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Market Geospatial Services (MGS)

Market Geospatial Services (MGS)

Market Geospatial Services (MGS) combine aerial and satellite imagery with exposure data and analysis. Such services can inform payment of claims where a total loss has been concluded from available imagery and are often used to augment exposure management assessments following a major event. Increasingly, these services are also used to help other insurance functions, including underwriting and operations.

LIMOSS MGS Panel
The LIMOSS MGS panel is an elective (optional) service available to members of the Underwriting community in the London insurance market. The panel offers multiple geospatial services from different vendors under one, over-arching contractual framework. A Carrier/MA can choose to use some, all, or none of the services on the panel – paying only for the services they select. This model was setup at the request of the LMA Claims Committee to provide options and choice, providing a greater breadth of insights for the London Market.

The panel’s key terms are:

  1. Services on the MGS panel can complement, or compete with, existing panel services.
  2. The panel is available to LMA members, IUA members and non-IUA company market.
  3. Each vendor’s charging approach is transparently presented to the market but exact charges for a specific Carrier/MA are confidential.
  4. LIMOSS collect MA’s charges via STFO using the standard LIMOSS Market Service Funding Model.
  5. A proportionate LIMOSS service wrapper is provided for each panel service. Carriers/MAs should note that the key terms for each panel member may vary significantly from LIMOSS core market services and from other panel services. Further details on request.
  6. Geospatial tools are traditionally used by claims and exposure managers. As well as supporting existing user groups, the panel aims to deliver MGS benefits to other business teams E.g. underwriting, operations, compliance, C-suite etc.

Panel Members
The current panel members are:

Existing GEO and GIC users
Current GEO and GIC users have the option of continuing under a direct contract with the relevant vendor or joining the LIMOSS MGS Panel. New users also have the option to contract directly or via LIMOSS. Advantages of using the LIMOSS panel include Market-wide contractual negotiation; centralised and proportionate market governance; centrally collected payments (MAs only); LIMOSS Service Desk escalation pathway.

New Panel Members
Carriers/MAs who would like to see additional geospatial services added to the LIMOSS panel should contact the LMA Claims team OR servicedesk@limoss.london.

Register Now
To register for any Panel service, complete the registration actions on the relevant page for GEO and GIC.