Intelligent AI targets commercial property insurers
Intelligent AI, the Exeter-based UK insurtech founded by risk management solutions expert, Anthony Peake, is addressing the commercial property market with its risk solutions technology.
The news follows on from last month's announcement that the insurtech has rolled out its Digital Twins of Risk AI programme, which provides risk profiles of all properties across a portfolio, not just those visited by risk engineers. A pilot study building 20,000 digital twins of properties ranging from port authorities to wind turbine sites is underway.
The market newcomer which has raised approximately US$1m in funding following its successful graduation from the Lloyd’s Lab uses 300 real-time data sources ranging from satellite image analysis and real-time weather to monitor flood risks and crime.
Intelligent AI also specialises in helping the insurance ecosystem to understand risk more accurately and make insight-led decisions in a timely and efficient manner.
The startup is backed by the UK government and its latest seed funding was led by RLC Ventures, with participation from FomCap, The Gupta Group, and a number of UK-based angel investors from leading private equity, insurance, and property firms.
Intelligent AI is also part of a new UK thought leadership consortium operating in the insurance space, Sense, that helps generate debate about innovations that reduce the total cost of risk to all in the commercial property sector, through better use of data.
Risk analysis and insurtechs
AI and advanced data analytics help insurers, brokers and their clients to identify and track risks by providing actionable insights that could save the commercial property insurance sector hundreds of millions of pounds each year.
Benefits for the customer also include mitigated health and safety risks and greater business continuity.
Targeting commercial property risk is a key strategy for many insurers and brokers. According to reports, Lloyd's property insurance lost on average $1.12bn a year ($4.5bn in total) between 2016 and 2020, driven by increases in man-made and natural hazard losses and the challenges of accurately assessing risk across huge property portfolios.
Data also shows that only 5-10% of insured properties were typically visited by risk engineers in the UK each year. Improving the quality of analytical data is therefore a top priority to ensure accurate premiums and risk mitigation programmes across 100% of the portfolio.
Global opportunities for insurtech
Intelligent AI’s CEO, Anthony Peake, who has previously delivered risk management solutions for six of the top 10 UK insurers and held key roles at global technology companies, including Apple, GE, BT, and Oracle, explained, "There is a huge global opportunity across the commercial property insurance sector.
“We need to move away from a system based on incomplete and historic data, which is failing to accurately define levels of risk in the marketplace.”
Peake added, “Having real-time, accurate data on risks and risk mitigation could ultimately help to prevent catastrophic incidents like Grenfell Tower."
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)