Earth Observation images with in situ data to improve claims management in the property insurance sector

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Natural catastrophes (CAT) in 2011 were responsible for the highest economic losses inhistory and claimed the lives of 27,000 citizens around the world. Once an insured risk hasmaterialised, the insurer will instruct professional loss adjusters to travel to the crisis area andassess the damage. The loss adjuster’s report will be used to settle a claim with thepolicyholder for repayment of losses or replacement of property.This idea proposes a claim reporting service that uses location-based data, "in situ" reporting,and up-to-date High Resolution Earth Observation (EO) images to speed the collection andanalysis of the event. Insurers may estimate likely losses more rapidly and settle claimsquickly.Relevant EO images / maps would be forwarded to the loss adjusters, potentially usingsatellite communications. The loss adjuster submits the completed information from the tabletdevice and within seconds the insurer may view the claim report via a secure server and webservice.Benefits of the proposed idea include: (a) faster claim handling and improved customerservice; (b) improved knowledge of the unfolding disaster and potential losses; (c) ability tobetter manage responses in real-time; (d) integration with back office systems, loweroperational costs; (e) detailed claim information to improve client propositions, pricing andrisk models.