Insight Risk Technologies provides Builders Risk insurance enhanced by IoT environmental sensors that monitor construction sites 24/7, delivering instant alerts for water damage and other risks. This approach reduces water damage losses by up to 90%, addressing the primary source of financial loss and delays in vertical construction projects.
Funding
$1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Construction projects face significant financial risks and delays due to property losses, particularly from water damage, which is often difficult to detect early and can escalate rapidly. Traditional builder's risk insurance lacks proactive risk management and real-time monitoring capabilities, leaving projects vulnerable to undetected environmental hazards.
Solution
Insight Risk Technologies provides Builder's Risk insurance combined with RiskTech solutions, featuring IoT environmental sensors that continuously monitor construction sites. These sensors deliver instant alerts for water leaks, temperature fluctuations, and other environmental risks, enabling rapid response and minimizing potential damage. Their approach integrates granular, fact-based underwriting with proactive risk management, offering tailored insurance quotes that reflect the impact of deployed risk mitigation technologies. By optimizing hardware, monitoring, and management costs, Insight Risk Technologies delivers superior financial and operational results for contractors, developers, risk managers, brokers, and carriers.
Target Audience
Their primary customers include construction companies, risk managers, developers, brokers, and carriers involved in vertical construction projects.
Features
- IoT environmental sensors providing 24/7 monitoring for water leaks, temperature changes, and other environmental risks
- Instant alerts for rapid response and resolution of potentially serious events
- Granular, loss-cost-driven underwriting for competitive insurance quotes
- Customizable site-wide risk control surveys during technology installation
- Reporting and analytics dashboards providing alert details and estimates of averted losses
- Integration of risk mitigation technologies into the underwriting process
- Options for project-specific, Master Builder’s Risk, and multi-building coverage