#United States #Centennial #Vexcel Imaging #LIMOSS #Lloyd's Market

Vexcel Partners with LIMOSS for Enhanced Aerial Imagery in Insurance

In a groundbreaking move for the insurance sector, Vexcel Imaging has announced a strategic collaboration with London Market Operations and Strategic Sourcing Limited (LIMOSS). This partnership is set to transform how insurers within the Lloyd's Market access and utilize aerial imagery and geospatial data for better decision-making. The agreement, effective from January 1, 2025, will see Vexcel's comprehensive suite of products and services made available through LIMOSS.

The Lloyd's Market, renowned as one of the world's leading insurance marketplaces, comprises more than 50 prominent insurance companies, over 380 licensed Lloyd's brokers, and a global network of more than 4,000 local coverholders. By leveraging Vexcel's advanced data resources and scalable platform, insurers can significantly enhance their underwriting accuracy, improve claims assessments, strengthen fraud detection mechanisms, and hasten responses to disasters affecting commercial and residential properties.

High-Resolution Imagery Across the Globe

Vexcel's extensive capabilities allow Lloyd's Managing Agents to gain access to a detailed program that offers high-resolution aerial imagery and property intelligence across more than 40 countries, including the United States, Canada, Australia, the United Kingdom, Japan, and various regions across Western Europe. This access is instrumental for insurers aiming to gain a clearer understanding of properties and their specific conditions.

In addition to regular aerial collections, Vexcel also performs specialized post-catastrophic imagery, referred to as Gray Sky imagery. This service provides critical high-resolution images of properties that have suffered from natural disasters such as wildfires, hurricanes, and tornadoes. The use of cutting-edge artificial intelligence (AI) and machine learning technologies further enriches the analysis of these images. Vexcel can extract crucial attributes from their expansive imagery library to present insurers with updated property insights, detailing aspects such as roof conditions, building footprints, and other key characteristics that aid in risk assessment.

Post-disaster assessments utilizing this AI technology enable insurers to undertake rapid evaluations of damage across multiple properties, enhancing their response strategies in the aftermath of significant events.

A Commitment to Excellence in the Lloyd's Market

Glen Brooks, the Senior Vice President of Insurance at Vexcel, expressed enthusiasm regarding this collaboration, emphasizing their aim to extend visibility of their aerial imaging and data library to a larger portion of the Lloyd's Market. "While we see a small segment of the Lloyd's Market using our platform today, we are excited to broaden our reach and provide invaluable imagery and insights for more insurers, thereby improving their decision-making processes related to their policies," he stated.

This partnership embodies Vexcel's commitment to offering innovative technology solutions that cater specifically to the evolving needs of the insurance industry. By prioritizing customer choice in imagery and analytics, Vexcel enhances the ability of insurers to navigate complex policies with enhanced confidence and efficiency.

About LIMOSS and Vexcel

LIMOSS, which stands for London Market Operations and Strategic Sourcing Limited, is a not-for-profit entity that is owned by the LMA, IUA, and Lloyd's. The organization operates by sourcing and managing common market services tailored for the London insurance market, striving to deliver high-quality services and value.

Vexcel Imaging, on the other hand, boasts over three decades of leadership in photogrammetry and remote sensing. They have developed market-leading UltraCam sensors and maintain one of the consumption industry's largest libraries of cloud-based geospatial data. Their expansive aerial imagery program enables a comprehensive understanding of property conditions across critical markets, solidifying their role as a go-to resource for government agencies, utilities, and, notably, the insurance sector.

For additional details and a demonstration regarding this exciting partnership, Lloyd's Market participants are encouraged to reach out via Vexcel's official website.

_Vexcel Imaging continues to lead with their innovative aerial data solutions, setting new benchmarks for the insurance industry's operational efficiency and accuracy._