ICEYE launches products to help insurers reduce cost of floods

Satellite-powered solutions provider ICEYE has launched two new products for UK insurers to help them reduce the cost of floods.

Called Flood Early Warning and Flood Rapid Impact, the combination of the two data sets means that insurers can track and predict flood risk at individual locations in their portfolio.

Flood Early Warning provides a flood impact forecast prediction four days in advance, while Flood Rapid Impact allow insurers to track the progression of flooding through a map.

”Flood information before and during the event can be incomplete, as it is reliant on weather forecasts, models and media – what we are providing is unique, it is the live tracking of the flood using our satellite constellation,” Rupert Bidwell, vice president of insurance solutions at ICEYE, said.

”It means insurers can be ahead of the water and deploy resources to prevent and mitigate flood damage and proactively support and communicate with their policyholders and with communities, ultimately reducing the rising cost and impact of floods.”

’Transformational’ 

ICEYE also explained that the two data sets allow insurers to organise customer resilience action using their on-the-ground supply chain.

Additionally, they can issue targeted communications to their customers.

“We believe ICEYE’s Flood Early Warning and Flood Rapid Impact will be transformational in the way insurers can handle floods in the UK,” Bidwell said.