“ There is so much potential in this area ,” Taveo ’ s Mark Costello continues . “ Existing applications will be expanded and better calibrated [ in future ]. The evolution of Earth observation , aerial imaging and satellite technology , particularly when coupled with advancements in AI and ML , could lead to myriad new applications within the insurance sector .
“ Insurers are transitioning from a static ‘ sell-and-forget ’ model to a dynamic approach , continuously observing assets and proactively forecasting potential risks ”
ROBERT KOZIKOWSKI CO-FOUNDER AND CPO , TENSORFLIGHT
“ Employing real-time imaging for dynamic risk evaluation enables accurate pricing and policy terms . Post-disaster , automated damage analysis could expedite claims processing . Predictive analysis for loss prevention could predict loss scenarios and inform on preventive measures . Continuous tracking , monitoring , and valuation of assets ensures adequate insurance coverage .
“ Equally , enhanced , or even hyperlocal , weather analysis better assesses weather-related risk – which is crucial for agriculture and property insurance . Monitoring compliance with environmental regulations in real-time for environmental liability policies . Continuous monitoring of infrastructure integrity to detect & highlight potential risks . Assessing and adapting to new risk profiles driven by climate change .
“ Further , customised insurance products tailored closely to individual or industryspecific needs based on data insights , and real-time policy interaction allowing policyholders to adjust coverage based on current data , fostering a more flexible insurance model , will be possible . These emerging applications could significantly
56 December 2023