McKenzie Intelligence Services (MIS) has introduced a significant upgrade to its Global Events Observer (GEO) platform, integrating advanced AI to bolster insurers’ ability to respond to natural and man-made disasters. This new AI damage classifier is designed to improve the speed and accuracy of damage assessments, benefiting insurers globally.
The upgrade aligns with the 2024 Lloyd’s Market Geospatial Service programme and feedback from major clients, aiming to accelerate incident response and enhance portfolio loss analysis. The GEO platform now leverages AI to support large-scale damage assessment, combining this with manual evaluations by military-trained intelligence experts who use satellite, aerial, and ground-based imagery.
Forbes McKenzie, Founder and CEO, commented, “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.”
This AI-assisted approach allows for faster and more precise identification of property damage, which improves claims triage speed and efficiency. Additionally, the system can integrate seamlessly with clients’ claims systems via API, providing detailed insights through GEO’s Exposure and Claims Layers on a global, multi-risk basis.
The enhanced GEO capabilities enable insurers to make informed decisions quickly after a catastrophe, improving overall event response, claims processing speed, fraud mitigation, and policyholder satisfaction. This comprehensive solution supports various stakeholders, including insurers, loss adjusters, and government agencies, by offering secure, rapid, and accurate intelligence for catastrophic events in near real-time.
McKenzie also added: “Since 2017, we have worked collaboratively with 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.
