InsurTech Intelligent AI has partnered with the Building Cost Information Service (BCIS) to launch a new AI-driven property rebuild cost platform.
The Intelligent Rebuild Cost Platform (IRCP) was developed through Lloyd’s Lab in collaboration with leading insurers, brokers, and chartered surveyors.
This platform automates the delivery of essential property data and valuations, addressing the significant challenge of underinsurance in the market.
Underinsurance is a growing issue for both residential and commercial property owners, often due to outdated reinstatement values, which leave them vulnerable to substantial losses.
Recent tests revealed that an insurer’s portfolio of 355 commercial properties was underinsured by £1.17 billion.
The IRCP integrates open data, data analytics, BCIS reinstatement values, planning applications, and satellite imagery to fully automate the rebuild cost validation process. This allows for the delivery of accurate reinstatement valuations in seconds, rather than days or weeks.
This platform can assess everything from individual residential homes to multi-billion-pound commercial portfolios, allowing for accurate annual evaluations.
Anthony Peake, CEO of Intelligent AI, stated, “Whether it’s a residential property where a few hundred pounds difference in the premium could save the customer potentially missing out on hundreds of thousands of pounds in a payout, or a commercial portfolio where the declared value is upwards of a billion, it’s about safeguarding people’s homes and livelihoods should the worst happen.”
James Fiske, CEO of BCIS, noted, “We know policyholders want to be adequately covered, but annual site visits for a whole portfolio may be unfeasible. From portfolio managers using IRCP to perform an immediate risk assessment to surveyors using pre-populated assessments as a starting point, the intention is to improve efficiencies, save time, and reduce risk for everyone in the process.”
Johan Berg, Head of Large & Complex at Gallagher, remarked, “In a world of inflation and increased construction cost, rebuild cost valuations create severe under insurance issues. By using the intelligent rebuild cost platform from Intelligent AI, under insurance issues are not only addressed but also prevented.”
James Brown, Innovation Analyst at Tokio Marine Kiln, added, “Working with Intelligent AI and understanding more about their rebuild cost platform has created exciting insight to understand more around rebuild cost valuations.”
