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Claims imagery service gains industry support
The LMA’s Claims Committee has agreed to fund a satellite imagery and intelligence service for Lloyd’s managing agents, designed to improve claims processes and exposure management both pre and post natural catastrophe.
Managing agent representatives from LMA Sector Groups, the LMA and Lloyd’s have worked with McKenzie Intelligence Service (MIS) to develop an imagery and intelligence service that supports the market before and after an event and across multiple classes of business. It will help Lloyd’s carriers to assess the extent of the damage/loss at an early stage by providing ‘ground truth’ intelligence such as satellite imagery and any available all-source data.
The data and analytics will allow Lloyd’s claims professionals to manage and adjust claims remotely, in some instances making early part-payment or full settlement to policy holders. The service will be delivered to each managing agent via MIS’s custom-built portal.
Senior claims executive at the LMA, Ruth Cameron-Errington, said: “Data and analytics are driving rapid change in our industry and I am pleased that we are supporting such an important and growing field. This service and the technology it brings will undoubtedly further improve the way in which claims professionals and the wider market manage and respond to claims post a significant natural catastrophe.”