Eyrus, a construction worksite intelligence platform, and Insight Risk Technologies, a managing general agent (MGA), have created an alliance.
This collaboration will integrate Eyrus’ construction internet of things (IoT) platform with Insight Risk’s builder’s risk insurance and risk management services to enhance financial performance by reducing premiums and deductibles.
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The alliance is set to implement technology and risk management strategies that address the leading causes of loss in commercial construction, namely water and fire damage.
These incidents can delay project timelines, inflate building costs, and tarnish reputations.
Furthermore, the strategy is designed to deploy solutions that prevent such losses and provide data for both project management and corporate initiatives.
Eyrus offers a comprehensive IoT and SaaS platform that monitors construction worksites and manages the workforce by collecting data from various sources, including video cameras, sensors for water, fire, and CO₂, weather services, and worker wearables.
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By GlobalDataThis platform is said to deliver real-time communication on safety, time and attendance, as well as AI-driven insights to boost productivity.
Insight Risk complements this with its expertise in builder’s risk insurance, IoT technology, and professional services, offering clients a full spectrum of technology design, procurement, and deployment services to achieve their risk management objectives.
Eyrus COO Hussein Cholkamy said: “We save our customers a lot of time and money with automated workforce and worksite solutions. We want to bring them more value when it comes to risk management.
“We value our alliance with Insight Risk because of their value-add mentality – they do not stop at meeting insurance requirements and provide best-in-class insurance premiums, they are committed to providing cutting edge technology that brings value throughout the project lifecycle.”
Insight Risk co-founder and president Chad Hollingsworth said: “In an industry facing ever tighter margins, additional expenses on a project bid or insurance quote could result in losing the opportunity. Plus, the process of installing and managing new equipment means lost productivity, increased payroll, additional subcontractors to manage, and longer project timelines for all involved.
“Our alliance with Eyrus will benefit our customers so they have safer, better-connected job sites without additional cost, complexity, or disruption plus cost savings on their Builder’s Risk insurance policy.”
In September 2023, Velocity, an insurance holding company based in the US, acquired a majority stake in Insight Risk.
Insight Risk is also backed by industry players such as Munich Re Specialty Insurance, Lancashire, and Intact.
