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The need for real-time risk data in Commercial Property Insurance

We really appreciate the response to our survey following the first SENSE live event on 29th April 2021. Your feedback has helped to provide a far better understanding of how new technology and real time data is being used to manage and assess commercial property risk today.

By sharing these results, our intention is to highlight the relevance of new technology and the potential upside of utilising new data-enabled processes across the insurance ecosystem. We believe that it is now possible to use Real-Time Data, IoT and Digital Twins of risk to drive new insights into commercial property risk to help modernise insurance underwriting and support risk mitigation to provide greater value to customers and ultimately, bring down the total cost of risk.

Scope of survey

This study was conducted in April 2021 with respondents coming from all sections of the insurance ecosystem from insurance underwriters, risk managers, technology providers, risk engineers and insurance brokers. The data was collected on an anonymous basis but 46 different insurance organisations are represented in these survey results.

  1. What problems are most impacting the commercial property insurance ecosystem today?

  2. How is the commercial property insurance and risk industry using new technology and real time data today to try and address these challenges?

  3. What are the potential benefits of using new technology and real time data to improve decision making and customer experience?

  4. What are the biggest barriers that are holding back adoption of new technology?

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