Information management for insurers – The problem of disclosure in the supply chain
Su Butcher
Social strategist, technical writer and facilitator at Just Practising Limited
On 6th June at 2pm on the Asset Management Stage I’ll be at Digital Construction Week at Excel London, speaking about a peer reviewed paper I wrote for RISCAuthority, the research scheme administered by The Fire Protection Association , which is funded by UK insurers.
The paper was commissioned to help RISCAuthority’s Regulation 38 project participants and insurers generally, to understand why the construction industry may not provide the information they require about the buildings they insure.
Property insurers are a frequently overlooked yet important recipient of construction information; they require this information to adequately assess risk. Confirmation of the as-built materials of construction and fixed fire protection design are key components of COPE (Construction, Occupation, Protection and Exposure) data used for the provision of Property insurance.
The paper explores the challenges of obtaining information about a building that is accurate, up to date and reliable, and why this information may not be routinely available. It suggests the components of an effective solution, the many disparate initiatives seeking to address the challenge, and how insurers might move closer to receiving the information they need.
At DCW I’ll be outlining the key findings of the paper and inviting your thoughts. I hope that the talk will be provocative; so much time is spent talking up our industry, but if we don’t face up to and own the practical issues we are having with information management we will never resolve them.
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How to get involved
It has been refreshing to try look at these challenges with the strategic, risk focused eyes of an insurer. I hope you’ll be able to come along to the session at 2pm on 6th June on the Asset Management Stage.
Add the talk to your calendar here and register to attend Digital Construction Week here.
You can download the paper as it appeared in the Journal of Fire and Risk Management here.
If you want a longer version of the paper with citations, you can download this version.
Many thanks to all those who helped me produce this paper including Professor Jim Glockling , Ian Abley , Alex Small , Paul M. , Joe Cilia , Iain McIlwee and Patricia Massey .
Founder @ KnowNow Information; Chair of Botley Community Land Trust; Chair of Botley Parish Council; Volunteer @TechSolent
8moSee you there.
Director: Buildeco Offsite Architecture
8moThe topic is intriguing because most clients are unaware of how the BSA will impact them. Insurers control the premiums, so noncompliance will result in higher costs, along with additional disclaimers across their portfolio. Under the BSA and the concept of the Golden Thread, which I believe will eventually cover buildings of all sectors and heights, it makes sense for assets to be digitally measured, as the digital model will hold more insurance value than the physical asset. This requirement will lower costs, address ESG & NetZero, mitigate risks, streamline maintenance, and enhance predictability. Clients will inevitably drive change within the supply chain to reduce their insurance premiums.
CEO Finishes and Interiors Sector (FIS)
8moThis should be a session worth attending on a topic that cuts to the heart of challenges we face in construction. Hope goes well Su Butcher, the paper is really strong and useful.