By Mina Martin
CoreLogic Australia has teamed up with ICEYE, a provider of satellite monitoring and natural disaster insights, to unveil a disaster response tool for the banking sector.
The collaboration merges CoreLogic’s extensive property data with ICEYE’s advanced hazard detection capabilities, using synthetic aperture radar (SAR) satellite imagery and ground data, to provide real-time insights into flood and bushfire impacts on properties.
Eugene Vassiliev (pictured above left), CoreLogic’s head of financial services solutions, emphasised the financial industry’s urgent need for precise disaster exposure understanding to enhance risk management and customer service.
“Currently, there is no method for banks to accurately identify and help clients who are being impacted by severe weather or natural disasters in near real-time. In most cases, media reports are relied on to identify suburbs or postcodes impacted,” Vassiliev said.
“This solution is a significant innovation for the entire industry. It seamlessly integrates our extensive property data with daily imagery from ICEYE's satellites, enabling observation of the extent and impact of natural disasters during major weather events, even through thick smoke or cloud cover.”
The solution allows financial institutions to closely monitor and receive updates on potential and actual disaster impacts at a detailed level, including specific data on flood depths and bushfire damages. Planned future updates aim to extend coverage to New Zealand, further broadening the tool's applicability.
With the ability to observe disaster effects in real-time, even in conditions obscured by smoke or clouds, banks can swiftly identify affected customers, improving communication and support during critical times. This targeted approach not only aids customers in distress but also equips lenders with vital data to mitigate business risks, devise proactive loss mitigation strategies, and prevent fraudulent claims.
ICEYE, headquartered in Finland and operator of the world’s largest SAR satellite constellation, plays a crucial role in this partnership. Its technology offers real-time visibility into flood and bushfire disasters, empowering both governments and businesses worldwide with essential, actionable insights.
Paul Barron (pictured above right), ICEYE’s global head of partnerships, highlighted the global reliance on ICEYE’s data for accurate, timely disaster intelligence on major flood and bushfire disasters.
“Through ICEYE’s expansive constellation of New Space satellites, we can provide unparalleled access to actionable, high-resolution insights into the unfolding impact of flood and bushfire events across the globe,” Barron said.
“Leveraging SAR images ensures real-time, all-weather monitoring of disaster impacts, enabling businesses to make timely risk assessments, allocate appropriate resources to support customers proactively and safeguard assets while minimising financial exposure.”
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