management and pricing insurance products accurately ,” he says . “ However , the technology ’ s role in loss assessment is also growing , especially with data analytics and imaging technology advancements .”
Kozikowski agrees that underwriting is the primary application . “ It ’ s swift ,” he explains . “ For any asset an insurer is interested in , one can quickly procure a recent high-resolution image , extracting the data needed to formulate insurance pricing . Almost any location of interest to an underwriter typically has readily available imagery .”
What future applications for satellite imagery are there ? As with most technologies , adoption is often shaped by availability . As more satellites are launched , the ability for companies – not just insurers – to leverage the technology has become exponentially more affordable . There are now more than 1,000 Earth observation satellites in orbit , covering everything from telecommunications to satellite internet .
“ While most insurance verticals already leverage satellite imagery , the game-changer lies in advancing automation ,” Robert Kozikowski explains . “ This includes swifter analysis , extracting richer data points , and monitoring a broader spectrum of assets and risks through Earth observation .
“ An emerging trend is the integration of predictive analytics with constant satellite monitoring . Insurers are transitioning from a static ‘ sell-andforget ’ model to a dynamic approach , continuously observing assets and proactively forecasting potential risks .”
54 December 2023