“To insure or not to insure: that is the question.”
Insurance premiums in a business setting is not an inconsequential cost.
Perhaps the most common incentive adopted by insurers in places of business is to offer discounted premiums in exchange for the insured submitting to preventative health screenings, annual physicals, regular dental cleanings, or committing to gym memberships. Even safe driving habits are encouraged with premium adjustments — if constant monitoring proves personal caution behind the wheel.
Satelytics is being considered by both insurers and those insured in a similar manner. Our Constant Vigilance algorithms look out over infrastructure and the environment, addressing business challenges for customers in oil & gas, power, pipeline, mining, and water industries. Discussions have begun amongst technical and risk teams about offsetting the costs of technologies like Satelytics with significant reductions in premiums.
One of our customers who ran a large gas operation in Colorado commented when reviewing Satelytics' options recently, “We drive 69 million miles per year, each mile is a risk to personnel, property, and its consequences. This is 69 million more than we wish to drive each year. Any reduction in risk most definitely has my attention.”
The benefits to the insured and insurers are clear.
Benefits to the insured.
- Reduced premiums.
- A technology to monitor assets for a wide range of potential threats, and premiums are reduced, a net-zero cost effect.
- Early detection reduces loss of product and revenue, remediation costs, and potential consequences of regulation.
- Reducing your field personnel’s exposure to risk through automated monitoring of conditions outside of the normal operating integrity window.
- These monitoring programs go above and beyond regulations.
- Illustration to the world at large that the organization is willing to invest significant sums to reduce the potential of events, and consequence, should they occur.
Benefits to the insurer.
- Fewer claims to respond to means money saved.
- Clients are mitigating risk, looking for methods, techniques, and solutions for being on-guard.
- In the unlikely event of a claim, the claim liability would be reduced through early detection and subsequent reduced magnitude.
- Reduction in the number of events, which translates to reduction in claims
- Fewer catastrophic events stemming from initially small problems that over time develop into major incidents.
Insurers are being pressed — by regulators and investors alike — to only insure responsible companies; see emissions reduction pledges in the news daily! The same can be said for the investment business, as companies are pressured to protect the environment at all costs. Satelytics’ unique blend of science and software reduces risk for our customers. These types of proactive decisions in the risk arena represent an opportunity for mutual benefit of both our industry partners and their insurance providers, a change that is just beginning. Call us today to see how Satelytics can benefit your company.
Satelytics Inc., www.satelytics.com, is a cloud-based geospatial analytics software suite. Multispectral and hyperspectral imagery is gathered from satellites, UAV, planes, and fixed cameras, and processed to provide both alerts and qualitative results for our customers. Data can be gathered up to a daily basis, and results are sent to customers within hours. This includes the specific problem, location, magnitude, and even qualitative information, which minimizes cost, impact, and operational disruption for our clients.
Toledo, OH – October 29, 2020. For more information, contact David Dunham, email@example.com, (o) (419) 728 0060 extension #101, (c) (701) 213 0294.