By: Mike Cannon, director & co – founder Mitig8
Mitig8, an insurtech business that launched earlier this year to offer a better, more consistent, and efficient solution to commercial property surveys, is finishing the year on a high. The company has welcomed five insurers onto its world-first app and has completed its first 100 surveys.
“We have 85 surveyors actively using the system across the country, allowing us to offer a truly nation-wide, localised service,” says Mitig8 director and co-founder, Mike Cannon. “Having a broad geographical spread means participating surveyors can be found in the area where the survey is needed, rather than having to travel from elsewhere. This saves the client a considerable amount of money per survey.”
The Mitig8 app was in development for 18 months and launched in March 2020.
“What is rewarding, looking back on the dev process and the nine months since we launched, is that our end goal of providing better, more consistent, faster surveys to the industry is being achieved,” says Cannon. “We identified a problem and what we see now through feedback from our clients is that this problem is being solved.
“Even more exciting is how the data being captured onto the system with each survey is starting to show huge value in how risks can potentially be better underwritten in future. The potential for each underwriter is incredible when this data reaches a tipping point and can start to be used for very smart reporting internally.
“A special thanks to our founding partner, Lombard Insurance, who took a leap of faith and backed us before we had a positive track record or proof that the system would work. Lombard is a business that holds partnerships at the core of its corporate values, and we are so grateful for the partnership we have experienced with the team to date.”
Cannon says the future looks rosy.
“With 100 successful surveys completed we are optimistic that 2021 will bring great evolution in the way that survey reports are used for active risk management.”