Property data firm collaborates with satellite specialist to provide real-time disaster response for banking and finance sector
CoreLogic and ICEYE have joined forces to introduce a groundbreaking disaster monitoring service tailored for the banking and finance sector. By integrating CoreLogic’s property data with ICEYE’s hazard insights derived from synthetic aperture radar (SAR) satellite data and ground data, the service delivers real-time information on areas and properties affected by floods and bushfires.
Eugene Vassiliev, Head of Financial Services Solutions at CoreLogic, highlighted the pressing need for such a solution in the banking and finance industry, citing the lack of methods to promptly identify and assist clients impacted by severe weather or natural disasters. Traditionally, reliance on media reports to identify affected areas has been the norm.
“This solution represents a significant innovation for the industry. It seamlessly integrates our extensive property data with ICEYE’s daily satellite imagery, providing unparalleled observation of natural disasters’ extent and impact, even in challenging conditions like thick smoke or cloud cover.”
Eugene Vassiliev, Head of Financial Services Solutions at CoreLogic
ICEYE, a Finland-based firm with the world’s largest SAR satellite constellation, offers high-resolution insights into flood and bushfire events globally. Their satellite technology, capable of providing readings day or night and through obstructing elements, combined with ground data, enables precise monitoring of surface conditions and changes.
The disaster response solution empowers lenders to coordinate internal protocols effectively and swiftly support customers. By identifying regions based on their portfolios and receiving regular alerts, lenders can monitor at-risk or impacted areas down to individual properties. The service provides crucial details such as floodwater inundation depth and average flood depth estimates, as well as information on buildings likely affected by bushfires.
Currently focused on expanding flood event coverage beyond Australia to New Zealand, CoreLogic and ICEYE aim to enhance disaster monitoring capabilities globally.
In times of natural disasters, maintaining clear communication between lenders and customers is paramount for fostering successful relationships. By monitoring disaster events in real-time, banks can proactively engage with affected customers, identifying those in need of assistance and providing access to finance for emergency aid or reconstruction costs.
