Large-Sized Risks

Regional insurer with a customer in a remote location

• 84% more time effective

  Time from enquiry to delivery of the survey report for a large, remotely located asset in a high security risk area was 2 weeks compared to the industry typical time of 3 months

• 10x more cost effective

  Total cost of delivery of the service was a fraction of the alternative, as costs such as travel for the subject matter expert and provision of security detail were completely avoided.

• High quality

  Access to senior world-class risk engineer to perform the survey an inaccessible location

This regional insurer, which had reinsurance coverage from a US-based global insurer, confirmed coverage for a large onshore oil and gas exploration and production asset located in Basra, Iraq. As required by the US reinsurer, a loss prevention inspection had to be conducted on the site.

When the insurer contacted Virtual i Technologies, we organized a remote inspection for this critical asset in a high-risk and hard-to-access location, sending an engineer from our extensive partner network who could access Iraq without visa pre-approval to be our person in the field. Remote inspection, which took a little over 6 hours, allowed the Virtual i Technologies Partner Risk Engineer based in the UAE to conduct all required activities to complete the survey.

Mobilization of the team to conduct the risk inspection and completion of the task tool only one week. Risk inspection results, including alphanumeric and visual structured data, along with our proprietary scientific risk scoring, was made available to the Insurer within 24 hours and the final report was delivered after only 2 days.

The industry-typical time to complete such a survey and deliver the output is up to 3 months. In addition to achieving significant time savings, the entire survey, excluding extra travel and security expenses, cost 10 times less than the next best alternative.