Construction Internet of Things (IoT) and data analytics company Brickeye has entered into a strategic partnership with iMitig8risk to offer a solution for mitigating water damage and concrete defects in construction projects.
This partnership aims to reduce the frequency and severity of claims and thereby lower the cost of builders' risk insurance.
The collaboration combines Brickeye’s job site IoT and analytics platform with iMitig8risk’s expertise in insurance risk engineering and loss control software.
Brickeye's construction IoT technology has been deployed on more than 1,000 projects globally, offering real-time job site monitoring and risk mitigation.
The platform's early detection capabilities for water escape and intrusion incidents enable swift action by project teams.
Furthermore, Brickeye’s LumiCon concrete monitoring solution provides continuous, remote access to real-time pour data, ensuring concrete quality and compliance with thermal control plans.
The technology mitigates concrete quality defects, which can lead to costly litigation and builders' risk claims.
Meanwhile, iMitig8risk Global's cloud-based loss control platform, designed by risk engineers, assesses process controls and risk management for builders' risk projects.
The data captured and analysed pinpoints specific areas of concern, identifies trends, and provides risk scores.
The latest integrated technology approach will provide intuitive solutions for managing risks and suggest improvements based on past claims and near-miss data.
This proactive and integrated strategy helps insurers maintain margins and protect loss ratios, reducing the total cost of risk for all stakeholders.
Brickeye CEO Tim Angus said: “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.”
