Cutting edge technology companies tapped by global insurance titan to bring US-style spatial data and aerial imagery to Japan to accelerate claims settlements and reduce insurance costs
PALO ALTO, Calif. (Jan. 04, 2022) -- Geosite, the company that builds business intelligence software for any application that uses spatial data, together with GIC, provider of the world's largest aerial imagery program for insurers, and MS&AD, the global insurance holding company for brands like Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, announce an initiative to streamline major claims following large-scale catastrophes like typhoons and torrential rains.
“High-resolution aerial imagery is increasingly used in the U.S. and Europe to more quickly assess damage and settle claims with lower costs but Japan has struggled to obtain aerial imagery of large areas,” explains Rachel Olney, Geosite’s CEO and founder. “This initiative puts extremely high-resolution imagery - down to 7.5cm - directly into the hands of claims managers to better serve customers impacted by extreme weather events and lower costs.”
Under the initiative, GIC will take and provide aerial imagery throughout Japan, and Geosite will build a software platform to analyze and integrate the images and data. MS&AD will then utilize the application in its insurance products, offering new solutions to accelerate claims settlements getting customers back on their feet faster, all while reducing costs.
This partnership is a cornerstone in MS&AD’s larger vision of integrating innovative technologies to digitally transform insurance practices, such as using spatial data to enable early payment of insurance claims for large-scale natural disasters.
Images taken by GIC before and after the disaster will also help provide new solutions that contribute to disaster prevention and mitigation.
The initiative dovetails with MS&AD’s ongoing efforts toward the early payment of insurance claims for large-scale disasters such as typhoons and torrential rains by utilizing various data and digital technologies.
In Nov. 2020, MS&AD’s Mitsui Sumitomo Insurance made a strategic investment in Hippo, a high-growth U.S. insurtech company, as a first step in the long-term domestic and overseas development of insurance products and other insurance services utilizing data and state-of-the-art technology.
Geosite is a SaaS platform with applications for enterprise users that leverage spatial data for operations, planning, and analysis. From search and rescue coordination across the U.S. to insurance underwriting and claims, Geosite fuses complex data into simple workflows by delivering the power of geospatial data directly to business operations from multiple satellite, drone, IoT, and geospatial analytic sources. The company was founded in 2018 by Rachel Olney, a Stanford Ph.D. and Forbes “30-Under-30” top entrepreneur for enterprise technology. The company is backed by marquee venture capitalists including YCombinator, Bee Partners, Lavrock, NextGen Venture Partners, and MS&AD Ventures. For information about Geosite visit: www.geosite.io.
On behalf of Geosite