ICEYE's Strategic Collaboration with Tokio Marine & Nichido Fire Insurance Co., Ltd. :
Satellite-Driven Flood Insights for Efficient Insurance Claims Management
Tokio Marine & Nichido Fire Insurance Co., Ltd.
In Japan during 2017 and 2018 due to substantial flooding a leading Japanese insurance company known as Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) faced a great challenge. When following the traditional, ground-based method of flood damage assessment significant delays were caused in insurance claim payments which negatively affected their customer service. Recognizing this, TMNF identified a need for a more efficient, reliable and rapid system of assessing disaster impacts in order to enable quicker insurance payouts. The above requirement was what lead to the collaboration with ICEYE in 2020.
Source: 'Satellite-Driven Flood Insights Case Study' ICEYE (https://www.iceye.com/lp/tokio-marine-flood-insights-case-study)
Challenge: Rapid & Reliable Disaster Assessment
The past few years Japan has experienced widespread flooding. Due to this natural disaster TMNF was required to deliver rapid, high-resolution flood assessments to accelerate insurance claim settlements. This need was compounded by complex terrain and the remoteness of some affected communities. When TMNF partnered with ICEYE limitations such as cloud cover over an area or capturing data at night seized to exist, enabling constant monitoring.
Source: 'Satellite-Driven Flood Insights Case Study' ICEYE (https://www.iceye.com/lp/tokio-marine-flood-insights-case-study)
Solution: Situational Awareness with Near-Real Time Observation Data
ICEYE's SAR technology penetrates all weather conditions and does not require sunlight to operate hence it emerged as a practical and highly efficient solution. In 2021 with the implementation of ICEYE's Flood insights the operational workflows of TMNF were transformed. With the replacement of the previously resource-intensive practice of deploying third-party adjusters or internal teams for on-site damage inspections, TMNF can now assess damages remotely, aiming at operational efficiency, made possible by ICEYE's near real-time, building-level observation data.
Source: 'Satellite-Driven Flood Insights Case Study' ICEYE (https://www.iceye.com/lp/tokio-marine-flood-insights-case-study)