GCube has today launched a new smart insurance offering. Supported by analytics company, CLIR, the new service leverages AI-led analytics and data sets to enhance terms and ultimately reduce premiums for wind and solar operating companies.
“Insuring renewable energy has been a tumultuous process over the last decade,” said Fraser McLachlan, CEO, GCube Insurance. “Claims from equipment failure, natural catastrophe loss and contractor error have forced some underwriters to exit the market. To continue to offer insurance at sustainable rates for clients, we need to have deeper insights into the risk of failure and operational management of renewable energy equipment.”
“By using the data analysis from Clir, we can gain these insights at the quote phase in a unique and highly effective process, which benefits clients through a better understanding of their project risks, and, incentivises best practice in the operational asset management of wind and solar.”
Gareth Brown, CEO, Clir added: “It’s our belief at Clir that the only way to continue to drive a lower levelised cost of energy for renewables, is to positively influence the financial imperatives that drive renewable energy pricing – insurance, project acquisition, and power management.”
“By leveraging the insight from our artificial intelligence platform, and benchmarking against the 200GW of renewable energy operational data we have, we can work with GCube to help their underwriters better understand renewable energy portfolio risks, going so far as to give a probability risk value of asset failure for specific projects.”
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