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Last updated on 2024年7月8日

How do you leverage technology and data for building management and business interruption insurance?

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Business interruption insurance (BII) can help you cover the loss of income and extra expenses caused by a disaster or an unforeseen event that disrupts your normal operations. But how do you determine the extent and duration of the interruption, and how do you prove your claim to the insurer? This is where technology and data can play a crucial role in building management and BII. In this article, we will explore how you can leverage various tools and methods to monitor, measure, and mitigate the impact of business interruption on your building and your bottom line.

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Luke Mulcahy

Financial Strategist || Helping businesses to scale with operational efficiencies || Managing your accounting and…

1 Smart sensors and IoT devices

One of the ways to leverage technology and data for building management and BII is to use smart sensors and IoT devices that can collect and transmit real-time information about the condition and performance of your building systems and assets. For example, you can install sensors that detect temperature, humidity, water leakage, smoke, fire, power outage, vibration, or occupancy. These sensors can alert you and your maintenance team to any potential issues or hazards that could cause or worsen a business interruption. They can also help you track and document the extent of the damage and the recovery process, which can support your BII claim and reduce disputes with the insurer.

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Abdul Hafiz

Multi-Disciplinary Engineer | Certified Data Centre Professional (CDCP) | Computer Enthusiast
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Install sensors and IoT devices throughout the building to collect real-time data on various parameters such as temperature, humidity, air quality, energy consumption, and equipment performance. Utilize the data from these sensors to monitor building conditions, detect anomalies or potential issues early, and optimize energy usage and operational efficiency.

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2 Cloud-based platforms and dashboards

Another way to leverage technology and data for building management and BII is to use cloud-based platforms and dashboards that can store, analyze, and visualize the data collected by your sensors and devices. These platforms and dashboards can help you access and manage your data from anywhere, anytime, and on any device. They can also help you generate reports and insights that can help you optimize your building operations, identify risks and opportunities, and benchmark your performance against industry standards. Moreover, they can help you communicate and share your data with your insurer, your tenants, your contractors, and your stakeholders, which can improve transparency and collaboration.

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3 Artificial intelligence and machine learning

A third way to leverage technology and data for building management and BII is to use artificial intelligence (AI) and machine learning (ML) that can enhance your data analysis and decision making. AI and ML can help you automate and streamline your processes, such as detecting anomalies, predicting failures, recommending actions, and optimizing schedules. They can also help you learn from your data and improve your models and strategies over time. For example, you can use AI and ML to forecast your revenue and expenses, estimate your BII coverage and claim, and simulate different scenarios and outcomes.

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4 Blockchain and smart contracts

A fourth way to leverage technology and data for building management and BII is to use blockchain and smart contracts that can increase your security and efficiency. Blockchain is a distributed ledger technology that can store and verify your data transactions in a decentralized and immutable way. Smart contracts are self-executing agreements that can trigger actions based on predefined conditions and rules. For example, you can use blockchain and smart contracts to create a digital identity for your building, record and validate your BII policy and claim, and automate your payments and settlements.

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Abdul Hafiz

Multi-Disciplinary Engineer | Certified Data Centre Professional (CDCP) | Computer Enthusiast
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Explore blockchain technology to establish transparent and secure transactions, contracts, and records related to building management and insurance claims. Implement smart contracts to automate insurance claims processing, verification, and settlement, reducing administrative overhead and enhancing trust and transparency between stakeholders.

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5 Data privacy and cybersecurity

A fifth way to leverage technology and data for building management and BII is to ensure your data privacy and cybersecurity. As you collect, store, and share more data, you also face more risks of data breaches, cyberattacks, or unauthorized access. These risks can compromise your data integrity, confidentiality, and availability, which can affect your BII claim and reputation. Therefore, you need to implement appropriate measures to protect your data, such as encryption, authentication, authorization, backup, and recovery. You also need to comply with relevant regulations and standards, such as GDPR, CCPA, or ISO 27001.

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6 Data literacy and culture

A sixth way to leverage technology and data for building management and BII is to foster your data literacy and culture. Data literacy is the ability to understand, use, and communicate data effectively. Data culture is the mindset and behavior that value and promote data-driven decision making. To leverage technology and data for building management and BII, you need to develop your data literacy and culture among your staff, your tenants, your partners, and your insurer. You need to provide training, tools, and support to help them access, analyze, and act on data. You also need to encourage feedback, collaboration, and innovation based on data.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Luke Mulcahy

Financial Strategist || Helping businesses to scale with operational efficiencies || Managing your accounting and finance departments with efficient processes and seasoned professionals ||
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Investing in training programs to help building management and insurance professionals develop the skills needed to leverage new technologies

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Abdul Hafiz

Multi-Disciplinary Engineer | Certified Data Centre Professional (CDCP) | Computer Enthusiast
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Collaborate with insurance providers to identify specific data requirements and risk factors relevant to business interruption insurance coverage. Continuously monitor and evaluate the performance of technology-enabled building management systems and insurance strategies to ensure alignment with business objectives and regulatory requirements. Stay informed about emerging trends and advancements in technology, data analytics, and insurance practices to remain agile and responsive to evolving industry dynamics and risk factors.

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How do you leverage technology and data for building management and business interruption insurance?

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1 Smart sensors and IoT devices

2 Cloud-based platforms and dashboards

3 Artificial intelligence and machine learning

4 Blockchain and smart contracts

5 Data privacy and cybersecurity

6 Data literacy and culture

7 Here’s what else to consider

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