GWTInsight

Loved spending time with the EDII team and the current cohort taking them through all things commercial property and IOT. Great engagement from all the participants analysing how they can take real time commercial Property data into their own operations to improve risk management and underwriting. #gwtinsight #commercialbuilding #iotsolutions #commercialinsurance #mgas #dataservices

Please come through to Booth K167 and say hello. Happy to discuss all things Commercial Property and Real Time Risk Mgmt. #alchemycrew #itcvegas2023 #gwtinsight

📢 ITC PRE-EVENT - TONIGHT!! WHAT DOES ‘HARMONISING SUSTAINABILITY’ MEAN FOR THE INSURANCE INDUSTRY? According to hosts Alchemy Crew and Sønr Global the aim is “to frame (or re-frame) perspectives on this critical topic for the “Future of The Insurance Industry” … This will include how sustainability-related practices, expectations and considerations are and should be deployed by enterprises”.  Tonight’s pre-event will be discussing business model disruption in commercial lines insurance and GWTI’s own Iain Wilcox will be participating as a panellist. The think tank will be looking at: ➡️ Data Quality & Accuracy ➡️ Dynamic Risk & Underwriting ➡️ Circular Business Models & Monetization [sic] Of particular interest to #COMMERCIAL PROPERTY INSURERS, Iain will specifically be discussing how IoT and smart technology has a key role to play in the future of commercial property risk management. It’s not too late to reserve your place for this event - so don’t miss out! https://lnkd.in/d_mjReXX BUT, If you can’t make it this evening then do take advantage of Iain being available for a chat during the conference. linkedin.com/in/iainwilcox or iain.wilcox@gwtinsight.com #HarmonisingSustainability #InsuranceIndustry #Sustainability #CommercialInsurance #BusinessModelDisruption #DataQuality #Underwriting #IoT #SmartTechnology #RiskManagement

🔊We are incredibly proud to be working in partnership with the Zurich team in delivering the Zurich Insurance Insite solution based on the GWTI Data Service for commercial property. Winning ‘Technology Innovation of the Year’ (European Risk Management Awards 2023), we would like to extend a HUGE 'shout out' to the combined Zurich & GWTI Zurich Insight project team on what has been an exciting journey culminating in this recognition from our peers in the insurance industry...!! 🎉 🚀 😃 Mark Budd Louise Kerrigan Ian Anderson Gordon Matchett Lauren Deadman ACII Ella Greenwood BA DMD - PRINCE2 Agile Practitioner https://lnkd.in/efsFhpJr To find out more about what we do at GWTI and how we collaborated with Zurich to develop and deliver this award winning solution, take a look at our website or contact Iain Wilcox directly for a chat. iain.wilcox@gwtinsight.com https://gwtinsight.com/ #Innovation #IoT #SenseConsortium #EuropeanRiskManagementAwards #CommercialProperty #GWTInsight #CommercialLines

COMMERCIAL INSURANCE SHOULD START TESTING THE POWER OF THE INTERNET OF THINGS! So say the authors of this Boston Consulting Group (BCG) article and we couldn’t agree more. The potential for IoT deployment to shift the insurance paradigm from ‘risk transferer’ to ‘risk preventer’ is enormous. Yet the article points out that take up of IoT by the majority of commercial lines insurers and underwriters remains a little on the slow side suggesting that “carriers that establish a lead in this early period may find themselves with an advantage later on”. So what might those advantages be? Traditionally, insurers have priced risk based on past loss trends and likelihood of recurrence and the claims process has been protracted and costly. Now IoT proptech can introduce real-time and predictive data into the equation as part of the risk assessment, and transform claims. Here are just some of the benefits to be gained: 1️⃣ New opportunities for risk prevention IoT enabled real time data can help mitigate and even prevent risk, enabling the insurer and insured partner to develop preventative and response strategies to help clients avoid claim events arising in the first place. 2️⃣ Improved and more efficient claims process Historically very labour intensive, IoT enabled data short-cuts the verification and adjudication process allowing claims to be assessed and dealt with promptly and efficiently, particularly in situations where ongoing danger such as fire or flood is present. 3️⃣ Pay-by-use business model potential The concept of per-unit pricing is already well established in personal insurance but can extend to infrequently used commercial assets when equipped with sensors, offering flexibility and benefits to both property owners and insurers. 4️⃣ More accurate underwriting The shift from historical data to dynamic IoT data enhances insurers' ability to accurately price and assess risks. 5️⃣ New channels open up for IoT partnerships, products and insurance sales Insurers could explore new avenues for business acquisition, such as offering insurance alongside IoT solutions or maintenance contracts to manufacturing customers and portfolio managers, expanding their market presence. We know, first hand, how IoT and smart property technology can benefit both the insurers and insured in commercial property. If you'd like to know more about what we do and how we do it  visit our website: https://gwtinsight.com/ But do take a moment to view the full informative article here: https://lnkd.in/eKXQweim Thank you Boston Consulting Group (BCG) 🙏 #CommercialInsurance #IoT #RiskPrevention #ClaimsProcess #InsuranceInnovation #IoTBenefits

