Munich Re ties up with drone platform

Munich Re, one of the world’s largest reinsurers, has partnered with PrecisionHawk, a global, drone data platform, to enhance insurance assessments worldwide by providing faster response times and increased reporting accuracy in the aftermath of a natural disaster.

The partnership was recently exercised following the April earthquake in Ecuador, where PrecisionHawk collected drone imagery of the entire disaster site within days of its occurrence. The images were processed and analyzed in PrecisionHawk’s data software and delivered to Munich Re. Through this partnership, Munich Re aims to more effectively assess the extent of damages and respond to claims quicker.

“The cooperation with PrecisionHawk will speed up loss assessment and estimation of losses in the aftermath of a natural disaster significantly,” said Tobias Büttner, head of Corporate Claims within Munich Re. “Our clients will benefit not only from the high resolution of spatial data, but also from processing the data with algorithms. Combining these new algorithms and modeling methods with Munich Re’s claim expertise will enhance and accelerate existing loss adjusting procedures for example by helping to deploy loss adjustment resources more efficiently. Innovative technologies will considerably improve the efficiency of claims management in the insurance industry in future.” Munich Re will contract teams that cover North America and Latin America for its first deployments.