Casestudy : Delivering Improved Loss Ratios through Risk Prevention
· What challenge(s) were you trying to solve with Balkerne?
"To understand how we can use technology lead active loss prevention to reduce losses with our customer in order to mitigate the distress and disruption that an incident can bring. If we are able to provide timely warning of losses to customers, they’ll be better prepared to take action to either prevent the loss or take action to mitigate it’s impact."
· How did Balkerne's analysis help your organisation with the above challenge(s)?
"We primarily focused on how to obtain a greater understand of the factors that lead to a property being susceptible to metal theft. Balkerne were able to provide a detailed breakdown of the factors that could make a property more vulnerable which allowed us to think more about the impact across our whole portfolio. They also identified contributory factors that we hadn’t considered before, even though we have been insuring these properties for many years. By looking at the target property through the eyes of the intruder and not an insurer, Balkerne were able to identify new opportunities to prevent losses that we hadn’t considered."
· What would you tell someone who is considering working with Balkerne?
"I would recommend Balkerne to anyone who is thinking about using data insights to improve both their customer experience and loss ratios. I found Harish and Jonathan to be extremely knowledgeable and professional, it was a pleasure to work with them both."
Head of Business Improvement and Innovation
Balkerne's platform enables property owners and insurers to
prevent losses from manmade and natural events such as armed robberies, arson
attacks, flooding, extreme weather and COVID-19 through predictive, actionable,
and location-based intelligence. Pre-emptive, timely and relevant advice built
on location-based intelligence is sent to property owners to prevent potential
How are we different?
Traditional exposure datasets rely on historic loss data to
determine future outcome. Balkerne augments historic datasets with live
information to help insurers stay ahead of current events, turning adversity
into advantage. The platform captures data from over 35 different sources
including core property data, IoT, geospatial modelling, news and social media,
recognising factors such as chronology, content context and geo-spatial
relevance to build location intelligence and a live risk rating. By providing a
crucial layer of protection through a real-time risk prevention service,
Balkerne enriches the current insurance offering, improving insurers loss ratio
whilst providing a better service to customers.
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