Is ‘PREVENTION’ key to the future of insurance? When it comes to commercial lines insurance, we’re firmly in the ‘YES’ camp. If you want to find out why, then why not arrange a chat with Iain Wilcox at the ITC in Las Vegas at the end of the month? Iain is participating as a panellist at Alchemy Crew and Sonr’s pre-event summit on October 31st and will be discussing how prevention is pivotal in changing the future of commercial property insurance. Specifically he’ll be looking at how capturing the existing data available as part of a building management system (BMS) plus 3rd party IoT sensors enables many commercial benefits. Here are just a few: ➡️ Preventative maintenance - targeting physical areas, machinery and equipment offers early identification of a reduction of performance and / or potential risk  ➡️ Reduction in capital replacement expenditure - distinguishes between equipment that is working near to original efficiency from equipment that is starting to reduce efficiency ➡️ Reduced costs of repairs / maintenance - proactively identifying risks and resultant losses below the deductible on the policy, delivering direct savings to the customer balance sheet ➡️ Improved claims handling - using data to validate claims, expedite the process and provide an automatic percentage payout immediately ➡️ Greater client retention - refined risk assessment, policy pricing and partnering offers greater value to the client and supports a move away from the 12 month policy renewal to a longer cycle Contact Iain directly to learn more about GWTIs products or arrange a meeting. linkedin.com/in/iainwilcox or iain.wilcox@gwtinsight.com #InsuranceFuture #CommercialInsurance #RiskPrevention #DataDrivenInsurance

What are the REAL benefits for insurers of using IoT in commercial properties? 🤔 Here at GWTI, we’ve been working with IoT for property insurers since 2018 and believe now more than ever is a great time to share the benefits for those we’ve worked with, first hand: 1️⃣ Enhanced Risk Assessment: IoT devices provide real-time data on various aspects of commercial property from temperature to security breaches and much, much more. By continuously monitoring these factors, insurers can better assess the property's risk profile and make more informed underwriting decisions which, in turn, helps them provide tailored policies to their customers. 2️⃣ Preventative Maintenance: IoT sensors can monitor equipment and infrastructure in commercial properties. By detecting potential issues early on, property owners can take proactive measures to maintain their buildings, reducing the risk of costly damage and minimising insurance claims. What's more, insurers may incentivise property owners to use IoT devices by offering premium discounts for maintaining their properties effectively. 3️⃣ More Accurate Claims Assessment: Deployment of IoT devices provides detailed and objective data on incidents that trigger insurance claims. This data can help insurers verify the occurrence and extent of damage, reducing the likelihood of fraudulent claims. As a result, the claims process becomes more efficient, and insurers can expedite settlements whilst maintaining transparency. 4️⃣ Loss Control and Prevention Programs: Insurers can use the insights from IoT data to develop loss control and prevention programs for their policyholders. These programs can include risk mitigation strategies, safety guidelines, and best practices to help commercial property owners minimise the likelihood of accidents, damages, and losses. 5️⃣ Data Analytics and Predictive Modelling: IoT-generated data can be combined with advanced analytics and predictive modelling to identify patterns and trends in property risks. Insurers can use this data to refine their underwriting processes continually and improve their risk management strategies, leading to more accurate pricing and better risk management practices. Many of our clients combine our GWTi-Observer service, which allows for the collection of data from buildings, with our GWTinsight-Maker, a configurable dashboard allowing clients to create data service based products and gain insights from real time data. As we can see from the above benefits, embracing IoT allows insurers to position themselves as innovative and proactive partners to their commercial property clients. So don’t delay, visit our website for more: https://gwtinsight.com/ #IoT #Insurance #RiskAssessment #PreventativeMaintenance #ClaimsAssessment #LossControl #DataAnalytics #PredictiveModeling #Innovation #CommercialProperties

