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Spookfish enters insurance agreement

Spookfish executive chairman Jason Marinko.

UPDATE 3.05pm: Aerial imaging and mapping firm Spookfish has entered into an evaluation agreement with an unnamed insurance company.

The agreement will allow the company, which is said to have operations in Australia and throughout Asia, to review the capabilities of Spookfish’s technology and evaluate the merits of entering into a commercial agreement.

Spookfish said the company was already a significant user of geospatial data.

“Geospatial data has been widely used within the global insurance industry for decades however the introduction of new smart mapping technologies has broadened its use and applications significantly,” the company said.

Executive chairman Jason Marinko said considering the enormous value placed on having access to current nationwide geospatial data by the insurance industry, it was satisfying to engage with a major industry player now in preparation for our large scale launch in 2016.

“The ability to provide current, cost-effective, high resolution, 2D and 3D imagery across entire countries has already generated significant interest in our technology from the insurance sector,” he said.

Spookfish shares closed up 0.3 cents, or 3.95 per cent, at 7.9 cents after hitting an intraday high of 8.2 cents.