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AI-driven flood insurer to monitor homes with satellite imagery

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AI-backed US insurer Neptune Flood has partnered with satellite imagery firm ICEYE to monitor client properties in real-time for signs of flooding.

ICEYE will provide high-resolution flood hazard data after a flood event to enable monitoring of Neptune’s insured locations for changes in water depths. The pair are also exploring initiatives such as triggers for parametric insurance, which is offered by Neptune’s Jumpstart brand for earthquake.

ICEYE says it owns the world’s largest synthetic-aperture radar constellation and can monitor any location on earth for insurers, as well as clients in natural catastrophe response and recovery, security, maritime monitoring and finance. The data can be collected day or night and through cloud cover.

"This hazard insight not only enhances loss sizing and claims response capabilities, but also helps further accelerate flood insurance innovation,” CEO and co-founder Rafal Modrzewski said.

Neptune Flood CEO Trevor Burgess says the images will provide "unparalleled assurance”.

“We are excited to explore the possibility of broader coverage options for our clients made possible through the synchronisation of ICEYE’s data with our Jumpstart parametric technology,” Mr Burgess said.