United We Stand, But I Benefit
Additional benefits of basinwide collaboration
- Problem: Budgeting for new technology.
- Solution: Look at the big picture.
- Benefit: Long-term financial gains from improved operations.
Last week, we announced that Satelytics and one of its largest global customers are jointly spearheading a consortium over the Permian Basin. The response has been overwhelming, with many companies wanting a seat at the table. Given this response, we thought it might be helpful to dig into the topic a bit further by discussing two less-contemplated aspects of the application of geospatial analytics to mitigate risk.
In our discussions with insurers and reinsurers, two impactful factors for companies employing geospatial analytics have come to light.
- Insurers and reinsurers have told us that companies applying advanced technology to mitigate infrastructure risk can likely negotiate reduced insurance and reinsurance premiums. Auto insurers have begun offering reduced premiums for safe drivers, especially those willing to have driver habit tracking devices implanted in their vehicles. Similarly, insurers see less risk in companies who apply advanced, proven technology, and have therefore incentivized companies to do so.
- Because insurance companies and reinsurance companies are backed by investors, the recent trend of activist investing has driven these companies to insure only policy holders who meet the approval of the activist investors and align with their interests. We were told by one global reinsurer that they have declined policies to specific companies that were perceived to not align with the interests of the reinsurer’s investors. A persuading factor in convincing these investors is a demonstration that the company is doing more than the minimum, and doing so with advanced technology.
We encourage you to discuss with your company’s risk management group the potential for significant premium reductions for the application of new technology.
Landowner Relations Benefits
Every company investing in infrastructure that stretches across vast geography knows the importance of a good land negotiator. But, when your company needs to install the next segment of infrastructure, even a superhero negotiator can’t win an argument with a disgruntled landowner who has experienced a disaster on his or her property.
Imagine the positive impact of being able to show that landowner an advanced threat detection system you’ve installed. Better yet, imagine the wide-ranging impact on all landowners of showing an industry proactive enough to collaborate on regionwide employment of advanced technology. It all means that the next land negotiation will be easier, less expensive, and faster.
It also means that when a problem does arise, the landowner knows that the most advanced technology was in place to mitigate and will be more forgiving.
Make your land negotiator’s next negotiation successful by employing advanced tools such as Satelytics geospatial analytics.
A kickoff meeting of the early adopters is scheduled for August 2021. Don’t miss the opportunity. If interested, you may enquire further by contacting Jay Almlie at firstname.lastname@example.org or at (419) 728-0060 ext.120, or by clicking the button below.