Reask will provide Geosite’s insurance customers with access to its best-in-class climate risk models for real-time, post-event, and longer-term probabilistic risk forecasting solutions for global weather-related catastrophes.
The partnership comes at a time when the insurance industry is experiencing a surge in growth opportunities as new ways of integrating geospatial data into underwriting and claims processing are increasing efficiency, speeding claims pay-outs, and enabling better customer service.
For example, last fall, together Geosite and Reask provided insurance carriers affected by Hurricane Ian critical wind speed data within 48 hours after the hurricane made landfall. This data, married with property characteristics provided by another one of Geosite’s data partners, allowed carriers to more accurately refine reserving estimates and provide faster payouts to impacted customers through more efficient claims validation.
Today, Reask’s model is being utilised across the climate risk and insurance value chain. The resolution and accuracy of the model is being used to underwrite insurance policies exposed to tropical cyclones more efficiently. It is now available via Geosite’s API service, Bedrock, and its data visualisation platform Ascend, which provides users a single, intuitive means of consuming a wide array of geospatial data in the context of their portfolios.
Nick Hassam, Head of Re/Insurance at Reask, said: “We are excited to enter this partnership as we see Geosite as the next generation of geospatial platforms. Together, we will enable clients to take advantage of the visualisation and analytical capabilities of Geosite’s platform and to make the best use of our scientific data and information products. This will also enable us to extend our reach to carriers in the US and beyond.”
Rachel Hausmann, Head of Partnerships at Geosite, said: “We are in a new era of rapid growth in the variety and volume of geospatial data, what I’m calling the ‘2nd wave of the geospatial digital transformation in insurance’, the 1st wave being in the early 2000s with the adoption of GIS. Geosite views Reask as the gold standard of data available in this new era and we are incredibly proud to call them a partner.”
Geosite enables insurance carriers to access and leverage geospatial data in their day-to-day insurance operations from underwriting and claims to CX and new product development. Their API incorporates satellite, drone, and aerial imagery as well as geospatial analytics and climate models directly into customers current policy admin systems and workbenches through a single API.
Geosite’s SaaS solution is built upon 3 core pillars: Unparalleled access to an extensive geospatial data marketplace, dynamic data fusion delivering real time fit-for-purpose data layers, and seamless integration into insurance processing ecosystems.
Source: REASK
