Leading property analytics company CoreLogic Australia has partnered with ICEYE, the world leader in persistent monitoring data and natural catastrophe insights, on a revolutionary disaster response solution for the banking and finance industry.
Combining four decades of CoreLogic’s property data with ICEYE’s hazard insights, which leverage synthetic aperture radar (SAR) satellite data and auxiliary ground data, the new disaster solution can pinpoint areas and properties affected by flood and bushfire as events unfold.
CoreLogic Head of Financial Services Solutions, Eugene Vassiliev, said there is a growing need in the financial services industry to understand exposure to natural disasters for improved risk management and customer experience.
“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,” Mr 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.”
Lenders using the disaster response solution can identify regions to be monitored based on their portfolios and receive regular alerts of at-risk or impacted areas down to the individual property level. This will include the depth of floodwater inundation, including minimum, maximum, and average flood depth estimates on their customers’ properties. In the case of bushfires, the solution will identify the number of buildings likely to have been destroyed. Future enhancements will include expanding flood event coverage to New Zealand.
Mr Vassiliev said timely access to precise information will empower banks to make informed decisions for their internal disaster response protocols and improve speed to support customers during times of great stress.
“Monitoring disaster events as they unfold means banks can provide targeted engagement with affected customers who have a heightened need for clear communication during such events, and better identify, assess and provide hardship cases with access to finance for emergency assistance or rebuild costs.
“For the lender, understanding its exposure at a granular level helps to mitigate business risk by implementing dynamic changes to business rules and policy controls, providing insights for implementing proactive loss mitigation strategies, facilitating efficient resource allocation, quantifying impacted properties, and detecting the potential for fraudulent hardship claims,” he said.
ICEYE is uniquely positioned to enhance emergency management decision-making by delivering flood and bushfire insights in near real-time. Based in Finland, ICEYE owns and operates the world’s largest SAR satellite constellation to monitor the Earth under any conditions, day or night, through clouds or smoke. High-resolution images of the Earth’s surface are combined with ground data to provide actionable intelligence about surface features and changes over time.
ICEYE Global Head of Partnerships, Paul Barron, said governments and businesses globally relied on ICEYE’s data to provide reliable, accurate and timely information 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,” Mr 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.”
Learn more about CoreLogic’s Disaster Response solution.