Intelligent AI: The Power of Digital Twins
INTELLIGENT AI | OCTOBER 2021
The commercial property insurance market of 2021 is ripe for modernization. Insurers and brokers lack comprehensive real-time risk data to help them monitor, detect, and mitigate commercial property risks. Fewer than 5% of commercial property locations are physically surveyed for risk and, of those that are, only 1 in 7 risk recommendations are actioned. This leaves the customer and insurer exposed financially if disaster strikes.
With mounting losses, insurers are forced to increase prices and restrict coverage, with customers ultimately paying more. Commercial property insurance is currently loss-making. The status quo is not working. There is an urgent need for rapid transformation to real-time intelligent insight. Digital Twins of risk can provide a 360° view of risk across 100% of your commercial property portfolio.
This report by Intelligent AI explains how Digital Twins of risk can be used to drive a smarter underwriting and risk management approach.
Intelligent AI was the winner of the 2021 ACORD InsurTech Innovation Challenge London.