Global reinsurance giant Munich Re has partnered with French InsurTech Luko on the launch of its artificial intelligence (AI) driven satellite imagery home insurance.
The InsurTech has developed new technology that it says is the world’s first customised home insurance solution. Luko has highlighted the fact that to insure a home one must answer a huge amount of questions that describe the house, adding that even with new technology, the determining of insurance premiums remain very theoretical.
Luko plans to change this, and via the use of AI and satellite imagery, the InsurTech says that after filling in an address, the satellite image of the house instantly appears, with the user then prompted to select their plot.
Following this, advanced AI then automatically detects roof surface, ground surface, the inclusion of a swimming pool and other variables.
Luko also recommends a risks reporting associated to the house, including risks relating to flooding, land, the industrial environment or burglaries. Luko claims that in just two minutes the user is presented with a tailor-made insurance solution. The firm’s data scientists spent 12 months making sure that this platform is efficient, reliable and easy to use.
“Today, you’re facing 50 questions and 10 minutes of form-filling just to get a theoretical price based on potential claims. The use of artificial intelligence and aerial imagery allows us to: make insurance simpler, more scientific and fairer; to proactively offer protection advice for your home and to reimburse insurees more quickly,” said Raphaël Vullierme, Chief Executive Officer (CEO) and co-founder of Luko.
Munich Re’s Senior Innovation Manager, Patrice Cohen, said, “We were immediately impressed by Luko’s technological and customer centric approach, which will certainly bring the innovation and simplicity that the consumer expects. Luko’s growth and rapid execution is part of building the insurance of tomorrow, a transparent insurance that prevents accidents and resolves them quickly.”
