Brickeye and iMitig8risk™ Announce Strategic Partnership to Enhance Assessment and Mitigation of Water Damage and Concrete Risks in Constructi...
Published on by Water Network Research, Official research team of The Water Network
TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Brickeye, a leading construction IoT and data analytics technology company, and iMitig8risk™, an expert in risk engineering and loss control insurance technology, are proud to announce a strategic partnership that will transform how construction risks are assessed and mitigated. The partnership is focused on mitigating water damage and concrete defects on major construction projects, helping insureds and insurers reduce claim frequency and severity and lower the cost of builders risk insurance.
This partnership leverages Brickeye’s cutting-edge job site IoT and analytics platform, enabling real-time water damage and concrete defect risk controls for site managers and risk managers, with iMitig8risk™ expertise in Insurance Risk Engineering and Loss Control Software. Taking an integrated technology approach will provide an intuitive solution to managing risk, including project risk scores that can identify potential exposures and offer improvements leveraged from past claims, lessons learned and near-miss data.
Water damage and concrete defects often result in significant financial losses, delays, litigation, and reputational damage. Together, Brickeye and iMitig8risk™ aim to address these challenges by providing the construction and insurance industries with an innovative approach to de-risking construction projects upfront, enabling enhanced risk assessment and real-time risk engineering data, and mitigating job site incidents during construction through IoT-enabled risk controls and analytics. By taking a proactive and integrated approach, insureds can keep margins intact, and insurers can protect loss ratios, reducing the total cost of risk for all stakeholders.
Brickeye’s Job Site IoT Platform and Risk Controls
Brickeye’s construction IoT technology has been deployed on over 1,000 projects globally, delivering real-time job site monitoring and construction risk mitigation. The platform provides early detection of both water escape and water intrusion incidents, enabling informed action by project teams and automated risk controls to address water incidents before they escalate. Brickeye’s LumiCon® concrete monitoring solution provides remote and continuous access to real-time pour data in-situ – critical to ensuring concrete quality, including strength, maturity, maximum temperature, and temperature differential analytics. The technology ensures compliance with thermal control plans and mitigates concrete quality defects that can result in costly litigation and builders risk claims, as evidenced by recent LEG3 court decisions.
“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,” said Tim Angus, CEO of Brickeye.
“By partnering with iMitig8risk™ we’re enhancing visibility for insurers on the scope of IoT risk controls being deployed on projects," Angus added. "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.”
https://www.globenewswire.com/news-release/2024/10/28/2970098/0/en/Brickeye-and-iMitig8risk-Announce-Strategic-Partnership-to-Enhance-Assessment-and-Mitigation-of-Water-Damage-and-Concrete-Risks-in-Construction.html
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