For Insurers who care.
The largest national building-level data network
Through our connected offering, we are creating the largest national building-level data network aimed at improving risk segmentation, creating levers for preventive action, and making our cities more connected, safe, and resilient. Furthermore, by joining forces, we are confident that we can improve our collective understanding of the impacts of climate change on our infrastructure.
As an insurer, there are many ways you can take action:
- Underwriting and claims: Develop better pricing models through accurate segmentation of weather risks using unique building-level data. Adopt data-driven claims processes, eliminating bias.
- Prevention: Prevent roofing losses through effective incentives, proactive alerts, and customized follow-ups.
- Data Partnership: Collaborate in the creation of and strategic access to a national network of unique building-level data.
Predictive maintenance and parametric solutions are among the use cases that leverage the greatest number of IoT capabilities
Underwriting and claims
According to a report (2020) from the Insurance Institute of Canada, extreme weather and climate-related losses will dominate property insurance coverage in Canada for the next decade and beyond. Part of the industry's readiness is pricing to ensure that it has the funds to pay claims and the operational capacity to serve claimants. Climate risks will account for the majority of property insurance costs and claims volume. At the same time, climate risk management will increasingly define the relationship between the insurance industry and consumers.
By using risk-specific data collected directly at the building level, it is possible to develop better pricing models that accurately segment these risks for the benefit of the consumer. This data is also the foundation for developing new parametric insurance products or usage-based pricing models. The data collected can also speed up the claims process by adding precision to cause attribution. A more data-driven adjudication process also reduces problems created by human subjectivity.
Prevention and awareness
Based on the same report, the frequency and intensity of climate-related risks are increasing, but the risk of loss and damage can be managed if protective measures are adopted by property owners and public agencies. If property owners are better informed about risk, aware of effective loss reduction methods, and provided with effective financial incentives, most significant risks can be prevented from becoming disasters. Public awareness is a powerful loss reduction tool. Increasingly, the insurance industry is seizing the opportunity to educate the public and share its knowledge of climate risks. Some insurers have begun offering financial incentives to policyholders to reward them for their risk reduction efforts. This includes premium discounts for policyholders whose properties are equipped with risk mitigation devices.
By providing incentives for the installation of roof level risk mitigation devices, sending proactive alerts based on snow load, or offering customized follow-ups and inspections, you are being proactive while educating and sensitizing your customers.
Canadian Building Data Network (CanBDN™)
As a committed insurer, your purpose is to accompany and protect people and their most valuable assets, not to manage a fleet of connected objects. That's why Domely and its national network of partners takes care of the installation, maintenance and proper functioning of the devices.
We aim to create within 3 years the largest data network at building level, giving access to over 1000 data stations collecting several variables every day, as many meteorological sources, snow levels or indicating the presence of various problems at roof level.
As an insurer subscribing to the Canadian Building Data Network, you benefit from a shared and redistributed access to data from all roofs connected through the network of participating insurers. You also benefit from discounts on the various Domely products and services that allow you to act effectively in prevention and to better segment your risks.
Have questions? Would you like to better understand how our smart offering and unique data can help you?