Kroll provides a property insurance valuation platform to help remedy the industry problem of underinsurance. The platform uses algorithms and data to quickly value property portfolios and identify risks. Kroll's research found 67% of buildings were underinsured by an average of 64%, with some underinsured by over 50%. The platform provides cost-effective valuations to help insurers and brokers stay aware of changing property values and risks from inflation. Feedback from insurers and brokers praised the platform's expertise, data, technology and ability to offer comprehensive and credible insights into portfolio risks.
Discover the Power of P&C Insurance Software Solutions.pdfAndy Jackson
Revolutionize your insurance operations today with cutting-edge P&C insurance software. Contact us for a personalized consultation https://www.damcogroup.com/insurance/property-and-casualty-insurance-software
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Insurance companies have been relatively cautious about cloud adoption. However, the conversation among insurers has changed in the last few years, moving to “when and how” rather than “why.” Several factors are driving today’s insurance companies to move their applications and data into the cloud as they reassess their business opportunities. Learn more:
Capgemini Insurance Connect : Subscription based services for claims , policy...Capgemini
While every Insurer needs to provide remarkable Claims, Policy and Billing services, not every Insurer particularly small and mid-sized insurersneeds to build the systems,
maintain the infrastructure, or develop and run the processes.
Discover the Power of P&C Insurance Software Solutions.pdfAndy Jackson
Revolutionize your insurance operations today with cutting-edge P&C insurance software. Contact us for a personalized consultation https://www.damcogroup.com/insurance/property-and-casualty-insurance-software
Insurance Cloud: From Tactical to Strategic Investment for European InsurersAccenture Insurance
Insurance companies have been relatively cautious about cloud adoption. However, the conversation among insurers has changed in the last few years, moving to “when and how” rather than “why.” Several factors are driving today’s insurance companies to move their applications and data into the cloud as they reassess their business opportunities. Learn more:
Capgemini Insurance Connect : Subscription based services for claims , policy...Capgemini
While every Insurer needs to provide remarkable Claims, Policy and Billing services, not every Insurer particularly small and mid-sized insurersneeds to build the systems,
maintain the infrastructure, or develop and run the processes.
Insurers today, big and small, are facing disruption due to the increasing deployment of InsurTech technologies and by engaging EY, insurers stand to reap benefits of the latest innovations and insurance products, capitalize on new markets as well as future-proof business for with the help of EY's expertise in this sector.
AWS Summit Singapore - Building DXC's Digital Insurance as a Service (DIaaS) ...Amazon Web Services
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In the past, the use of ‘sophisticated’ risk tools and metrics was considered the bailiwick of the very largest entities that could afford to develop and run with such an approach. Often they saw advanced risk analytics as offering them a strategic and/or competitive advantage in the market. Others in the commodities space simply could not afford to perform sophisticated risk analytics and anyway, they often didn’t have the skills onboard to perform, or even understand, them appropriately.
Some firms resorted to using more simplistic reporting of positions, or other metrics, to monitor ‘risk’ and/or used somewhat simplistic limits for various forms of market and/or credit risk. Often, the calculation of exposures, or at-risk capital, value or earnings, or PFE, took a great deal of time to compute and if something went wrong, like a missing price for example, the calculation might simply crash before completion. This meant that often, risk exposures were only accurate well after the fact and were never available to inform the business when needed.
Soteria Is in the process of becoming the largest most disruptive online insurance broker globally. Targeting the key emerging markets of Latin America and Asia and one billion new consumers.
Technology Innovation Trends In Insurance | Navdeep Arora Navdeep Arora
This presentation talks about ‘Technology Innovation Trends In Insurance’. This covers seven themes that are reshaping supply & demand of #insurance globally, premium & profit pools are migrating across the #insurance value chain. Explains how value creation opportunities are different across mature & developing markets, how #technology & digital capabilities that target value chain effectiveness (not just scale efficiencies) offer compelling #investment opportunities. Also has #InsurTech levers and start-up examples in non-life insurance and life insurance.
Implementation of a Credit Risk Management Platform for a Large Insurer Based...SecondFloor
A new, centralised credit risk platform has delivered
many business benefits to this global insurance group,
including the ability to mitigate risk by dynamically
managing investment limits.
Insurers today, big and small, are facing disruption due to the increasing deployment of InsurTech technologies and by engaging EY, insurers stand to reap benefits of the latest innovations and insurance products, capitalize on new markets as well as future-proof business for with the help of EY's expertise in this sector.
