deep Property recently received financial and strategic support from the European Space Agency (ESA) to further develop the service, and the collaboration with Willis Towers Watson has been driven by its innovation-oriented approach and its strong capability in risk management.
The use of the high-quality Deep Property data, generated in near real-time, will enable Willis Towers Watson to facilitate more effective risk mapping for its clients, reducing their losses and increasing their market competitiveness.
Federica Pizzaballa, Insurance Consulting and Technology Country Manager for Willis Towers Watson Italy said: “Risk modelling is a pivotal element in our capability to tackle the challenges we are facing today, and it is becoming even more critical because of climate change. Unfortunately, we are witnessing an increase in both the severity and frequency of natural disasters. The quantitative, science-based data provided by Deep Property, channeled through our modelling tools and capabilities, will allow us to deliver to clients more accurate information and deeper, actionable insights.”
Gianni Cristian Iannelli, Ticinum Aerospace CEO and Head of Deep Property development team, said: "We are very proud of this collaboration. We see in Wills Towers Watson a long-standing, deep expertise in risk management and modelling, and we are sure that their involvement will help us improve the service and shape it to better fit customers’ needs - an important step in opening in a new era in the property business. High-quality data is crucial in identifying and managing risk, and the support of Willis Towers Watson will trigger a leap forward in our mission to make communities more prepared, and resilient, to natural disasters.”
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