Over 50% of insurers in the UK collect some type of construction information, including data about warehouses, types of flame detectors or movement or occupancy sensors, and flood warnings. But only 11% of these collecting the data believe they're getting the full benefit from it. The vast majority of real estate insurance companies believe that this will drive interest in data enrichment and information sources for particular procedures, and databases that are conducive, and emphasis will be put on data protection in the future. These are lots of the findings from our LexisNexis Risk Solutions survey looking at the applications form prefill information enrichment, and information sources for Commercial Building Insurance companies.
We know that automation will play a role in insurance generally if we believe Aritificial Intelligence and machine learning applied for more efficient and faster processing. During the term of Commercial Building Insurance, from marketing to the stage of the claim, automation helps enhance customer service, speed decisions, and cut costs. You will find a myriad of matters where processing is pointless or costly in companies can do to introduce automation while there will be a place for the individual element in underwriting. The insurance policy lifecycle is made up of seven points of contact which occur between a customer and an insurer! Advertising. Automation can improve procedures within each of those contact points.
We commented in another blog article on the use of information for faster incident response, and improved management of an insurer’s asserts resources over specific geographical areas, to minimise losses as well as provide support to customers. However this potential of smart buildings information, live alerts, as well as automation is going to rely on an information platform that's able to close the info loop to get insurance, providing an opportunity to get the insurance company to act on the information in the shape of preventative action, or for much better risk rating. Only in this way can new business value be created from the available data, and the modern all-inclusive vision for a Commercial Building Insurance policy from the Internet of Things be made a reality. A building with motion sensors for flows of individuals flows of water, tighter security as a result of smart entrance systems, real-time surveillance as well as faster emergency response, for instance, is going to generate new, as yet mostly unused rating factors to the insurance world. It's up to the strategy of a person insurer to ascertain how much they concentrate on covering the conventional risk, and how far on the new services. Insurers could combine, analyse, as well as present insights or alerts from the big sets of data in a way which tenants or other stakeholders will find useful, augmenting their activities and behaviour in the entire area of risk.
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