The investment is earmarked to fuel MIS’s growth in the UK market, enhance its presence in the US and European markets, and broaden the capabilities of its proprietary geospatial platform, the Global Events Observer (GEO). GEO serves as a repository for a diverse range of data and imagery from satellite, aerial, and ground-based sources.
MIS currently delivers actionable intelligence through real-time information, machine learning, and expert analysis, empowering exposure managers, claims teams, and loss adjusters to make swift, data-driven decisions in response to catastrophic events.According to reports, MIS plans to explore and integrate innovative technologies. The initiative aims to provide clients with enhanced insights for pricing future risk exposure by leveraging a comprehensive archive of historical event intelligence. The goal is to position GEO as an invaluable tool within the underwriting space, aligning with MIS’s mission to bolster all facets of the industry through a unified, data-driven platform.
Speaking about the investment news, Dean Cox, Investment Director at Maven, said: “The geospatial analytics and catastrophe insurance markets are forecast to continue double digit growth per annum over the next 5 to 10 years, driven in large part by the severe global weather events that are happening more often. Consequently, insurers are having to take more steps to defend against a rising tide of natural catastrophe losses and are turning to technology solutions to anticipate the level of claims more accurately to significantly reduce claim handling costs.”
He continued: “MIS have built a strong pipeline of over 100 opportunities both in Europe and the US, and we believe it has the potential to become a global market leader in a sector that is having to quickly adapt its approach to risk management. We are looking forward to working with Forbes and the wider team on this exciting growth phase for the business.”
Forbes McKenzie, Founder and CEO at MIS, also commented, saying: “We are thrilled to be joining Maven’s impressive track record of investments. As catastrophic events across the globe are becoming increasingly common and more severe, insurers are pressured to act more rapidly and effectively than ever before. This investment is an opportunity to reaffirm our mission of delivering accelerated and reliable intelligence for insurers to confidently make decisions in these critical times.”
He added: “Maven’s support and belief in our purpose will allow us to further develop GEO to better meet the requirements of a constantly developing industry. Through growing our unique team of geospatial and insurance specialists, we look forward to fortifying our presence in the UK and expanding to access international opportunities across Europe and the US.”
Author: Joanna England
