A new nima working group is set to develop a framework and the associated tools to enable insurers to use structured information to evaluate project risk.
The working group falls under nima’s Information Management Initiative (IMI) and is expected to take two years from its inception next month to deliver its project, named Project IIRIS. This will:
- define clear Insurer Information Requirements across the asset lifecycle, aligned with the IMI Framework, Building Safety Act gateways and principles underpinned by ISO 19650 (specifically part 6);
- collaborate with other IMI projects to establish a standard exchange format so that structured project data can be used by insurers during design (RIBA Stages 0 to 4), through construction (RIBA Stage 5), and beyond handover (RIBA Stage 6);
- develop the Minimum Insurable Asset Dataset (MIAD), a data-driven underwriting solution that will enable insurers to offer assured premiums based upon contractually regulated information exchanges;
- develop provisions for use in professional appointments, main contracts and elsewhere requiring notification to insurers when assets are modified, helping to maintain real-time, accurate risk profiles; and
- publish an IIRIS executive technical briefing, educational material and other guidance on the data-driven insurance information exchange requirement across the full asset lifecycle.
The working group is led by Dr Bola Abisogun OBE, founder and president of the Digital Twin Skills Academy, supported by Amodal CEO Stuart Bell. It involves nearly 20 experts from across the built environment, including senior representatives from the insurance sector.
Better value, safer outcomes
Abisogun said: “Insurance premiums in construction are rising sharply, particularly where projects fail to deliver compliant data. The global insurance sector lacks a standardised way to evaluate project risk using structured information. During the risk-laden construction phase, data silos need to be disrupted.
“This collaborative industry initiative will offer the insurance sector lower risk exposure, improved underwriting accuracy, and more accurate premiums, while giving construction clients (and funders) better value, safer outcomes, and lasting data legacies.”
He added: “Enabling better visibility for the insurance sector is a huge area of focus given what has transpired since the Grenfell Tower tragedy. The Building Safety Act 2022 golden thread requirement presents a tangible and growing challenge for all stakeholders.
“By embedding continuous data updates across a project’s lifecycle, insurers gain live risk visibility, enabling more accurate and (potentially) lower premiums and a suite of new insurance products tailored to digitally assured projects and built assets.”
