Member Spotlight: Intelligent AI
What services does Intelligent AI provide to brokers and insurers?
Intelligent AI offers a SaaS (software as a service) platform to support commercial property underwriting. The Intelligent Risk Underwriting Platform provides near real-time location intelligence combined with AI data extraction capabilities to improve risk management.
Within the platform Intelligent AI provides mapping, 3D modelling of cities and satellite image analysis. Other components of the platform include the AI Risk Report Reader, which uses image analysis and NLP (natural language processing) to analyse long unstructured risk reports and turn them into structured data or dashboards.
We also have a new tool: an SOV (schedule of values) reader, which extracts data from clients and brokers and integrates this into the platform.
What did you do before you role as CEO of Intelligent AI?
I’ve been involved in computing and digital transformation for over 30 years. Over the last seven years I have been Managing Director and CEO of various software development companies.
I have also delivered the risk, claims and policy management systems for insurers such as RSA, QBE, AXA and Aviva.
What problem is Intelligent AI trying to solve?
In terms of data, insurance tends to be a manual and annual industry. There is lots of manual rekeying of data, and commercial property data tends to be looked at once a year.
Four years ago I was involved in some projects exploring open data sources, such as fire service callout data. I found that insurers were not looking at how many times the fire service is being called out to a building as part of their underwriting, meaning that they miss areas of increasing risk.
I was working on this project at the same time as the Grenfell Tower fire. I believe that this sort of data could have helped to save lives and could reduce the risk of the next £1 billion insurance industry loss. Intelligent AI aims to help prevent similar events and losses through providing access to real-time location intelligence, provided by our Digital Twins of Risk.
What are Digital Twins of Risk?
A Digital Twin is a representation of all the important characteristics of a physical building, in digital form and accessible in one place. Intelligent AI brings together over 300 data sets covering financial, construction, occupancy, protections and environmental information.
This information comes from open data, government data and our own proprietary and AI extracted sources. This data is combined with outputs from our SOV and Risk Report Reader, satellite image analysis, IoT (internet of things) data and natural catastrophe models to create a Digital Twin. This enables our customers to more accurately price risk and mitigate losses.
Can you give an example of how a client can use a Digital Twin to mitigate losses?
Examples of information that is incorporated into the Digital Twin include how many floors a building has, how strong the flood defences nearby are, and how good the fire alarms and sprinklers are.
I recently saw a risk report for a food processing plant where the sprinkler system hadn’t worked in five years. If the client knows this, they can get it fixed and prevent losses from a fire before it happens.
What will the future of IoT in commercial lines look like?
It has a huge place, but it is struggling today. The technology is moving very quickly, but there are challenges to overcome for digital transformation in the insurance industry. I’m seeing insurers acknowledge the value of IoT data, but they are still looking for the best ways to use it at the point of underwriting.
In the next few years I see IoT taking off, helping insurers with risk mitigation and claims, reducing the need for on-site loss adjustment.
Why has Intelligent AI joined the InsTech London community?
It’s great to keep up with what’s going on. InsTech London’s network is another main reason why we became a corporate member. I think partnering with other companies that we can access through InsTech London is important; I prefer integrating with another company’s solution to reinventing it myself, so it’s great to meet potential partners as we expand globally.
What companies are you looking to connect with?
We would like to connect with all types of companies from potential insurtech partners to insurers, and brokers. We have a Series A funding round coming up in the middle of 2022 and are also happy to speak with global investors.
For more information on Intelligent AI, go to intelligentai.co.uk