MAPFRE RE Signs Agreement to License ICEYE’s Global Flood Data

MAPFRE Renews Partnership with ICEYE for Flood Data Access

MAPFRE, a well-known insurance provider, has renewed its agreement with ICEYE, a company specializing in satellite technology, to continue accessing comprehensive global flood data. This collaboration highlights MAPFRE’s ongoing dedication to improving its risk assessment capabilities through innovative technology.

What the Agreement Means

The renewed partnership allows MAPFRE to utilize ICEYE’s satellite-powered insights for more accurate flood risk evaluation. By leveraging this advanced data, MAPFRE aims to enhance its underwriting processes, which could lead to better insurance products tailored for clients affected by flood risks.

Key Players Involved

MAPFRE is known for its extensive experience in the insurance industry, while ICEYE has made a name for itself in the realm of remote sensing and data analytics. Together, their collaboration reinforces the importance of utilizing technology in understanding and managing risks associated with natural disasters.

Impact and Benefits

This partnership may primarily benefit MAPFRE’s clients through improved insurance offerings that are informed by real-time data. As flood risks become more apparent due to climate change, having access to precise satellite data can help the company make informed decisions, ultimately leading to enhanced safety for policyholders.

While this agreement is certainly a step forward for MAPFRE in its quest for innovative risk management solutions, it's also noteworthy for the insurance industry as a whole, signaling an increasing reliance on technological advancements for effective underwriting practices.

With the continual evolution of technology in the insurance sector, such partnerships may pave the way for others to adopt similar data-driven approaches, potentially improving customer experiences across the board.

Original Source: https://ffnews.com/newsarticle/insurtech/mapfre-iceye-flood-data-agreement/