Illustrations: DrAfter123 data interpreted by its proprietary software Predix, allows operators improved efficiencies and enables preventative maintenance before units malfunction, mitigating both uninsured and insured downtime.
Assistance for underwriters? Could underwriters follow telematics car insurers’ lead and harness industrial operational data to specifically price a product for companies which provide access to this data?
Faster settlement of claims? Typically files provided on a large energy claim can run to hundreds of megabytes, if not gigabytes. This can include refinery Linear Programming, petrochemical production data or hourly power plant data containing detailed statistics such as: ambient temperature; availability; generation; flow rate; heat rate; fuel usage; or utilities usage. Whilst arguably not in the realms of big data, it is sufficiently large to require a forensic accountant to mine and distil down for Insurers consumption.
Enterprise Resource Planning( ERP) systems allow extraction of specifically tailored datasets of Production, Sales and Inventory to assess BI losses, reducing the time spent by the Insured manually preparing reports, which would require verification back to source records anyway.
Time can be better spent on analysis issues relevant to the quantum of loss, improving response time for updates, interim payments and settlement figures.
More accurate loss measurements? Increasing volumes and granularity of data allows quantification of losses which would have been unsupportable historically, for example:
• Analysis of heat rates and fuel burn to identify turbine efficiency losses following non-catastrophic damage
• Identifying loss of capacity on a specific turbine
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