BCIS announces key partnership with event at the heart of the insurance industry

BCIS highlighted the risks of underinsurance with a group of key sector providers at a special event at Lloyd’s Lab, known as the heart of innovation for the insurance industry in the UK.

At the event, the BCIS team was delighted to announce an exciting new partnership with Intelligent AI Limited, a renowned leader in AI, data, and insurance risk management/underwriting technology.

BCIS Chief Markets Officer, Richard MacLean said: ‘This game-changing collaboration brings together two industry pioneers, each with a rich history of expertise and innovation to provide a solution to underinsurance.

‘This partnership is crucial as recent statistics reveal that a staggering 80% of commercial properties are currently underinsured by up to 50%. The recent volatility of construction inflation, which saw annual growth in rebuild costs reach almost 20% at its peak, emphasises the importance of insurers and their customers having access to up-to-date and reliable data.

‘Our new solution, the Intelligent Rebuild Cost Platform, will address the underinsurance crisis head-on.  It is set to revolutionise the insurance landscape, safeguarding the viability of businesses and property owners while reducing insurers’ exposure in their portfolios.’

Commenting on this exciting partnership, Anthony Peake CEO of Intelligent AI Limited, said, ‘The BCIS Intelligent Rebuild Cost Platform is a game changer for the insurance sector, especially in the face of a mounting underinsurance crisis. This partnership with BCIS allows us to offer a solution that not only accelerates the delivery of rebuild cost calculations but also addresses the pressing issue of underinsurance, which is a real threat to the viability of businesses and property owners.’