McKenzie Intelligence Services (MIS) has secured a strategic investment from Maven Capital Partners (Maven), a leading private equity firm focussed on investing in growing businesses in the UK.
In light of worsening natural disasters due to more severe weather patterns and an increase in frequency of man-made perils, such as ongoing wars and conflict, Maven has recognised the importance of the data-driven intelligence provided by MIS for the global insurance industry. This actionable intelligence is delivered via MIS' proprietary geospatial platform, the Global Events Observer (GEO). Using real-time information, machine learning, and expert analysis, GEO enables exposure managers, claims teams, and loss adjusters to make accelerated, data-driven decisions.
Maven’s funding will provide MIS with the ability to enhance product development by expanding GEO’s capabilities and improving its user interface. Additionally, MIS will have the opportunity to invest in more resources and data provider partnerships, which will allow for further growth into the European and US markets, while strengthening established relationships with leading insurers in the UK.
While GEO already hosts a variety of data and imagery from satellite, aerial, and ground-based sources, MIS plans to test and integrate new technologies to provide clients with further insights for pricing future risk exposure. Leveraging an archive of historical event intelligence, GEO will soon become a valued tool in the underwriting space, emphasising MIS’ mission to support all functions of the industry through one single platform.
Dean Cox, Investment Director at Maven, said: “The geospatial analytics and catastrophe insurance markets are forecast to continue double digit growth per annum over the next 5 to 10 years, driven in large part by the global severe weather events that are happening more often. Consequently, insurers are having to take more steps to defend against rising tide of natural catastrophe losses and turning to technology solutions to anticipate the level of claims more accurately and significantly reduce claim handling costs.
“MIS have built a strong pipeline of over 100 opportunities both in Europe and the USA, and we believe it has the potential to become a global market leader in a sector that is having to quickly adapt its approach to risk management. We are looking forward to working with Forbes and the wider team on this exciting growth phase for the business.”
Forbes McKenzie, Founder and CEO at MIS, added: "We are thrilled to be joining Maven's impressive track record of investments. As catastrophic events across the globe are becoming increasingly common and more severe, insurers are pressured to act more rapidly and effectively than ever before. This investment is an opportunity to reaffirm our mission of delivering accelerated and reliable intelligence for insurers to confidently make decisions in these critical times.
“Maven's support and belief in our purpose will allow us to further develop GEO to better meet the requirements of a constantly developing industry. Through growing our unique team of geospatial and insurance specialists, we look forward to fortifying our presence in the UK and expanding to international opportunities across Europe and the US."
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About McKenzie Intelligence Services
McKenzie Intelligence Services (MIS) provides immediate post event, multi-sourced data and the military grade intelligence that creates dynamic and three-dimensional loss information. Using its proprietary Saas, geospatial platform, the Global Events Observer (GEO), MIS systematically tracks and responds to catastrophes. GEO has the ability to host a vastly broad dataset, including satellite and drone imagery, radar, mobile phone, ground, and sensor data. This raw data, it is vetted by trained and experienced former military intelligence analysts to ensure accuracy and then translated into something actionable, which means when clients receive the intelligence, they can rely upon it immediately rather than having to undertake additional work. MIS empower decision making in real time, vital in the immediate aftermath of a major event, whether from natural catastrophes or man-made conflicts, all involving multi- peril coverage.
For more information, go to: www.mckenzieintelligence.com
For press-related enquiries, please contact:
Simon Hayes, MD
NextGen Communications
M : +44 (0)7771 516544
