London, U.K.—FM Global, one of the world’s largest commercial property insurers, has invested US$250,000 in AirWorks Solutions, a Massachusetts, USA-based startup that is developing aerial mapping software for mapping and surveying. FM Global will be partnering with AirWorks to apply their technology to property risk identification and loss prevention.
AirWorks uses aerial data from drones, aircrafts and satellite imagery to create layered sketches of location topography and conditions in near real-time, powered by artificial intelligence. This data can be used to help identify hazards, inform critical decisions and improve the timeliness and spend on construction projects.
“We believe this forward-thinking technology has great potential to be adapted for property risk management by identifying property hazards from the air that couldn’t otherwise be easily or safely identified,” said Michael Lebovitz, senior vice president, innovation, FM Global. “This technology could further enhance FM Global’s innovative risk management and engineering solutions and make our clients more resilient to property-related risk. We’re excited about the possibilities and benefits.”
About FM Global
Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organisations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.