Introducing Balkerne's SmartResilience Platform
As organisations grow in scale and complexity, so does their exposure to risk. Large corporates, insurers and brokers who manage risk for organisations and properties dispersed across many countries and time zones face continual and growing challenges from extreme weather and man-made events, threatening financial loss, business interruption and social and reputational issues.
The Purpose of the SmartResilience Platform
Transform the management of commercial property risk and achieve benefits across the insurance value chain for greater strategic organisational resilience.
Enable an actively managed property portfolio and reduce financial losses.
Lower operational costs, with fewer business interruption events and protection of revenue.
Demonstrate auditable resilience to the Insurance Chain to achieve lower premiums and gain access to risk management bursaries.
Improve capex efficiency with detailed knowledge of site-specific to portfolio risks and successful mitigation strategies.
Deliver enhanced business efficiency, corporate knowledge and consolidated information.
Automated monitoring to replace diverse, unreliable manual processes.
Enabling Organisational Strategic Resilience
SmartResilience is a Cloud Based Platform with a range of unified, layered functionality for the active and continuous management of risk for commercial organisations and their property. It enables informed location to portfolio understanding of exposures, key loss drivers and supports the effective allocation of resources as part of strategic planning and organisational activity to demonstrably improve business resilience.
Historical and Modelled Hazard Exposure
This is the core layer at the heart of the platform. The principal Commercial Property hazards which Underwriters qualify and quantify as risks are Fire, Flood, Extreme Weather, Crime and Subsidence. SmartResilience does the hard work of finding and integrating property data and both historical loss events and near misses, together with third party hazard data sets, with integration options determined by customer preference. Financial Value at Risk is also calculated for individual properties and different type of loss events, together with the identification of location critical processes and infrastructure which are at risk. Information on existing controls, both in terms of physical protection and complementing organisational processes is structured accordingly within the application.
Technical Risk Advisory
The properties of highest business and financial value and greatest risk will commonly be subject to site specific surveys and reviews by internal or external advisory teams to review and confirm identified exposures, hazards and controls. The results of these surveys are incorporated into the risk analysis within SmartResilience, together with the accompanying documentation produced from the surveys. Details of procurements and implementations of mitigations are recorded, along with response plan documentation with actions to take for anticipated scenarios configured within SmartResilience.
Live Risk Management
SmartResilience includes Machine Learning technology developed to optimise the processing of a continuous stream of live information from a multitude of social media and news sources, alongside other information sources from Internet of Things (IoT) Devices and Public and Private Organisations. Applicable contextual content by risk type and by geographical relevance is integrated and through the use of configured thresholds within the Alert Manager module, triggers the automated dissemination of alerts and warnings specific to organisations, their personnel and their risk appetite. The content of the alerts and warnings prompts the ability to conduct organisational to site specific response plans, designed to maximise the timely mitigation of identified risk.
The nature, extent and duration of individual insurance policies at a property level can immediately be reviewed through SmartResilience. Multi-user engagement on documents provides the ability to digitally generate and maintain corporate knowledge, whilst Portfolio analysis provides crucial insights and understanding.
Mobile functionality brings the opportunity for any personnel to report key information of an event at a property, such as a First Notification of Loss, including the provision of imagery. This can be accompanied by location specific environmental data processed from numerous sources, bringing opportunities for immediate assessment and verification of whether set insurance policy thresholds have been met for individual event types. Details of site financial Value at Risk can be evaluated against financial information provided within the First Notification of Loss.
Analysis and Reporting
SmartResilience enables intuitive and rapid segmentation of data in the form of portfolio and property dashboards, together with the running of reports and subsequent extraction of data. Auditable, data driven decision making is the objective, to deliver enhanced risk management performance.
Our integrated RESTful API enables immediate extraction of selected information, whilst also allowing enrichment from designated third parties.
SmartResilience can integrate many different data sources into a seamless common structure. Cloud Hosting enables all maintenance and software update issues to be readily achieved without work process interruptions.
Client Data Enrichment
SmartResilience provides opportunities to enrich both client asset and loss event data, achieving enhanced levels of organisational knowledge and coherence.
Why use SmartResilience and what’s next?
Clients can have a digital, coherent and data driven structured approach to active risk management, from the property to the portfolio level and achieve strategic resilience. SmartResilience has been planned, developed and managed to be modular, flexible and scalable. In the coming months we will continue to innovate at speed, delivering new features in response to identified opportunities and customer requests. Balkerne will also be researching the natural expansion to meeting the needs of customers for climate change scenario analysis created by the requirement to disclosure climate related information to Task Force on Climate-Related Financial Disclosures (TCFD) aligned standards.