Business Category: A technology provider of InsurTech tools to insurance practitioners
Maturity Status: Mature (more than 3 years since first product went into production)
Product or Service: Brickeye Construction Risk Mitigation Platform
Area: Property & Casualty insurance (Builders Risk, Wrap Up Liability, Delayed Start Up)
Brickeye works with insureds and insurers to reduce risk and protect margins by enabling technology-driven risk mitigation on high-rise and multi-family building construction projects. The company’s platform provides advanced Internet of Things (IoT) job site monitoring, real-time alerts, and valuable reporting and analytics across an array of construction risks related to noise, micro-weather, water leaks and infiltration, mass timber, concrete, building interior, and fire watch.
What makes us an InsurTech:
Developers and Contractors that invest in construction tech on their job sites to reduce risk, drive productivity, and enhance safety, are, in turn, better risks to insure. Brickeye’s platform enables real-time visibility and alerts on job site risk, including water mitigation, significantly reducing the project’s risk profile, time to discovery of incidents and, in turn, the severity of Builders Risk claims. This technology advantage is documented in Brickeye Risk Mitigation plans provided for inclusion in insurance application packages. These plans provide underwriters and risk engineers with a detailed understanding of the risk mitigation technology measures being put in place during construction and the corresponding response plans, automations (e.g. valve shut offs), etc. in the event of an incident. These construction tech tools and the analytics behind them help insurers better understand their risk exposure in comparison to an unprotected project, driving more competitive, risk-adjusted coverage terms and pricing for clients, along with higher returns for insurers.
Major features & technology used:
Brickeye’s platform combines ruggedized IoT hardware in the form of wireless sensors and monitoring devices, leading-edge job site connectivity and a cloud-based software intelligence layer, providing alerts, actionable insights and data analytics that deliver value for developers/owners, contractors and insurance providers in the construction industry.
Brickeye is a leader in Construction IoT and Data Analytics. We are accelerating digital transformation in construction by providing actionable, real-time data from job site sensors and predictive analytics all in one platform. We help developers, general contractors and insurers protect project margin by reducing rework and delays, mitigating insurance claims and costs, enhancing quality and productivity, and enabling risk reporting and analytics.
To learn more about Brickeye, visit www.brickeye.com.
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