Tokio Marine Holdings, Inc. (President and Group CEO: Satoru Komiya, hereinafter known as “TMHD”) and Finland-based ICEYE (CEO：Rafal Modrzewski, hereinafter known as “ICEYE”) are happy to announce that each firms have entered right into a capital and enterprise alliance, aiming to additional advance our insurance coverage declare companies in addition to develop new merchandise using earth commentary knowledge collected from satellites (hereinafter “satellite data”).
1. Background and Purpose
The influence of more and more frequent and extreme pure disasters and local weather change have grow to be international social points. Hopes and expectations are rising for the function to be performed by varied knowledge and applied sciences comparable to AI and IoT in serving to to resolve such points.
The Tokio Marine Group has been using expertise to make immediate insurance coverage funds in order to supply clients with a way of security and safety as shortly as potential. In the occasion of large-scale flooding, satellite tv for pc knowledge and AI can be utilized to find out the inundation vary and top inside only a few hours after the catastrophe.
ICEYE is an organization with built-in expertise for the manufacturing, upkeep, and operation of the SAR satellites (*1) and has superior satellite tv for pc imagery evaluation capabilities. As of January 2022, ICEYE has launched a complete of 16 in-house SAR satellites, the world’s largest variety of satellites in the non-public sector. These satellites present high-precision knowledge to governments and firms around the globe, whatever the climate circumstances or time of the day.
Since December 2020, Tokio Marine & Nichido Fire Insurance Co., Ltd., a member of the Tokio Marine Group, and ICEYE have been collaborating to enhance insurance coverage declare funds in the occasion of floods (*2) and to determine a assist system for native governments and volunteer teams in the case of such occasions (*3). To additional advance this collaboration and to work collectively to resolve varied social points, TMHD has determined to conclude a capital and enterprise alliance settlement with ICEYE.
*1 The SAR (Synthetic Aperture Rader) satellite tv for pc is a satellite tv for pc geared up with a particular radar which may observe at night time and in locations lined with clouds.
*2 Collaboration with three satellite tv for pc firms. Efforts to enhance insurance coverage funds utilizing satellite tv for pc knowledge.(December 29, 2020) https://www.tokiomarine-nichido.co.jp/company/release/pdf/201229_01.pdf(In Japanese)
*3 Collaboration with the NPO National Disaster Volunteer Support Group Network (December 23, 2021) https://www.tokiomarine-nichido.co.jp/company/release/pdf/211223_01.pdf(In Japanese)
2. Future Major Initiatives
With ICEYE’s functionality for prime precision imagery and its distinctive 「Daily Coherent Ground Track Repeat (*4)」 capabilities, mixed with its specialised group devoted to the insurance coverage area, Tokio Marine Group and ICEYE will collaborate to resolve varied social points by collectively selling digital transformation in insurance coverage claims companies and growing new insurance coverage merchandise and companies associated to early warning and fast response to pure disasters.
[Key Initiatives]
- Advanced Insurance Claims Services in the Event of a Wind Damages
When a windstorm happens, it’s significantly troublesome for purchasers to take pictures of the injury to the roof, and it takes time to know the extent of the injury and organize for a restore firm. In collaboration with ICEYE, we are going to set up a system to estimate the presence and extent of roof injury by analyzing varied knowledge comparable to satellite tv for pc knowledge and wind velocity. By proactively figuring out the incidence of roof injury attributable to windstorms based mostly on satellite tv for pc knowledge, we might help our clients shortly restore their lives by arranging for restore contractors and expediting restore work.
- Enhancement of Various Services at International Group firms
TMHD supported by ICEYE will develop initiatives at Tokio Marine Group firms exterior of Japan to speed up the insurance coverage claims cost course of. Such initiatives embrace expediting the insurance coverage claims cost for agriculture/crop insurance coverage by shortly estimating the extent of injury to farms by satellite tv for pc knowledge and growing parametric insurance coverage merchandise using knowledge noticed and collected by satellites. TMHD has collected the know-how on successfully using satellite tv for pc knowledge and will take full benefit of this capital alliance with ICEYE to additional develop pure catastrophe associated merchandise and companies throughout the Tokio Marine Group.
- Development of Disaster Prediction and Prevention Service Using Satellite Data Taking benefit of the strengths of satellite tv for pc knowledge to trace huge areas, mixed with the very fact it is not impacted by the exterior surroundings throughout instances of catastrophe and excessive climate, we are going to develop companies that detect potential disasters and ship alerts by monitoring floor modifications or modifications in facility circumstances.
*4 ICEYE is a world’s first in implementing satellites to shoot and observe the identical level each 24 hours underneath the identical circumstances. By precisely controlling the satellite tv for pc orbit and periodically passing over the commentary level to take footage, it’s potential to continually monitor, and detect minute modifications in the floor of the earth and modifications in facility circumstances attributable to pure disasters may be carried out with excessive frequency and accuracy.
