Sydney - February 13, 2024 - Leading property analytics company CoreLogic Australia has partnered with ICEYE, the world leader in persistent monitoring data and natural catastrophe insights, on a revolutionary disaster response solution for the banking and finance industry.
Combining four decades of CoreLogic’s property data with ICEYE’s hazard insights, which leverage synthetic aperture radar (SAR) satellite data and auxiliary ground data, the new disaster solution can pinpoint areas and properties affected by flood and bushfire as events unfold.
CoreLogic Head of Financial Services Solutions, Eugene Vassiliev, said there is a growing need in the financial services industry to understand exposure to natural disasters for improved risk management and customer experience. “Currently, there is no method for banks to accurately identify and help clients who are being impacted by severe weather or natural disasters in near real-time. In most cases, media reports are relied on to identify suburbs or postcodes impacted,” Mr Vassiliev said.
“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.” Lenders using the 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. This will include the depth of floodwater inundation, including minimum, maximum, and average flood depth estimates on their customers’ properties. In the case of bushfires, the solution will identify the number of buildings likely to have been destroyed. Future enhancements will include expanding flood event coverage to New Zealand.
Mr Vassiliev said timely access to precise information will empower banks to make informed decisions for their internal disaster response protocols and improve speed to support customers during times of great stress. “Monitoring disaster events as they unfold means banks can provide targeted engagement with affected customers who have a heightened need for clear communication during such events, and better identify, assess and provide hardship cases with access to finance for emergency assistance or rebuild costs.
“For the lender, understanding its exposure at a granular level helps to mitigate business risk by implementing dynamic changes to business rules and policy controls, providing insights for implementing proactive loss mitigation strategies, facilitating efficient resource allocation, quantifying impacted properties, and detecting the potential for fraudulent hardship claims,” he said.
ICEYE is uniquely positioned to enhance emergency management decision-making by delivering flood and bushfire insights in near real-time. Based in Finland, ICEYE owns and operates the world’s largest SAR satellite constellation to monitor the Earth under any conditions, day or night, through clouds or smoke. High-resolution images of the Earth’s surface are combined with ground data to provide actionable intelligence about surface features and changes over time.
ICEYE Global Head of Partnerships, Paul Barron, said governments and businesses globally relied on ICEYE’s data to provide reliable, accurate and timely information on major flood and bushfire disasters. “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,” Mr Barron said.
“Leveraging SAR images ensures real-time, all-weather monitoring of disaster impacts, enabling businesses to make timely risk assessments, allocate appropriate resources to support customers proactively, and safeguard assets while minimizing financial exposure.”
CoreLogic Asia Pacific (CoreLogic) is a leading, independent provider of property data and analytics. We help people build better lives by providing rich, up-to-the-minute property insights that inform the very best property decisions. With an extensive breadth and depth of knowledge gathered over the last 30 years, we provide services across a wide range of industries, including Banking and finance, Real Estate, Government, Insurance, and Construction. Our diverse, innovative solutions help our clients identify and manage growth opportunities, improve performance, and mitigate risk. We also operate consumer-facing portals - onthehouse.com.au, properytvalue.com.au, and propertyvalue.co.nz - providing important insights for people looking to buy or sell their home or investment property. We are a wholly owned subsidiary of CoreLogic, Inc. – one of the largest data and analytics companies in the world with offices in Australia, New Zealand, the United States, and the United Kingdom. For more information visit corelogic.com.au. Follow CoreLogic on LinkedIn and Instagram for the latest property news and insights.
ICEYE delivers unparalleled persistent monitoring capabilities to detect and respond to changes in any location on Earth, faster and more accurately than ever before. Owning the world's largest synthetic aperture radar (SAR) satellite constellation, ICEYE provides objective, near real-time insights, ensuring that customers have unmatched access to actionable data, day or night, even in challenging environmental conditions. As a trusted partner to governments and commercial industries, ICEYE delivers intelligence in sectors such as insurance, natural catastrophe response and recovery, security, maritime monitoring, and finance, enabling decision-making that contributes to community resilience and sustainable development. ICEYE is headquartered in Finland and operates from five international locations. ICEYE has more than 600 employees, inspired by the shared vision of improving life on Earth by becoming the global source of truth in Earth Observation. For more information, please visit www.iceye.com. Follow ICEYE on LinkedIn and X for the latest updates and insights.