Marble Surface

Consortium Charter

“Making sense of our world”

Introduction

There is a growing opinion that the future of how commercial properties and industrial sites will change radically through the availability of monitoring data from a wide variety of new and existing Operational Technology (OT) devices and IoT sensors. In the same way that telematics is changing how motor insurance is risk assessed, priced, and the opportunity for added value services, then the theory is, that these same forces will radically affect the risk profile and management of commercial buildings - globally. A consortium of interested parties has been formed to help drive, steer and support this direction.

Vision

The end to end proactive use of timely, granular and accurate data, such as from IoT sensors, OT devices, and building control systems, to drive the right business knowledge and insights across the whole value chain of running and insuring commercial property, world wide.

Purpose

We are a consortium of people driving forward the end-to-end use of better data to improve how commercial property risk is managed and insured and therefore reduce the total cost of risk to all stakeholders. Under the umbrella of The Camelot Network, this community of like-minded individuals has come together to improve how commercial property risk is assessed, managed, insured and any losses mitigated.

Scope

  • Commercial Buildings and industrial sites  (including mechanical & electrical equipment) 

  • Buildings contents/machinery

  • Natural Perils

  • Supply chain contingent business interruption 

  • Failure of power

  • Fire control, detection & suppression

  • Cyber threat (as well as physical) - through the use of sensors

  • The building's "digital twin"

  • External exposure to the building i.e. the environment the building is located in

  • Complete / holistic picture

  • Focus on meaningful data vs interesting data

Objectives

  • Raising awareness of the business benefits

  • Help drive the adoption of this new approach and overcome the inherent challenges

  • Developing standards (similar to NFSC Building Information Management (BIM) standards), for example for data sets, data definitions

  • Creating tailored business models of how to provide value across the corporate and insurance value chains

  • Sharing of real use cases taking place

  • Sharing best practice

  • Discussing and overcoming challenges (e.g. cyber risk, climate change/sustainability) in terms of approaches, implementations, deployments, industry-specific etc.

Potential Themes

  • Creating ecosystems - composite of different aspects (internal existing devices, internal new IoT sensors, external sources of data, external sensors - a 360-degree view of a risk)

  • Creating compelling business cases (operational alerts, risk management, better underwriting, better claims management, energy efficiency, hitting sustainability targets) 

  • "API pairing" - Ingestion of data APIs and then also sharing of data APIs

  • Data/risk information aggregation

  • The focus should be on the effect on insurance pricing (similar to health and motor IOT)

  • How to monetize this new approach - creating the right business models

  • Less focus on IIOT, rather more on the business outcomes that add value

  • Importance of having accurate data - how to prove and the resulting underwriting scoring changes

  • How to overcome legal implications, sharing data, fearing of exposing data to others in the value chain

  • Proactive real-time Risk Management and Risk Mitigation 

  • Risk-based pricing

  • Opportunity to drive greater efficiency in the transfer of underwriting data between Insurers and their clients