Oil spills, port explosions, blockages in the Suez Canal and supply chain risks. These are just some of the events that global space company Skytek has analyzed over the past year for its insurance industry customers.
Executive SummarySkytek is a developer of software solutions for industry, with products derived from space and satellite technology, including REACT, a one-stop geolocation and satellite positioning service for the insurance sector and other industries. Here, CEO Dr. Sarah Bourke describes some of the use cases of REACT, both in assessing property claims involving fixed and mobile assets before and after loss-causing events, and risk scores for upfront underwriting of marine risks and other global assets.
The company helps insurers manage their global positions, combining space technology, big data, artificial intelligence (AI) and machine learning—in a service called REACT. With REACT, Skytek tracks both mobile and fixed assets around the world, in real time, both before and after loss events, said Skytek’s chief executive officer, Dr. Sarah Bourke, in an interview with Carrier Management.
“We can now tell you, in near real time, where all your assets are, what your aggregations are, what your accumulations are. We can track what your assets are doing and where they are traveling to.”
The system can count all the cars and the containers in ports across the globe that are in an insurer’s portfolio. “It’s a whole new way of looking at your risk and managing risks,” she affirmed.