Skytek invests in R&D to develop new earth observation technology for the insurance sector
The software company Skytek is investing in an ambitious research and development (R&D) program to develop its new Real Earth platform.
The platform helps insurers proactively monitor risk aggregation and assess damage risk using Earth Observation (EO) images and other space technologies.
Skytek, headquartered in Dublin, opened its Belfast office in 2020. The company specializes in geolocation and earth observation (EO) solutions for the aerospace, insurance, aerospace and defense sectors. The Real Earth platform will be a major new feature in Skytek's current REACT system.
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Rita Malosti, Head of Space Activities at Skytek with Dr. Vicky Kell, Director of Innovation, Research and Development, Invest NIRita Malosti, Head of Space Activities at Skytek, said: “We have an excellent reputation in the international space industry. Our core technology has been on board the International Space Station for over 15 years. Skytek's REACT system provides real-time information and earth observation images to aid in risk exposure and loss calculation management. It was used by multinational services company AON and other leading partners during the recent Suez Canal incident and the Beirut port disaster, both significant events for the marine insurance sector. In the age of 24-hour reporting, it is crucial for insurance companies to immediately know exactly which ships were in the area at that time and in what condition they were after the event in order to be able to report an exact loss to the stock exchanges enable.
“In order to benefit from the growing demand for EO technology, the new platform was developed to enable insurance companies to easily and quickly obtain earth observation images before and after an event. The US hurricane season poses a major threat to the global insurance sector every year, and this year Real Earth will support insurance companies during the hurricane season. "
In addition to developing Real Earth, the Skytek Belfast team specializes in developing software applications for the European Space Agency and NASA. The company has been recognized by NASA and the EU for outstanding innovations.
Dr. Sarah Bourke, Skytek CEO stated, “When we visited Northern Ireland in 2019, I was very impressed with the local tech sector, including the growing Insurtech and SpaceTech clusters, and Invest Northern Ireland's advice was invaluable when we last visited ours Belfast office opened. ”Year. We are actively recruiting in Northern Ireland and will be recruiting 20 senior programmers and data analysts over the next 12 months. Skytek is also a strong advocate for women in technology and is actively committed to raising awareness among young girls. We look forward to continuing these efforts in Northern Ireland. "
Invest NI has offered the company £ 79,370 in support to develop its Real Earth platform.
Dr. Vicky Kell, Director of Innovation, Research and Development at Invest NI added, “Skytek is one of Ireland's leading aerospace technology companies. The company recognizes the importance of continuously investing in research and development to develop new technologies and this new Real Earth solution for the insurance industry is an exciting development.
“After advising the company on its expansion into Northern Ireland in 2019, we are excited to continue our support in innovating and diversifying into new sectors. The R&D skills that the Belfast team has gained from the Real Earth project will readily be carried over to major space projects. The aerospace sector will be one of our key growth areas post-pandemic as Northern Ireland expands as a globally recognized region for innovation in the aerospace sector. I am pleased that our expertise is already recognized by companies like Skytek. "
Invest NI is committed to promoting innovation in Northern Ireland and is a proud partner of Innovate NI, a Department of Commerce program that helps local businesses innovate successfully.
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