The InsurTech industry is witnessing a significant transformation with the launch of Intelligent AI’s novel Intelligent Rebuild Cost Validation Platform. This data-driven solution is set to confront the persistent issue of commercial property underinsurance, a problem that costs the UK market £340bn in annual premiums.
An alarming 79% of commercial properties in the UK suffer from underinsurance by at least 30%, causing considerable concerns for property owners and insurers alike. This issue has largely been attributed to the absence of quality and affordable data on the rebuild cost.
Recent global circumstances, such as the Covid-19 pandemic, Brexit, and the Ukraine conflict, have aggravated this problem by escalating the cost of construction materials and labour. Supply chain costs have seen an increase of 20% in the past year, leading to a steep rise in underinsurance as accurate property valuations become costly and time-consuming.
In response to these challenges, Intelligent AI has introduced its Intelligent Rebuild Cost Validation Platform. This innovative platform promises to revolutionise the industry by offering real-time data for large property portfolios, thereby providing valuable insights into areas of severe underinsurance.
Intelligent AI CEO Anthony Peake emphasised the potential impact of the platform, stating, “Our Intelligent Rebuild Cost Validation Platform is a game-changer for the property insurance market, significantly benefiting commercial property owners, insurers, and brokers who are most affected by the underinsurance issue. It offers more accurate premiums and reduces risk for insurers while providing property owners greater confidence regarding claims pay-outs in the event of a loss.”
The platform leverages multiple, verified data sources to offer commercial property owners more accurate reinstatement values, ensuring full pay-outs from insurers. It also mitigates exposures for insurers and brokers by enabling accurate premium settings through faster, cost-effective real-time rebuild cost data.
With its ability to automate the entire process for a large number of properties, the platform improves both the cost and accuracy of results, ensuring that every commercial property has an accurate valuation each year. Moreover, it provides rebuild cost data that mirrors real-time inflationary changes in construction costs.
The Intelligent Rebuild Cost Validation Platform is also designed to seamlessly integrate with Intelligent AI’s existing Intelligent Risk Underwriting Platform. This cloud-based system aggregates over 300 data points, providing insurers with clearer insights into their portfolios and assisting them in identifying, measuring, predicting, and mitigating a myriad of property perils in real-time.
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