Tokio Marine and ICEYE announce claims tech collaboration

ICEYE and Tokio Marine have reached an agreement to collaborate on a series of initiatives designed to facilitate the digital transformation of nat cat claims using satellite data.

The announcement is part of ICEYE’s Series D funding round, which was led by Seraphim Space and raised US$136m.

"We are pleased to announce that Tokio Marine has entered into a strategic collaboration with ICEYE by participating in their Series D financing round,” said Masashi Namatame, group chief digital officer, Tokio Marine Holdings. “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. This collaboration represents both ICEYE and Tokio Marine’s strong commitment to take positive action and initiative against additional risks.

"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."

“Our collaboration with Tokio Marine to date has been integral to the advancements that we have made in our insurance-focused solutions,” said Rafal Modrzewski, CEO of ICEYE. "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.”

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