{"id":21292,"date":"2024-01-19T22:08:55","date_gmt":"2024-01-19T22:08:55","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=79677"},"modified":"2024-01-19T22:08:55","modified_gmt":"2024-01-19T22:08:55","slug":"using-iot-to-reduce-construction-risks-brickeye","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/01\/19\/using-iot-to-reduce-construction-risks-brickeye\/","title":{"rendered":"Using IoT to Reduce Construction Risks: Brickeye"},"content":{"rendered":"

A 2024 ICTA nomination<\/a><\/h3>\n

Toronto, ON (Jan. 19, 2024) \u2013 Brickeye delivers innovation in risk mitigation solutions at the intersection of technology, construction, and insurance. The company\u2019s Construction Risk Mitigation Platform integrates state-of-the-art IoT sensors, reliable job site connectivity, and advanced cloud-based software and analytics \u2013 delivering actionable alerts and intelligent automated risk controls, providing comprehensive protection from water damage incidents and claims on building construction projects for both insureds and insurers.<\/p>\n

The business use of the technology within the insurance market is twofold:<\/p>\n

First, in preconstruction, before going to markets, Brickeye works with insureds and brokers to help de-risk building projects through the development of technology-enabled water mitigation plans. These plans, together with a Brickeye-issued Certificate of Protection (CoP), are included by brokers as part of the application package for placement of Builders Risk and Wrap Up Liability policies. Brickeye\u2019s project-specific plans provide underwriters and risk engineers with a detailed understanding of the risk controls being put in place by the insured during construction \u2013 together with a corresponding water response plan outlining the alerts and automations (e.g. valve shut-off) that are initiated in the event of a water incident. These tools, and the analytics behind them, help insurers better understand their risk exposure in comparison to an unprotected project, driving more competitive, risk-adjusted coverage terms and pricing for clients \u2013 along with higher returns for insurers.<\/p>\n

Second, during the course of construction, Brickeye\u2019s job site technology is deployed to enable real-time alerts and automated loss controls that reduce the time to discovery and mitigate the damage associated with water incidents. The technology uses IoT-enabled devices including water ropes and probes, flow meters, automatic shut-offs and pump on\/off controls to overlook key building areas and systems, including temporary water, electrical rooms, elevator pits, domestic cold and hot water systems, mechanical rooms, and sprinkler supply lines. Paired with intelligent alerts and controls, Brickeye\u2019s solutions are digitizing and revolutionizing how construction projects are monitored and protected, helping reduce insurance costs and protecting project margins for insureds, while maintaining healthy loss ratios for insurers.<\/p>\n

Business Impact<\/h4>\n

By working with insureds and brokers to help de-risk building projects upfront in preconstruction,
as well as mitigate water risk during course of construction, Brickeye has helped drive the
following benefits:<\/p>\n

Preconstruction<\/span><\/p>\n