Lloyd’s has agreed a two-year partnership with geospatial insurtech McKenzie Intelligence Services (MIS) which promises to deliver faster claims decisions and payments for customers after perils.

The Lloyd’s market will have access to world-class satellite imagery through the Global Events Observer (GEO) platform, providing the Lloyd’s market with real-time analysis of storms, wildfires and flooding.

Drone imagery and other high-tech data will allow insurers to instantly assess damages when physical access to a risk location is limited following a natural catastrophe.

The GEO project harnesses ground-based geospatial data and globally available satellite earth observation information, allowing insurers to be “powered by space” as they assess damage to insured infrastructure and businesses.

Lloyd’s Chief of Markets Patrick Tiernan says the new partnership will enable the marketplace to better serve customers by paying them faster and more efficiently.

“We have set out to create the world’s most advanced insurance marketplace and this partnership is another step towards that goal.”

The platform was developed by MIS as part of the Future at Lloyd’s program. It uses artificial intelligence (AI), machine learning and government intelligence techniques and can rapidly analyse data from satellites, drones, global and local sensor networks and third-party information providers in real time.

The technology is expected to reduce operational costs and the carbon footprint of insurers and bring immediate benefits to reserving, claims management, underwriting and operations across the Lloyd’s market, while significantly improving the accuracy of reserving values.

Lloyd’s says the new partnership between MIS and Lloyd’s reflects the importance of cross sector collaboration when managing the global risk landscape.

MIS CEO Forbes McKenzie says technology can add value to the whole insurance value chain.

“We look forward to improving and refining GEO to better serve both Lloyd’s and the wider insurance marketplace,” he said.