AWS Summit Singapore - Building DXC's Digital Insurance as a Service (DIaaS) ...Amazon Web Services
Kevin Aylward, Global Director, AWS Solutions, DXC Technology.
In this session we will cover how DXC and AWS are working together to bring next gen digital insurance solutions to market. Digital Insurance as a Service is DXC's new Digital Insurance Platform – bringing together a broad range of DXC offerings (Cyber, Managed Services for AWS, ServiceNow) in an integrated consumption-based model. DXC DIaaS is API enabled with the ability to participate in the Digital Economy “Out of the Box” with pre-integrated and pre-configured templates. DXC DIaaS's speeds up time to implement, at lower risk. Amazon is a key partner providing the benefits of a broad range of AWS services and regulatory compliance architectures.
Risk as a Service – The Next Thing in Affordable Corporate Risk Management?CTRM Center
In the past, the use of ‘sophisticated’ risk tools and metrics was considered the bailiwick of the very largest entities that could afford to develop and run with such an approach. Often they saw advanced risk analytics as offering them a strategic and/or competitive advantage in the market. Others in the commodities space simply could not afford to perform sophisticated risk analytics and anyway, they often didn’t have the skills onboard to perform, or even understand, them appropriately.
Some firms resorted to using more simplistic reporting of positions, or other metrics, to monitor ‘risk’ and/or used somewhat simplistic limits for various forms of market and/or credit risk. Often, the calculation of exposures, or at-risk capital, value or earnings, or PFE, took a great deal of time to compute and if something went wrong, like a missing price for example, the calculation might simply crash before completion. This meant that often, risk exposures were only accurate well after the fact and were never available to inform the business when needed.
Soteria Is in the process of becoming the largest most disruptive online insurance broker globally. Targeting the key emerging markets of Latin America and Asia and one billion new consumers.
Technology Innovation Trends In Insurance | Navdeep Arora Navdeep Arora
This presentation talks about ‘Technology Innovation Trends In Insurance’. This covers seven themes that are reshaping supply & demand of #insurance globally, premium & profit pools are migrating across the #insurance value chain. Explains how value creation opportunities are different across mature & developing markets, how #technology & digital capabilities that target value chain effectiveness (not just scale efficiencies) offer compelling #investment opportunities. Also has #InsurTech levers and start-up examples in non-life insurance and life insurance.
Implementation of a Credit Risk Management Platform for a Large Insurer Based...SecondFloor
A new, centralised credit risk platform has delivered
many business benefits to this global insurance group,
including the ability to mitigate risk by dynamically
managing investment limits.
Similar to Kroll – Insurtech Innovation Award 2023 (20)
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💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
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👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
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Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
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What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
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Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
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Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
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During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
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2. 1. Underinsurance
2. Kroll Property Insurance Valuation Platform
3. About Kroll
4. Q&A
As the leading global provider of risk and financial
advisory solutions, Kroll leverages our unique
insights, data and technology to help clients stay
ahead of complex demands.
Kroll’s global team continues the firm’s nearly
100-year history of trusted expertise including in
valuations where we are the largest independent
valuation advisory firm.
Table of Contents
Who we are
3. 3
Why is underinsurance of concern for the
industry?
Averaging in the event of a loss
Valuations are cost prohibitive for SME businesses
Valuations are out of date quickly due to inflation
Insurers have a duty to report any material fact under the insurance Act and due to rapid
inflation, they are now uncertain of asset values
Brokers lose negotiating power when values are not up to date
Insurers need to assess their own level of risk
4. Why are so many assets currently underinsured?
Generally, very few properties in a portfolio are independently
valued. This is either due to capacity or cost constraints.
Inflation affects the replacement cost accuracy and increases the need
for frequent valuations.
Replacements costs for many buildings are only revalued every 3-5
years.
The resulting valuation gap has rapidly increased over the last three
years due to the strong increase in inflation.
Therefore, it is crucial that companies understand the
impact of inflation on their assets and regularly reevaluate
their portfolio to stay properly insured.
5. 5
Findings from Kroll’s Research
Our algorithm
recently valued an
SME portfolio of 225
properties in the UK
and the value of
underinsurance was
near to £500m.
In 2022, Kroll’s
research found that
67% of buildings were
underinsured by an
average of 64% and
31% of such
properties were
underinsured by more
than 50%.
The largest amount
of underinsurance
for a single building
was £8,610,000 (ECC).
