Sources: Brickeye, Toronto; CP staff
Brickeye, concrete maturity technology and data analytics services provider, and iMitig8 Risk LLC, Atlanta-based risk engineering and loss control insurance software developer, have entered a strategic partnership focused on mitigating concrete defects and water damage on major construction projects. They aim to transform how construction risks are assessed and mitigated; help insureds and insurers reduce claim frequency and severity; and, lower builders risk insurance costs.
The Brickeye LumiCon mix monitoring solution provides remote and continuous access to timely data indicating fresh or curing concrete temperature and strength development. The cloud-based iMitig8risk Global Loss Control Platform helps engineers accurately assess process controls and risk management for builders risk projects. Data captured and analyzed shows specific areas of concern, identifies trends, and provides risk scores that can be improved through proactive action.
“With water damage and concrete quality among the most frequent and costly risks in construction, our technology plays a key role in proactively de-risking projects upfront at the time builders risk policies are bound, and mitigating job site incidents in real-time through early detection and informed action,” says Brickeye CEO Tim Angus. “By partnering with iMitig8risk, we’re enhancing visibility for insurers on the scope of Internet of Things risk controls being deployed on projects. This will improve the accuracy and efficiency of risk assessments, reducing claim frequency and severity, and ultimately bending the cost curve for builders risk insurance in the form of lower deductibles and insurance savings.”
“Together we will enable insurers to better assess risk and incentivize insureds that adopt job site risk mitigation technology. By driving efficiency in risk assessment and improving risk scores, we can dramatically reduce the risk of water-related damage, as well as potential latent defects in concrete structures,” adds iMitig8 Risk CEO David Baxter.
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