Large corporates with properties dispersed across countries and time zones face constant challenges from extreme weather and human-made events, each of which can threaten the integrity of properties and, as a result, the delivery of business operations. The frequency and scale of annual property losses is undermining not only corporate resilience, but also profitability of insurers, particularly with the growing number of catastrophic events caused by climate change.
Balkerne helps property owners and insurers prevent losses from human-made and natural events through predictive, actionable and location-based intelligence. Its integrated technology augments private, open and governmental datasets to achieve real-time situational awareness of climate risk from the individual to property portfolio level.
In 2017, commercial property insurance losses totalled €1.6 billion, at an average value per loss of €4,200. Reducing commercial insurance losses by 3% would deliver financial savings of €48 million across the UK commercial insurance market. Through focusing on prevention led by technology and artificial intelligence (AI), major improvements in overall profitability for businesses and insurers can be achieved on a global scale.
Balkerne is building best in class application of AI for the risk mitigation to help SMEs and large corporates prevent losses. it is working with insurance partners to offer its technology with insurance products, similar to car insurance offered based on black box style telematics insights collected from people’s own car and driving habits. Examples include a warehouse using an upstream river gauge to deploy flood prevention or gaining intelligence on ATM robberies, by processing news and social media in order to identify sites at highest risk of attack.
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