April 19, 2024
Banking Finance Space

CoreLogic Australia-ICEYE tie-up to aid financial industry

Advanced disaster response solution on offer

CoreLogic Australia, a leading property analytics company, has signed an agreement with ICEYE, the world leader in persistent monitoring data and natural catastrophe insights, to introduce a cutting-edge disaster response solution tailored for the banking and finance sector.

By amalgamating CoreLogic’s four decades of property data with ICEYE’s hazard insights, utilising synthetic aperture radar (SAR) satellite data and auxiliary ground data, the innovative disaster solution is designed to identify and pinpoint areas and properties affected by flood and bushfire events as they happen.

Eugene Vassiliev, Head of Financial Services Solutions at CoreLogic, highlighted the growing necessity in the financial services industry for a comprehensive understanding of exposure to natural disasters to enhance risk management and customer experience.

Vassiliev said: “At present, there is no method for banks to accurately identify and assist clients impacted by severe weather or natural disasters in near real-time. 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.”

Individual property level

Lenders utilising this 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.

The solution provides detailed information, including flood depth estimates and identifying buildings likely destroyed during bushfires.

Vassiliev stated that this timely access to precise information empowers banks to make informed decisions for their internal disaster response protocols and improves speed in supporting customers during times of crisis.

ICEYE, headquartered in Finland, is uniquely positioned to enhance emergency management decision-making by delivering flood and bushfire insights in near real-time.

The company owns and operates the world’s largest SAR satellite constellation, providing reliable and timely global information on major flood and bushfire disasters.

Paul Barron, ICEYE’s Global Head of Partnerships, said: “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 noted that leveraging SAR images ensures real-time, all-weather monitoring of disaster impacts, enabling businesses to make timely risk assessments and allocate appropriate resources to support customers proactively while minimising financial exposure.

Featured image: CGI of an ICEYE SAR satellite over Scandinavia. Image: ICEYE

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, aerospace, defence, luxury watchmaking, business, automotive, and fashion verticals. He is passionate about conserving endangered native wildlife globally. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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