Brickeye and iMitig8risk partner to transform construction risk management
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Brickeye and iMitig8risk have announced a partnership that will transform how construction risks are assessed and mitigated. The partnership is focused on mitigating water damage and concrete defects on major construction projects, helping insureds and insurers reduce claim frequency and severity and lower the cost of builders risk insurance.
This partnership uses Brickeye’s cutting-edge job site IoT and analytics platform, enabling real-time water damage and concrete defect risk controls for site managers and risk managers, with iMitig8risk™ expertise in Insurance Risk Engineering and Loss Control Software. Taking an integrated technology approach will provide an intuitive solution to managing risk, including project risk scores that can identify potential exposures and offer improvements used from past claims, lessons learned and near-miss data.
Water damage and concrete defects often result in financial losses, delays, litigation and reputational damage. Together, Brickeye and iMitig8risk aim to address these challenges by providing the construction and insurance industries with an innovative approach to de-risking construction projects upfront, enabling enhanced risk assessment and real-time risk engineering data and mitigating job site incidents during construction through IoT-enabled risk controls and analytics. By taking a proactive and integrated approach, insureds can keep margins intact, and insurers can protect loss ratios, reducing the total cost of risk for all stakeholders.
Brickeye’s job site IoT platform and risk controls
Brickeye’s construction IoT technology has been deployed on over 1,000 projects globally, delivering real-time job site monitoring and construction risk mitigation. The platform provides early detection of both water escape and water intrusion incidents, enabling informed action by project teams and automated risk controls to address water incidents before they escalate. Brickeye’s LumiCon concrete monitoring solution provides remote and continuous access to real-time pour data in-situ – critical to ensuring concrete quality, including strength, maturity, maximum temperature and temperature differential analytics. The technology ensures compliance with thermal control plans and mitigates concrete quality defects that can result in costly litigation and builders risk claims, as evidenced by recent LEG3 court decisions.
“With water damage and concrete quality among the most frequent and costly risks in construction, our technology plays a key role in proactively de-risking projects upfront at the time builders risk policies are bound, and mitigating job site incidents in real-time through early detection and informed action,” said Tim Angus, tthe CEO of Brickeye. “By partnering with iMitig8risk we’re enhancing visibility for insurers on the scope of IoT risk controls being deployed on project. This will improve the accuracy and efficiency of risk assessments, reducing claim frequency and severity and ultimately bending the cost curve for builders risk insurance in the form of lower deductibles and insurance savings.”
iMitig8risk GLOBAL workflow platform
iMitig8risk Global is a cloud-based Loss Control Platform designed by risk engineers to accurately assess process controls and risk management for builders risk projects. The system enables industry-focused recommendations that are tracked until closed, including actionable insights and alerts to key stakeholders, providing enhanced transparency. The data captured and analyzed shows specific areas of concern, identifies trends and provides risk scores that can be improved by taking proactive action, helping to mitigate perils that may lead to avoidable insurance claims during construction. Similar in concept to a FICO score for builders risk projects, the platform identifies “best-in-class” clients, supporting underwriters who understand the value of a well-managed risk.
“We are thrilled to integrate Brickeye’s construction IoT solutions into our risk management framework. Together we will enable insurers to better assess risk and incentivize insureds that adopt job site risk mitigation technology. By driving efficiency in risk assessment and improving risk scores, we can dramatically reduce the risk of water-related damage, as well as potential latent defects in concrete structures,” said David Baxter, the CEO of iMitig8risk. “Our aim has, and always will be, to provide expert advice that incentivises best practices in risk mitigation to drive down insurance costs for all stakeholders.”
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