WHAT DOES ‘HARMONISING SUSTAINABILITY’ MEAN FOR THE INSURANCE INDUSTRY? Well, this is the theme for the kickoff summit our own Iain Wilcox will be contributing to as a panellist at this year's ITC Vegas at the end of the month. According to hosts Alchemy Crew and Sonr “In a world where resources are finite and challenges are interlinked, C-suite executives must embrace sustainability as a harmonious symphony of human, social, economic, and environmental needs”. So, in relation to the insurance industry, this think tank will be discussing business model disruption in commercial lines. The session will comprise 3 workstreams looking at: ➡️ Data Quality & Accuracy ➡️ Dynamic Risk & Underwriting ➡️ Circular Business Models & Monetization [sic] The aim is “to frame (or re-frame) perspectives on this critical topic for the “Future of The Insurance Industry” … This will include how sustainability-related practices, expectations and considerations are and should be deployed by enterprises”.  Iain will be discussing data quality and accuracy, specifically in relation to the role IoT and smart technology has to play in commercial property risk management as well as  looking at how this impacts Underwriting and the new products being developed by GWTI’s Insurance partners. The pre-event is included in the ITC ticket price but must be reserved so don’t miss out! Harmonizing Sustainability - ITC Vegas (insuretechconnect.com) If you can’t make this summit then do contact Iain to arrange a chat during the conference linkedin.com/in/iainwilcox or iain.wilcox@gwtinsight.com #commerciallines #commercialproperty #MGA #IoT #smartbuildings 

🏭IS THIS THE FUTURE OF COMMERCIAL PROPERTY INSURANCE?   In line with the upcoming ITC Las Vegas looking at the future of #insurance, we’re in no doubt that PROACTIVE RISK MANAGEMENT is central to the discussion for commercial property insurance. Traditionally #riskmanagement has been reactive; focused on risks and events AFTER they’ve happened or dependent on static past data relating to proven ‘potential’ risk and the likelihood of such risk occuring again.  Consequently, traditionally, this approach to pricing insurance policies has yielded a protection gap with complex, lengthy claims and potentially sizable losses for the insurer or the insured. By comparison, proactive risk management, when supported by #IoT technology, enables the early identification of, and quick response to, changes that impact the risk profile of an individual building or wider portfolio - these might be changes in building operation, external circumstances, environmental events or behavioural change.  When deployed to monitor building performance as part of an integrated building management system (BMS), #smartpropertytechnology provides past, predictive and REAL TIME data insights enabling the evolution of risk strategies as well as the identification and detection of emerging risks before they become a catastrophic loss event. A few examples of the many kinds of #risk that can be detected and mitigated are: 🏊 A minor leak (in hot water systems or HVACs) that develop into a major flood 🔥 Fire breakout due to ‘brown out’ in  M&E  equipment or  machinery 💰 Occupancy in unauthorised areas leading to theft or damage 😮💨 Escape of noxious gases and pollutants - basic air quality There’s no doubt that proactive risk management offers a host of wider business and operational benefits to the insured as well as the real possibility of an insurance policy aligned and adaptable to their property risk profile, but the commercial benefits for insurers is far from insignificant too with a reduction in COR and the potential to reduce the expense ratio of the policy below 90%. With direct benefits for the end customer, with a potential reduction in their attritional losses everyone wins in the #valuechain. Interested in finding out how GWTI supports proactive risk management? Get in touch with @Iain Wilcox for a chat at the ITC linkedin.com/in/iainwilcox or iain.wilcox@gwtinsight.com Or visit our website to learn more ⬇️ gwtinsight.com #CommercialPropertyInsurance #IoTTechnology #BuildingManagement #EmergingRisks #ITCLasVegas #GWTI #InsuranceInnovation