SmartResilience for Insurers

Build property resilience, reduce insured losses and enhance customer loyalty

The Challenge

The insurance industry has a significant part to play in helping to promote societal resilience, especially in an era when climate change is bringing greater exposure to risks such as wind storms and summer heatwaves, whilst extreme flood events are growing in frequency. Additionally, the speed and scale of the digital evolution today has increased expectations for personalised, timely and context specific information.

Effective risk management can only occur with a strong customer-oriented motive to reduce the frequency and scale of losses. To achieve this, insurers need to exploit new sources of underwriting data, to understand repeatable patterns in claims events and develop advanced digital methods of communication with customers.

The insurance industry has an opportunity to better manage and support societal response to risk, through the partnered development of resilience.

The Solution

Through emerging technology, use of data and AI algorithms, Balkerne’s real-time risk prevention service enriches your insurance offering and provides a crucial layer of protection to your clients.

The SmartResilience risk prevention software platform helps insurers understand the value at risk, protect insured assets, reduce losses, minimise the need to claim on insurance and prepare for the consequences of climate change. In addition, the platform facilitates the creation of deeper relationships based on awareness, trust and empathy, between the insurer and customers, resulting in enhanced customer loyalty.

Benefits for Insurers

Real-time granular data and intelligence to better understand risk and price accurately

User-friendly platform to preemptively engage with customers and add value before a potential loss event occurs, resulting in enhanced customer loyalty

Automated advisory to transform customer behaviour, reduce likelihood of an insurance claim and improve loss ratios

Exploiting our dynamic location incident datasets to enable expansion into new market segments, previously limited by historical data