In the UK, 79% of commercial properties are underinsured by at least 30%– a huge issue for property owners and the market, which is losing premiums on £340bn of property value annually.
London, 19.06.2023: InsurTech Intelligent AI is proud to announce the launch of its ground-breaking Intelligent Rebuild Cost Validation Platform, designed to address the long-standing challenge of underinsurance in the commercial property market. This complements and builds on the success of its widely adopted Intelligent Risk Underwriting Platform.
For years, underinsurance has plagued insurers, brokers, and property owners, with a staggering 79% of commercial properties being underinsured by at least 30%. Historically, the issue arose due to lack of high quality and affordable rebuild cost data.
Recent global events, including the Covid pandemic, Brexit, and the Ukraine war, have exacerbated this issue by driving up the cost of construction materials and labour. In the past year alone, supply chain costs have surged by 20%. As a result, underinsurance has become a critical problem, with accurate valuations for millions of properties becoming slow and unnecessarily expensive.
To tackle this challenge head-on, Intelligent AI has developed the Intelligent Rebuild Cost Validation Platform, revolutionising the industry.
Anthony Peake, Founder and CEO of Intelligent AI, said: "Our Intelligent Rebuild Cost Validation Platform is a game-changer for the property insurance market, particularly benefiting commercial property owners, insurers, and brokers most impacted by the underinsurance issue.
“With fast and cost-effective access to real-time data for large property portfolios and providing valuable insights into areas of greatest underinsurance, the platform ensures more accurate premiums and reduced risk for insurers, while instilling greater confidence in property owners regarding claims pay-outs in the event of loss.”
By accessing multiple,verified data-sources, Intelligent AI’s new platform not only provides commercial property owners with more accurate reinstatement values to adequately cover their buildings, ensuring insurers pay out fully, but it also reduces insurers' and brokers' exposures by enabling correct premiums through faster and cost-effective real-time rebuild cost data.
The platform fully automates the entire process for a large proportion of properties, greatly improving the cost and accuracy of results. This enables 100% of commercial properties to have an accurate valuation each year. Further, the platform also provides rebuild cost data that reflects real-time inflationary changes in construction costs.
The Intelligent Rebuild Cost Validation Platform is designed to work with Intelligent AI’s existing cloud-based Intelligent Risk Underwriting Platform that aggregates over 300 data points, including AI document analysis, open data, satellite image analysis, property characteristics data, and real-time weather and flood risks, to give insurers greater clarity across 100% of their portfolios, enabling them to identify, measure, predict, and mitigate a huge variety property perils in real-time.
About Intelligent AI
Intelligent AI delivers Insurance Risk Management and Underwriting insight with AI and Data Analytics solutions to predict and mitigate global risk and bring clarity to insurers’ portfolios through AI document reading and Digital Twins of 100% of customer sites. IntelligentAI has been fortunate to have won a number of grants from Innovate UK for its innovative work in digitising the insurance industry, plus support from the European Space Agency. Intelligent AI won the Zurich Innovation championship in the UK last year, beating 400 other Insurtech provider, has been accepted into the prestigious Lloyd’s Lab Incubator, and also won the ACORD Global Innovation Championship. IntelligentAI is also part of the Sense Consortium, a new UK thought leadership consortium operating in the insurance space that helps to generate debate, educate, and progress innovations that reduce the total cost of risk to all in the commercial property sector, through better use of IoT sensor data.
The annual value of underinsurance in commercial property in the UK comes from The British Property Federation, cited here: UK Commercial Properties ‘Underinsured by £340bn’ - Hicks Baker
Media Contact
Simon Hayes, M.D.
NextGenCommunications
M:+44 (0)777 1516544
E: simon@nextgencomms.com
