Technology will take the Insurance Industry toward 'Predict and Prevent'
Balkerne’s team have built an advanced risk management platform, SmartResilience, for the property insurance sector. From the beginning, our emphasis has been on a vision of ‘predict and prevent’ achieved through the exploitation of numerous data sources, including real-time data capture and managed critical information dissemination. We have received assistance from technical programmes such as the UK's Digital Catapult Machine Intelligence Garage and IBM's Hyper Protect Accelerator, together with mentoring from people in the Insurance Industry who recognise the opportunities presented by technology.
This excellent Insurtech Insights article by McKinsey explains how the insurance industry is poised to experience substantial technology driven change. The most telling statement is that Insurance will shift from its current state of ‘detect and repair’ to ‘predict and prevent’. Balkerne’s SmartResilience is designed to provide ‘a dynamic, data-rich assessment of risk to empower customers to make decisions about how their actions influence coverage, insurability, and pricing.’ The article also proposes the emergence of functionality that has purposefully been developed within SmartResilience:
Individuals to receive real-time alerts that may be linked with automatic interventions.
IoT sensors and an array of data-capture technologies, to largely replace traditional, manual methods of first notice of loss.
Claims triage and repair services that are triggered automatically upon loss.
As we conclude the year and take time to review our vision and technology, we appreciate the work that has gone into building our shared vision across the insurance ecosystem through partners, customers and investors who have backed us.
We look forward to being part of the change and transformation that is steadily taking hold in the insurance industry.