Tokio Marine Holdings, a Japanese insurance holding company, has made a strategic investment in ICEYE as it looks to develop new insurance offerings.
The investment is part of ICEYE’s recently announced $136m Series D funding round, which was led by Seraphim Space.
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The tie-up will see Tokio Marine leverage the imaging capabilities of ICEYE’s satellite constellation and its Daily Coherent Ground Track Repeat technology.
Tokio Marine Holdings group chief digital officer Masashi Namatame said: “We have been working with ICEYE since 2020 and jointly developed an insurance claims processing solution for floods, that streamlines and enables quicker delivery of claim payments.
“By combining ICEYE’s vertically integrated satellite solutions and Tokio Marine’s historical data, we strongly believe that we can develop multiple solutions to address serious natural catastrophe risks and support our customers and society throughout the world in their time of need.”
They will work together to develop an insurance claims service for windstorm-related losses using satellite images and auxiliary data to measure the extent of the damage.
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By GlobalDataTokio Marine and Finland’s ICEYE will also work to speed up the insurance claims payments within the Tokio Marine Group and develop a parametric insurance cover.
The firms’ third agenda includes developing an effective way to detect potential disasters using satellite imagery and assisting in response efforts.
ICEYE CEO and co-founder Rafal Modrzewski said: “Today’s announcement marks the next stage in our collaboration as we work to develop new products and services that have the potential to be transformative for insurance.
“By capitalising on satellite data, analytical capabilities, artificial intelligence and machine learning, we can enhance responsiveness to catastrophic events, support more effective claims management, ensure speedier payment to those affected, and augment disaster detection capabilities.”
In late 2021, re/insurance major Aon collaborated with ICEYE to provide flood-related data to insurers.
