Munich Re, one of the world’s largest reinsurers, has partnered with PrecisionHawk, a global, drone data platform, to enhance insurance assessments worldwide by providing faster response times and increased reporting accuracy in the aftermath of a natural disaster. The partnership was recently exercised following the April earthquake in Ecuador, where PrecisionHawk collected drone imagery of the entire disaster site within days of its occurrence. The images were processed and analyzed in PrecisionHawk’s data software and delivered to Munich Re. Through this partnership, Munich Re aims to more effectively assess the extent of damages and respond to claims quicker.
“The cooperation with PrecisionHawk will speed up loss assessment and estimation of losses in the aftermath of a natural disaster significantly”, said Tobias Büttner, Head of Corporate Claims within Munich Re. “Our clients will benefit not only from the high resolution of spatial data, but also from processing the data with algorithms. Combining these new algorithms and modeling methods with Munich Re’s claim expertise will enhance and accelerate existing loss adjusting procedures for example by helping to deploy loss adjustment resources more efficiently. Innovative technologies will considerably improve the efficiency of claims management in the insurance industry in future”.
PrecisionHawk’s service team uses a fleet of drones, including its own Lancaster 5, a small, fixed wing platform, to collect aerial imagery at the identified disaster site. The data is analyzed in DataMapper, the industry leading software platform that analyzes and manages aerial data. In one 45-minute flight that covers nearly half a square mile, the drones can collect imagery at extremely high resolution and deliver data that can reduce the need to deploy adjusters to affected areas. This increase in safety for employees, such as reaching areas that are dangerous or inaccessible for manual inspection, and efficiency in overall claims processing for members has piqued the interest of the insurance industry globally.
“The mobility and scalability of the PrecisionHawk service platform is opening up possibilities for insurance leaders, like Munich Re, to better serve their members in the claims assessment process while also increasing the speed of their reimbursement,” said Christopher Dean, PrecisionHawk co-founder and President. “The addition of this platform to the insurance workflow will play a key role, not only in post-catastrophe environments, but also in enhancing pre-catastrophe databases that predict risk factors.”
Munich Re will contract teams that cover North America and Latin America for its first deployments.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2015, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.1bn on premium income of over €50bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2015, ERGO posted premium income of €17.9bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments (excluding insurance-related investments) amounting to €215bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.