BCIS Intelligent Rebuild Cost Platform

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The BCIS Intelligent Rebuild Cost Platform is an insurance tool that provides reinstatement building valuations for commercial and residential properties.

Designed to reduce the risk of underinsurance, the service leverages multiple datasets, which combine BCIS reinstatement data with satellite technology. With cases of incorrect insurance valuations on the rise, it assesses portfolio risk, while saving time and money.

Who will use the BCIS Intelligent Rebuild Cost Platform:

• Property portfolio owners/managers
• Brokers
• Insurers

Benefits to Property portfolio owners/managers

• Risk Mitigation

  It ensures your properties are adequately insured, reducing the risk of being underinsured. In the event of a claim, you should receive fair pay outs, facilitating a quicker and smoother recovery process.

• Helps your decision making

  The BCIS Intelligent Rebuild Cost Platform empowers you to make informed decisions about your insurance coverage. By obtaining realistic rebuild cost valuations, more quickly and at a much lower cost, you can secure appropriate insurance policies that cover potential reconstruction expenses fully. This minimises the financial burden on you in the aftermath of a disaster.

• Keeping informed

  Regular data updates assist you in staying informed about market changes that may affect your insurance needs. Updates and alerts ensure that you can adjust your coverage accordingly, guaranteeing you remain adequately protected.

• Time-saving and economical

  It provides realistic rebuild cost estimates quickly, and at a far lower cost so you can value your whole portfolio annually rather than on a rolling 3–4-year programme.

Benefits to Brokers

• Enhanced client relationships and generate new revenues

  By utilising the BCIS Intelligent Rebuild Cost Platform, you can offer clients realistic and up-to-date rebuild cost valuations. This empowers you to build stronger, trust-based relationships with your clients by demonstrating your commitment to ensuring adequate coverage and protecting your clients’ best interests, whilst generating a new stream of repeatable revenue.

• Streamlined risk assessment

  You can leverage the platform’s sophisticated data analytics and AI capabilities to conduct thorough risk assessments for your clients. The frequent data updates on construction supply chain costs, labour rates, and building materials allow you to identify potential risks more effectively, offering tailored insurance solutions that precisely match your clients’ needs.

• Competitive edge

  In a competitive insurance market, you need to differentiate yourself by providing added value to your clients. The BCIS Intelligent Rebuild Cost Platform offers you a unique selling proposition, enabling you to stand out from the competition and attract new clients.

• Data-driven insights

  The BCIS Intelligent Rebuild Cost Platform equips you with data-driven insights that help you make informed decisions. You can access comprehensive reports and analyses, enabling you to offer well-informed advice to clients and better understand market trends.

• Risk mitigation

  By ensuring realistic rebuild cost valuations and reducing the risk of underinsurance, you can help clients avoid financial hardships in the event of a claim. This risk mitigation approach enhances clients’ confidence in their insurance coverage and reinforces your reputation as a trusted advisor.

Benefits to Insurers

• Mitigate Risk
  

  You can leverage the BCIS Intelligent Rebuild Cost Platform to enhance your risk management strategy. By offering realistic reinstatement values on individual properties or portfolios of millions of properties, you can assess your portfolio’s true exposure, enabling you to set appropriate premiums and reduce potential losses. With the platform’s dynamic and up-to-date valuation system, you can identify high-risk properties that are inadequately insured. This knowledge allows you to adjust premiums based on the actual risk, ensuring a fair and sustainable pricing structure, and can provide clients with their own portfolio assessment dashboards. As a result, you can mitigate potential financial losses associated with underinsurance while maintaining competitiveness in the market and delivering better customer engagement.

• Enhance your reputation

  The BCIS Intelligent Rebuild Cost Platform can streamline your claims process. By providing precise rebuild cost estimates, the platform expedites claims settlement, reducing administrative costs and enhancing customer satisfaction.

Coming June 2024