UK-based insurtech Skyline Partners has formed an alliance with Spire Global to bolster its parametric insurance portfolio with satellite observation capabilities.
Spire Global is engaged in providing space-based data, analytics and services.
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It collects data on global shipping activity, weather data, flight tracking information and other aviation intelligence, as well as information on climate factors such as sea ice and soil moisture.
The companies will collaborate to develop new risk transfer solutions aimed at bridging the coverage gap for clients in the agricultural, marine, and aviation industries.
Skyline Partners co-founder and executive director Gethin Jones said: “The combination of computational power, enormous new sources of data, and new risk transfer structures unconstrained by the traditional insurance model allows us to create and administer powerful new cover which breaks the boundaries of insurability.
“This new partnership with Spire will fuel the development of a range of innovative products, which are currently difficult or impossible to insure adequately using conventional approaches.”
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By GlobalDataSkyline noted that Spire Global’s current and historical weather data has significant insurance potential for property insurers while its live flight data could guide parametric insurance products relating to aviation.
Spire Global weather and Earth intelligence general manager Mike Eilts said: “Our mission is to deliver data and analytics, which can only be collected from space, to protect our environment and our communities, transform global logistics, contribute to economic stability, and put moonshot goals within reach.
“There are significant potential applications for our data in the insurance sector that align with our mission, and we are excited to bring those applications to fruition through this new relationship with Skyline Partners for parametric.”
