Intelligent AI has launched its Intelligent Rebuild Cost Validation Platform, designed to address the challenge of underinsurance in the commercial property market by reflecting real-time inflationary changes in construction costs.
Anthony Peake, CEO of Intelligent AI, said: "Our Intelligent Rebuild Cost Validation Platform is a game-changer for the property insurance market, particularly benefiting commercial property owners, insurers and brokers most impacted by the underinsurance issue. With fast and cost-effective access to real-time data for large property portfolios and providing valuable insights into areas of greatest underinsurance, the platform ensures more accurate premiums and reduced risk for insurers, while instilling greater confidence in property owners regarding claims pay-outs in the event of loss.”
According to the British Property Federation, 79% of UK commercial properties are underinsured by at least 30%, which, it calculates, costs the insurance market £340bn in lost premiums annually.
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