Case Study: How Virtual Mapping Helped a UK Company Secure Lower Insurance Premiums

A leading UK property management company was facing rising insurance premiums due to traditional, reactive risk management. By implementing TwinSpace’s virtual mapping technology, the company drastically improved its approach to risk assessment, resulting in substantial savings on its insurance premiums. This case study explores how detailed virtual mapping enhanced risk visibility, reduced incidents, and led to lower insurance costs.

Company Background & Challenge

Company Profile: The company manages several office buildings and retail centres across the UK. As a result of previous claims, including water damage and fire incidents, their insurance premiums had been increasing year on year. In one year alone, premiums surged by over 30%, primarily due to the lack of proactive, real-time data on the building's condition and safety systems.

The firm had seen multiple incidents in the past few years, such as burst pipes and equipment failures which led to costly claims. This history, coupled with the lack of real-time monitoring, led to higher premiums. The company needed a way to prove that they were actively mitigating risk and maintaining their properties to a high standard. The goal was to reduce insurance costs without compromising the quality of coverage.

Virtual Mapping Implementation (TwinSpace Solution)

To address these challenges, the company adopted TwinSpace’s virtual mapping service, which creates detailed 3D models of buildings, capturing every room, corridor, and outdoor space with precision.

The service provides high-resolution, interactive maps of the property, which are accessible 24/7, allowing facility managers and insurers to evaluate the conditions of the building at any time.

Key Features of Virtual Mapping:

• Real-Time Visual Documentation: Virtual maps were created for the company’s buildings, capturing every aspect of the property with detailed accuracy. These maps allowed the team to view the building from every angle and identify potential hazards or maintenance needs before they became problematic.

• Remote Monitoring: Using virtual maps, the company’s insurance providers and property managers could access detailed, up-to-date visuals of the property without having to conduct frequent on-site visits. This not only saved time but also allowed for faster risk assessments.

• Preventative Risk Management: By utilising the virtual map, the company could easily track maintenance schedules and view the conditions of critical infrastructure like HVAC units, plumbing, and fire safety systems. If any issues were flagged in the virtual model, the team could arrange for prompt repairs or maintenance, reducing the risk of major incidents.

Results: Improved Risk Profile and Cost Savings

Since integrating TwinSpace’s virtual mapping, the company achieved significant improvements in its risk profile and financial outcomes which included an impressive insurance premium reduction (~18%): With better risk mitigation practices in place, the company successfully negotiated a significant reduction in premiums at policy renewal. Insurance costs dropped by approximately 18%, saving the company over £36,000 annually in insurance premiums. This reduction was directly linked to the real-time risk assessment and improved risk management facilitated by the virtual mapping system.

Key Benefits and Insights

Implementing virtual mapping provided multiple benefits that not only reduced risks but also generated cost savings for the company:

• Proactive Risk Management: Virtual maps allow the team to be proactive in managing risks, detecting problems early, and addressing them before they led to costly incidents or insurance claims.

• Streamlined Risk Assessments: The virtual maps allowed insurance providers to perform detailed risk assessments remotely, reducing the need for frequent, costly on-site visits. Insurers could explore the properties at any time, getting an up-to-date view of the premises. This transparency built trust with the insurer, who rewarded the company with lower premiums.

• Lower Premiums and Improved Coverage: The company’s proactive approach to risk management, facilitated by the virtual mapping technology, was recognised by their insurer. As a result, they were able to secure lower premiums and better coverage, as insurers saw their buildings as safer and less risky.

• Increased Operational Efficiency: Virtual mapping improved overall facility management by streamlining maintenance processes and reducing the time spent on manual inspections. Staff could remotely assess conditions and plan maintenance accordingly, which reduced the likelihood of costly emergency repairs and enhanced overall efficiency.

Our Conclusion

By adopting TwinSpace’s virtual mapping service, this UK property management company was able to significantly reduce insurance premiums and improve its risk management strategy. With fewer incidents, lower premiums, and greater operational efficiency, the company demonstrated how investing in virtual mapping not only enhances safety and compliance but also delivers real financial savings.

This case highlights the growing trend where businesses that embrace advanced technology, such as virtual mapping, are able to better manage risk, save money on insurance premiums, and improve overall operations. As the insurance industry continues to embrace digital solutions, companies that invest in proactive risk management tools like virtual mapping will be better positioned to lower costs and improve safety in the long term.

For property owners and managers, the benefits of virtual mapping extend far beyond just risk reduction, it’s a game-changer for future-proofing their business, improving safety, and keeping insurance premiums under control.