News & Insights Articles

International Insurance Group Signs Evaluation Agreement

Spookfish is pleased to announce a leading international insurance group has entered into an evaluation agreement with Spookfish to enable it to review the technology and evaluate the merits of entering into a commercial agreement prior to its scheduled large-scale commercial launch in 2016.

This international insurance group, which has operations in Australia and throughout Asia selling insurance under several leading brands, is already a significant user of geospatial data. 

Geospatial data has been widely used within the global insurance industry for decades however the introduction of new smart mapping technologies has broadened its use and applications significantly.

The particular services highlighted by broader insurance sector that are not being cost effectively or accurately satisfied by contemporary systems are the acquisition of high quality building attribute and land cover data on a national basis. Having such high-resolution data also available as true 3D models, along with digital elevation models is also appealing for accurate asset analysis and environmental impact analysis.

The unique capabilities being developed for the large scale Spookfish commercial offering scheduled for launch in early 2016 will bring a cost effective, country wide solution to an industry continually striving to better understand and assess the risks their customers face, wherever they reside across the country, whilst at the same time, trying to create efficiencies within the business itself, from pricing to claims.

intends to share specific data collected during our ongoing testing program with each evaluation customer on a confidential basis to enable them to evaluate the merits of entering into a commercial arrangement with Spookfish. 

With our generation one system launching in 2015, Spookfish will be able to begin commercial urban capture programs for our lighthouse customers prior to the large scale commercial offering scheduled for early 2016. 

The comprehensive population coverage requirements of the insurance industry are similar to those of other large industries including property, logistics, telecommunications, utilities, security and navigation, just to name a few, and the unique capabilities of the Spookfish technology have garnered wide spread interest. As such, Spookfish continues to engage with significant local and international users of geospatial data in preparation for its pending commercial launch.

By engaging with customers early, Spookfish is continuing to refine all aspects of the customer offering to best meet the immediate industry requirements and facilitate a much smoother and faster uptake of its services when Spookfish launches its scheduled large-scale commercial offering in early 2016.

In relation to the signing of the evaluation agreement with a major insurance group, Spookfish Executive Chairman, Jason Marinko, commented, “Considering the enormous value placed on having access to current nationwide geospatial data by the insurance industry it is satisfying to engage with a major industry player now in preparation for our large scale launch in 2016. The ability to provide current, cost effective, high resolution, 2D and 3D imagery across entire countries has already generated significant interest in our technology from the insurance sector.”

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