Allianz wins innovation award

BI.Prepared took the top prize in the Technology Innovation of the Year category at the European Management Risk Awards, which are handed out each year by the Federation of European Risk Management Associations (FERMA) and Commercial Risk Europe (CRE).

Developed by Allianz Switzerland and Allianz Global Corporate & Specialty (AGCS), the digital app BI.Prepared helps companies manage business interruption exposures. Using a company’s geo-coded location data for both insured properties and those of its suppliers, the tool can map the interdependencies between locations in a company’s supply chain. It evaluates scenarios for different risks and their costs and then develops operational mitigation measures.

“This tool allows us to create an interactive platform for our clients,” said Bruno Spicher, head of reinsurance at Allianz Suisse and the initiator of BI.Prepared. “At the same time, we are exploiting synergies that benefit both sides: a company’s risk management and our own risk assessment”, something that saves “both time and costs”.