Suncorp Group
Suncorp Group provides banking, insurance and wealth products & services through some of New Zealand and Australia's most known financial brands.
During a natural disaster, Suncrop partnered with ICEYE & Arturo managing to accelerate customer support by at least one week.
Source: 'Rapid Response Catastrophe', ICEYE (https://www.iceye.com/lp/suncorp-flood-insights-case-study)
Suncrop's Initial Workflow
Suncrop to assess and help with claims after a catastrophic event, it's disaster response workflow was built around a manual process. The data they initial relied on was from a wide variety of sources, including their in-situ monitoring teams and phone-in claim lodgments to assess the full impact and respond to natural disasters.
Source: 'Preview of ICEYE's flood extent & depth via the Arturo software', ICEYE (https://www.iceye.com/lp/suncorp-flood-insights-case-study)
Springfield Lakes 2020
Australia in 2020 was hit by one of the biggest hailstorms the country has ever witnessed, with 14 cm hail, weighting 400 g and hurtling at 100 km/h towards the Earth.
One of Suncorp's main goals is to proactively prepare and respond to natural disasters. After this hailstorm Suncorp collaborated with Arturo to build a system that enabled faster, data -driven decision making and strategic development. The team has 6 weeks for the development of a solution that could visually display layered data, combine internal & external data sources and even ingest threat maps and forensic weather models.
By the end of the sixth week, the initial platform was tactical but it was the foundation the teams needed to demonstrate the impact of weather on Suncorp policies.
Flooding at East Coast 2022
In 2022 the Suncorp team was faced with one of the largest events in the insurance industry had ever encountered in Australia. It began in February 28 2022 and the East Coast of Australia received a year's worth of rain in 6 weeks. When the rain started, Suncorp and Arturo teams worked fast to deliver their next solution as soon as possible that was about flooding. The question that needed to be answer was 'How fast could the teams collaborate on developing analytics to understand which properties were underwater and by how much?'.
The Suncorp team managed to identify and review specialist flood suppliers, taking into account their solutions and workplace culture to ensure all teams could collaborate sufficiently. For the needs Suncorp faced, ICEYE had the best solution.
Source: 'Preview of ICEYE's flood extent & depth via the Arturo software', ICEYE (https://www.iceye.com/lp/suncorp-flood-insights-case-study)
Quicker with Higher Accuracy
The partnership with Arturo & ICEYE brought about a a new and innovative way of approaching natural disasters to Suncorp.
Suncorp's policy data, Arturo's property insights and ICEYE's observation-based data enabled the company to assess the actual impact of weather events on their policies effectively. The impact the flood had to homes was assess along with developing strategies suitable for this situation, prioritize activities, and ramp up resources before any teams were in situ.
The flood analytics gave Suncorp's teams to act fast and be ready to support their customers. The platform's insights enabled them to develop strategies based on data even before the teams reach in situ to gain access to affected areas to provide their observations.
Source: 'Preview of ICEYE's flood extent & depth via the Arturo software', ICEYE (https://www.iceye.com/lp/suncorp-flood-insights-case-study)
Suncorp's Response Time
Finally Suncorp was able to identify properties impacted by flooding, visualize the extent of the damage & determine deployment strategies. The use of this technology managed to improve Suncorp's response time by at least one week and it also helped with providing a clearer view of their total loss properties so they could quickly prioritize response resources.
Source: 'Preview of ICEYE's flood extent & depth via the Arturo software', ICEYE (https://www.iceye.com/lp/suncorp-flood-insights-case-study)