Back in the good old days of incumbent monopoly , insurance underwriters were a revered breed . Their knowledge of specific industries like marine , agriculture and health , meant their calculations regarding potential risk , were the difference between claims being paid or not .
Today , technology is transforming the space . Artificial intelligence ( AI ) robotic innovations and satellite observation recording imagery and mapping potential risk in real time as a situation unfolds . And finally , it is the customer who is reaping the benefits .
Earth observation and climate risk When the Ever Given tanker banked itself in the Suez Canal in 2021 , it wasn ' t the images sent by those on the ground that resulted in accurate disaster forecasting . Satellite images beamed from a specially designed platform in real time , were the most valuable assets insurers had on creating crisis and claims predictions . The same technology was used in the tragic harbour explosion in Beirut - and more recently , for the volcanic event on the Island of Palma .
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