(Image source: SRS homepage.)
Scalable Risk Solutions (SRS; Denver), a technology-based risk management firm has announced a strategic partnership with risk management consulting firm Procor Solutions (New York), the risk management consulting division of Brown & Brown, Inc. (Daytona Beach, Fla.), to offer SRS’s smart risk analysis platform SenSOAR to its clients.
SRS describes SenSOAR as having a suite of “best in class” sensors that use artificial intelligence (AI) and machine learning to monitor and protect properties from a variety of potential high frequency and high severity losses from water, fire, smoke, gas, temperature, motion, mold, and many other perils. The vendor calls SenSOAR an all-in-one property monitoring platform that includes a water leak detector and temperature monitoring with the ability to shut off water at the sign of a spike in usage or a frozen pipe. The solution scales to monitor millions of properties on an ongoing basis, the vendor says.
“SenSOAR is the ultimate property risk management tool because it will both save claim costs for insurance carriers and decrease premiums for the insured,” comments Jeffery Magoon, CEO, SRS. “We make it easy for all stakeholders because we provide the platform, the hardware, the installation, and the monitoring. We also provide IoT strategic consulting to customize SenSOAR for any size property, whether in the public or private sector.”
SRS has done their due diligence and feasibility studies surrounding IoT in the risk management space, including platforms and technology protocol. Jeff states, “Our platform is unique because it uses LoRaWAN [wireless communication] technology. It was designed with future-proofing in mind as a vibrant ecosystem with flexible deployment models, low power and long-range capabilities.”
Potential to Reduce or Eliminate Large Losses
“We are excited to partner with SRS to bring advanced risk management technology solutions to our clients and our broker partners,” comments Arnie Mascali, President, Procor Solutions. “The technology has the potential to reduce or eliminate some of the largest losses faced by the insurance industry. We have been working with the SRS team for the last eighteen months. The SRS team has deep knowledge of and insight into the insurance industry. Combined with its industry-leading technology partners, they have put together a technology solution stack that has tremendous potential. We look forward to continuing our partnership with them to bring this innovative solution to our clients.”