GEO was founded by MIS in 2017. Credit: Free-Photos from Pixabay.

Insurance and reinsurance marketplace Lloyd’s has selected geospatial insurtech McKenzie Intelligence Services (MIS) to offer faster claims service.

As part of the two-year partnership, Lloyd’s will have access to Global Events Observer (GEO) platform, which will provide information on climate threats including storms, wildfires, and flooding.

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Lloyd’s will use the data to assess damages remotely through satellite imaging and other intelligence data sources.

The technology is expected to reduce operational costs and bring down insurer(s) carbon footprint.

GEO was founded by MIS in 2017 as part of Future at Lloyd’s programme and uses artificial intelligence (AI), machine learning and government intelligence techniques.

It can analyse data from satellites, drones, global and local sensor networks and third-party information providers in real-time.

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Lloyd’s chief of markets Patrick Tiernan said: “The agreement provides Lloyd’s market with geospatial data that will enable us to better serve our customers by paying them faster and more efficiently.

“Through the Future at Lloyd’s, we have set out to create the world’s most advanced insurance marketplace, and this partnership is another step towards that goal.”

MIS CEO Forbes McKenzie said: “Our participation over the past two years in the Future at Lloyd’s programme has afforded us unparalleled insights into how our technology can add value to the whole insurance value chain.

“We look forward to improving and refining GEO to better serve both Lloyd’s and the wider insurance marketplace”.