The increased availability of real-time data, and improved processing power to cost-effectively collect, decipher and evaluate this information, is changing the face of many industry sectors. This includes government, health care, retail and insurance, each of which now possess the tools to confidently predict business and/or consumer outcomes. For property/casualty insurance providers, the ability to effectively harvest and evaluate complex datasets facilitates the building of predictive, proactive models that can immediately translate into improved risk and financial management, with quantifiable results.Executive SummaryNew technologies such as the deployment of multiple small satellites that leverage advanced passive microwave weather observation capabilities can give the P/C industry faster, frequent, more customizable and higher-quality climate data than any legacy system—and for a fraction of the cost, writes William Hosack, CEO of Orbital Micro Systems, an aerospace technology innovation company.
With the evolution of real-time data as an indispensable business resource, the property/casualty sector now has a unique opportunity to reimagine how they can leverage advanced atmospheric and climate-related data to manage essential business functions, such as building forecast models, assigning resources, and intelligently leveraging reinsurance and catastrophic bonds to ensure solvency for covering weather-related claims. New technologies such as the deployment of multiple small satellites that leverage advanced passive microwave weather observation capabilities can give the P/C industry what it most desperately needs: faster, frequent, more customizable and higher-quality climate data than any legacy system—and for a fraction of the cost.