The new service, known as the Intelligent Rebuild Cost Platform (IRCP), provides instant, automated property valuations to address the growing issue of underinsurance for both residential and commercial property owners.
Developed through Lloyd’s Lab in collaboration with leading insurers, brokers, and chartered surveyors, the IRCP is a cutting-edge solution that aims to solve the under-insurance crisis by providing accurate, up-to-date reinstatement cost assessments. Recent tests on a portfolio of 355 commercial properties revealed a staggering £1.17 billion in underinsurance, highlighting the critical need for this technology.
The IRCP leverages advanced open data, data analytics, BCIS reinstatement data, planning applications, and satellite imagery to fully automate the rebuild cost validation process. Allowing insurers and property professionals to deliver verified valuations in seconds, replacing the traditional process that could take days or even weeks. The platform supports assessments for both individual residential properties and large commercial portfolios, ensuring annual evaluations rather than sporadic checks every few years.
Anthony Peake, CEO of Intelligent AI, emphasised the importance of addressing underinsurance: “Whether it’s a residential property where a few hundred pounds difference in the premium could save the customer from missing out on hundreds of thousands of pounds in a payout, or a commercial portfolio with billions in declared value, it’s about safeguarding people’s homes and livelihoods in case the worst happens.”
BCIS, which aids property professionals in accessing and understanding construction cost data, echoed these sentiments. James Fiske, CEO of BCIS, stated, “Policyholders want to be adequately covered, but annual site visits for large portfolios can be impractical. The IRCP offers a solution by improving efficiencies, saving time, and reducing risk across the entire process—whether for portfolio managers conducting immediate risk assessments or surveyors using pre-populated data as a starting point.”
The IRCP has already received praise from insurers and brokers. Johan Berg, Head of Large & Complex at Gallagher, noted, “In a world of inflation and rising construction costs, rebuild valuations are essential to addressing and preventing underinsurance issues.” James Brown, Innovation Analyst at Tokio Marine Kiln, added, “Working with Intelligent AI has provided exciting insights into rebuild cost valuations, offering a deeper understanding of this crucial aspect of property insurance.”
With its ability to streamline and enhance property valuations, the IRCP is set to transform how insurers, brokers, and property owners approach rebuild cost assessments, ensuring accurate coverage and reducing the risk of underinsurance.
