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Insurance
Understanding current and historical occupancy data is critical to determining future risk. More relevant, accurate, and timely data can help insurers determine the best way to account for risk. This same data helps insurers’ clients improve safety and save money.
Data to assess risk and price premiums
Understanding current and historical occupancy data is critical to determining future risk. More relevant, accurate, and timely data can help insurers determine the best way to account for risk. This same data helps insurers’ clients improve safety and save money.
Typical use cases are:
- Premium pricing
- Risk detection and mitigation
- New product development
- Identification of most and least desirable customers
Overcrowding Correlates to Risk
People and places combine to create risks. Actuaries and underwriters must accurately assess those risks to correctly price insurance products. Lawsuits and potential claims result from overcrowding and irresponsible behavior.
Liabilities from Overcrowding During Emergencies
- Overcrowding in case of building fire
- Overcapacity despite limits imposed by public health departments
- Overcapacity in light of structural limitations (balconies, decks, etc)
- First-person shooter emergencies
Liabilities from Building Flaws
- Liabilities arise from design flaws or from usage not as designed
- Slip fall, surge crowds on balconies, cafeterias, or outdoor areas
Historically, exposure due to overcrowding has been characterized as a fire code violation. If a catastrophic fire coincides with overcrowding or a deck or balcony collapses due to overcrowding, carrier costs can be high.
Covid-19 has also changed the risk equation. As employees go back to work and as people slowly return to public activities, a higher density of people at a location increases the risk of spreading or catching the disease.
BlueFox Data to Identify Risks at Properties
BlueFox solutions provide accurate real time data about people in spaces. Underwriters identify and predict overcrowding risks by correlating past events with actual property data from BlueFox Count and BlueFox Analyze.
BlueFox Count measures people at a moment in time and aggregates the number of visits over a period of time. BlueFox sensors report the presence of nearby mobile phones several times each minute, keeping real time counts accurate. When combined with accident and loss data from similar properties, underwriters can predict which properties are more or less risky, and even identify unique vulnerabilities at properties.
BlueFox Analyze delivers more advanced insights about crowds to underwriters and actuaries. Measurements include how long a person was at the location (dwell time), as well as unique visitors counts, and unique visitor recurrence. This accurate, real time data provides important insights into people, space, and potential risks—especially in highly trafficked areas such as retail, hospitality, and entertainment venues.
BlueFox Data to Mitigate Risks at Properties
The best solutions are solutions that prevent accidents before they happen. Traffic flow patterns coupled with actual loss data (e.g. slip and fall claims) enable a carrier to help a client assess mitigation options. Mitigation actions might require only small changes, such as placement of targeted, accurate, and appropriate safety signage. Mitigation efforts might also include larger changes such as improving a dangerous floor surface or modifying the structure to add new entries and exits to account for surge crowds. The data BlueFox provides to carriers are an important tool in avoiding claims through these on site mitigation programs.
BlueFox Flow provides even more details about where people spend their time by identifying a person’s journey from place to place in areas such as malls, hotels, office buildings, or airports. By anonymously monitoring the presence and movement of people in places, carriers can assist and inspire clients to follow the rules and help them mitigate risks.
Data to Find More Profitable Clients
BlueFox data can be a meaningful differentiator to a carrier. Insights from the data help carriers identify the least and most risky clients based on actual behavior and real data. Carriers use that data to price policies more efficiently, and to seek out prospects that meet the profile of their most profitable clients. The data, which is totally anonymous, can even be used by an insurer to add a policy provision that, by mutual agreement, allows for a mid-term rate correction to address real-time data. Pricing efficiency benefits both the carrier and the insured.
Privacy that Clients Demand
Unlike onsite cameras or even onsite inspectors, BlueFox sensors collect no personally identifiable information and respect the privacy of all consumers. The system has been certified compliant with General Data Protection Regulation (GDPR) by ePrivacy, the German GDPR certification agency.
Unlike invasive mobile apps which have continuous access to a consumer’s location, BlueFox products depend only on the MAC (media access control) address spontaneously broadcast by mobile phones to distinguish one mobile phone from another. BlueFox encrypts MAC addresses before transmission to BlueFox cloud servers.
