Capella Space has partnered with Floodbase to integrate high-resolution SAR satellite data into Floodbase’s end-to-end solution for parametric flood insurance.
This collaboration will facilitate the certification of parametric insurance products with enhanced payout triggers by providing detailed flooding magnitude data, regardless of cloud cover.
The increasing flood risk due to climate change and other factors necessitates the use of parametric flood insurance as a vital tool to supplement traditional insurance and strengthen flood resilience.
Floodbase, in response to the growing demand for parametric flood insurance, is enhancing its solution with best-in-class SAR imagery from Capella’s satellite constellation, in addition to leveraging various datasets.
By using a multi-sensor fusion approach, Floodbase can seamlessly incorporate additional sensors for payout trigger certification and optimize policy design for clients. With the ability to quickly task SAR imagery through Capella’s automated tasking API, Floodbase can validate flood maps at any time and in any weather condition.
This capability will empower Floodbase to produce dependable, large-area flood maps under any circumstances.
As a certified Capella Analytics Partner, Floodbase will gain access to exclusive program benefits that can be utilized to expand analytical capabilities, enhance customer value, and expedite product development.
“We are excited to collaborate with Floodbase in harnessing the value of Capella’s all-weather SAR imagery and automated tasking system to address the flood insurance gap,” said Dan Getman, VP of Product at Capella Space.
“The combination of Floodbase’s large-area parametric insurance solution with Capella’s high-resolution SAR imagery will enable new parametric use cases to aid communities at risk of severe flooding events.”
“Floodbase sets a high standard for accuracy and reliability when evaluating new sensors. We were impressed with the resolution and reliability of Capella’s SAR sensor, and we are particularly enthusiastic about the ability to automate tasking via API,” said Annbjørg Medhaug, Chief Product & Strategy Officer at Floodbase.
“A parametric flood insurance solution built on Floodbase and Capella data will outperform competing solutions for a wide range of use cases and clients, and I am eager to scale the combined solution.”
Closing the insurance gap requires partnerships, collaborations, and a portfolio of solutions. Floodbase and Capella Space are both committed to using earth observation science and machine learning to enable all communities to prepare for and respond to climate disasters.