ICEYE announces beta release of wildfire data product

ICEYE Announces Beta Version of Wildfire Data Product | Insurance business America

The product will provide building-level impact data for wildfires in near real time

catastrophe and flood

By Ryan Smith

ICEYE, a provider of natural disaster information, has announced the beta launch of its Wildfire Insights product.

ICEYE Wildfire uses artificial intelligence and machine learning to provide building-level impact data for wildfires in near real time based on satellite imagery. The product captures data on any wildfires that have affected communities across the US, ICEYE said.

As part of the beta phase, ICEYE will invite select carriers to participate in final functionality testing prior to the product’s planned general availability release in Q3.

ICEYE Wildfire Insights includes a monitoring app for all ongoing wildfires across the country, the company said. When a wildfire exceeds a certain threshold based on size and proximity to a community, ICEYE begins capturing satellite imagery, which is then overlaid with building footprints and analyzed to indicate which buildings have been destroyed and which have not been damaged by fire. .

Hazard information is provided to insurance companies within 24 hours of initial analysis and at 24-hour intervals until the wildfire stops affecting additional buildings, ICEYE said.

ICEYE’s constellation of synthetic aperture radar (SAR) satellites can monitor events on the ground regardless of atmospheric conditions, the company said. Satellites can generate high-resolution images through clouds, at night, and through smoke.

ICEYE said its Wildfire Insights product will inform the assignment and deployment of field adjusters for more efficient and effective event response, allowing them to process and pay wildfire claims faster.

“Wildfire events are rapidly increasing in severity and frequency in the US,” said Penelope KourKouli, product manager for ICEYE Wildfire Insight. “Insurers have a hard time responding because they don’t have actionable data on damage to insured buildings in a timely and reliable manner. Traditional methods of obtaining this vital information often take several days, if not weeks. The ICEYE Wildfire Insights product allows users to access ground-level hazard data for US wildfire events within hours of event damage.

“Through our SAY constellation and data analytics capabilities, we deliver a level of hazard insight and in timelines not previously possible. This is a critical development in the evolution of how the industry addresses the growing danger of wildfires, and we are excited to work with insurers during the beta testing phase ahead of our launch.”

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