LiveEO analyses satellite data with the help of artificial intelligence to generate business insights for companies in a wide range of industries. As part of the InsurLab Germany Accelerator Batch#21, the company was able to define new use cases along the entire value chain of insurers together with SAS and the Ecclesia Group and thus illustrate the enormous potential for insurers in the use of satellite-based insights.
With SAS, the focus was on risk analysis and loss detection after floods, where satellite data can significantly optimise risk assessment, insurance coverage and claims settlement both before and after catastrophic events. With the Ecclesia group, the focus was on detecting building features such as solar panels, which can have a major impact on building value.
“InsurLab Germany and its excellent network have helped us to understand the problems of insurers in detail. This allows us to develop satellite-based solutions that offer maximum added value to the industry and ultimately also benefit the customers. Developments such as climate change also pose global challenges to the world of insurance, which is why new, global data sources such as satellites are needed to proactively address the risks.”
Dennis Schmargon, Head of Business Development at LiveEO
“Working with LiveEO as a mentor was enriching in every respect, both in terms of content and personally. In the end, however, it is important for everyone to have a good result that can be built upon. In our case, that is an integrated showcase combining data, analytics and front-end, demonstrating the many uses of satellite data in the value chain.”
Michael Rabin, Advisor Insurance Innovation at SAS