CoreLogic Australia, a leading property analytics company, has joined forces with ICEYE, the global leader in persistent monitoring data and natural catastrophe insights, to introduce a groundbreaking disaster response solution tailored for the banking and finance sector.
By merging CoreLogic’s four decades of property data with ICEYE’s hazard insights leveraging synthetic aperture radar (SAR) satellite data and auxiliary ground data, this cutting-edge solution enables precise identification of areas and properties affected by flood and bushfire events as they unfold.
Eugene Vassiliev, Head of Financial Services Solutions at CoreLogic, highlighted the increasing need in the financial services industry for enhanced risk management and customer experience amid rising natural disaster occurrences.
“The current lack of accurate methods for banks to identify and assist clients affected by severe weather or natural disasters in near real-time necessitates innovative solutions.”
Eugene Vassiliev, Head of Financial Services Solutions at CoreLogic
He emphasized the significance of this solution for the industry, seamlessly integrating CoreLogic’s extensive property data with ICEYE’s daily satellite imagery to observe the extent and impact of natural disasters during major weather events, even amidst thick smoke or cloud cover.
Through this disaster response solution, lenders can monitor regions based on their portfolios and receive regular alerts of at-risk or impacted areas down to the individual property level. This includes detailed floodwater inundation estimates and identification of buildings likely affected by bushfires.
Mr. Vassiliev stressed the importance of timely access to precise information, empowering banks to make informed decisions for internal disaster response protocols and accelerate support for affected customers during times of crisis.
“By monitoring disaster events in real-time, banks can engage with affected customers more effectively, identify hardship cases, and provide access to finance for emergency assistance or rebuild costs,”
Eugene Vassiliev, Head of Financial Services Solutions at CoreLogic
ICEYE’s Global Head of Partnerships, Paul Barron, underscored the invaluable role of ICEYE’s data in enhancing emergency management decision-making globally.
“Through our expansive constellation of SAR satellites, we provide unparalleled access to actionable, high-resolution insights into the unfolding impact of flood and bushfire events, enabling businesses to make timely risk assessments and proactively support customers while safeguarding assets.”
ICEYE’s Global Head of Partnerships, Paul Barron
This collaboration between CoreLogic and ICEYE signifies a significant advancement in disaster response capabilities for the banking sector, ensuring swift and effective support for customers during times of crisis.
