Intelligent AI, an InsurTech leader, has formed a strategic partnership with the Building Cost Information Service (BCIS), which boasts over six decades of expertise in compiling and analysing construction costs.
The partnership arose from the critical need to address the persistent issue of property underinsurance, which poses a significant risk to both residential and commercial property owners. Traditionally, property values have been underreported, often leading to substantial financial losses when claims are made.
Intelligent AI has developed the Intelligent Rebuild Cost Platform (IRCP), which leverages advancements in AI to streamline the delivery of essential property data and valuations. This technology was honed within Lloyd’s Lab, working alongside top insurers, brokers, and chartered surveyors.
The IRCP integrates various data sources including BCIS reinstatement figures, open data, data analytics, planning applications, and satellite imagery. This integration facilitates the automation of the rebuild cost validation process, enabling quick delivery of validated reinstatement valuations. The platform can handle everything from individual residential properties to extensive commercial portfolios, making annual assessments more accurate and reducing the traditional multi-year check cycle.
Anthony Peake, CEO of Intelligent AI, emphasised the importance of accurate property valuation, stating, “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, highlighted the practical benefits of the new platform: “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.”
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