6. Case study
Insights from property valuations for a global professional services firm
Property Description
Average
Underinsurance
Difference
Listed Building - Scotland 23.4% £3,838,599
6 Locations - Manufacturing 206% £10,187,500
1 Location - Industrial 32.7% £918,993
5 Locations – Industrial 24% £7,046,867
Manufacturing Portfolio 103% £15,036,585
Entertainment Venue 7% £8,610,000
Highest amount
of
underinsurance –
£18,462,398
Average
underinsurance –
67%
7. How does Kroll’s Property Insurance Valuation
Platform help remedy underinsurance?
Valuations
Clients can uncover insurance opportunities and risks with fast, cost-effective and
trusted valuations on property data, at scale, in seconds.
The platform is driven by high-quality data with global coverage and no-code technology
to provide end-to-end property insurance valuation solutions to insurance companies,
brokers, and the insured.
The algorithm alerts
clients where the data
warrants further
investigation
Our valuation
experts follow-
up to provide
insights and
deeper analysis
This enables clients
to avoid
overlooking
potentially risky
situations by
alerting outliers.
8. Coming soon
How is our technology elevating customer experience?
Cost-effective solutions
for frequent valuations
30,000 site visits
and 40 cost sources
Easy accessibility for
all types of businesses
Satellite imagery
analyses
Comprehensive view of
portfolio & centralized data
Seamless data
integration (API))
User-friendly
tools & features
Flexible &
bespoke tech
Regular updates &
tech developments
Analytics
dashboard
9. Click on the screen to watch a short demo
Clients can get valuation in just 3 steps with our
platform!
10. Client Impact: Feedback from WTW
We are extremely proud and excited to be working with Kroll and using their new Property
Insurance Valuation Platform.
Our challenge: As a business we have been looking at the issue of property valuation for some time. Our challenge was finding a partner who had
the right blend of expertise , experience and technology to complement our approach to meeting our clients’ necessities. We needed a solution that
offered an analytics-based approach backed by the capabilities and capacity of a well-established global operator, similar to ourselves.
A key factor during the selection process was the technical prowess of the Kroll platform. The combination of credible national and international data
sources and sophisticated algorithms offered reassurance to us, and ultimately our clients, that the outputs from the process were credible and
aligned to current market trends.
Why the Kroll platform?
Kroll’s solution offered us a robust online tool with the ability to access and obtain data valuation outputs in almost real time and on a cost-effective
basis. Their high-quality data with global coverage enables us to offer our clients a comprehensive portfolio view of their property risks using a simple
but effective process. Moreover, the governance behind the tool guarantees the level of confidence and trust we believe we must offer and especially
in this sensitive area where undervaluation of property could result in significant financial losses.
What benefits has the Kroll platform brought?
Now that the Property Insurance Valuation Platform is in place and being fully utilised by our risk consultants in the business, we are benefitting from
an almost immediate understanding of declared building values in today’s values and therefore better placed to advise our clients on the appropriacy
of the building insurance coverage. The simplicity and ease of use of the platform was key to integrating it into our business. We didn’t need a specific
software package to download and as it is a web-based platform . We have adapted the outputs to select what we want to report on, with the
awareness that as our business grows, we can move on the outputs to give us an alternative outlook.
– Frederick Gentile, Director of Risk Engagement
11. Client Impact: Feedback from AXA Insurance
The Property Insurance Valuation Platform brings together Kroll’s
expertise in valuations, their technical skills of risk managers (insurers),
and digital insight to deliver a market leading solution. The ability to
change unstructured data into individual or portfolio level assessments
and recommendations has brought a breadth of depth that was not
available earlier. The solution benefits the insurer, broker and more
importantly the customer.
-Douglas Barnett, Director of Customer Risk Management
12. We are preferred
valuation provider
to AIRMIC
Kroll Fixed Asset Advisory Services
12
225+
professionals
We have a team of
$1 trillion
assets for insurance
Annually we value over
10K+
engagements for 3K+ clients
In 2022, we performed
We are the Largest Independent Valuation Advisory Firm
Industry partners
Editor's Notes
Source: Sportico.com, Instagram, Saleslion, Capital IQ
1) Market Cap for Fast Retailing Co.
All trademarks, trade names, or logos referenced herein are the property of their respective owners
The need f
Source: Sportico.com, Instagram, Saleslion, Capital IQ
1) Market Cap for Fast Retailing Co.
All trademarks, trade names, or logos referenced herein are the property of their respective owners
Source: Sportico.com, Instagram, Saleslion, Capital IQ
1) Market Cap for Fast Retailing Co.
All trademarks, trade names, or logos referenced herein are the property of their respective owners