ICMM-aligned offering eliminates the challenges of risk assessment for primary insurers and reinsurers with relevant real-time data critical to the insurance underwriting process
sensemetrics IIoT solution
The sensemetrics IIoT solution gives mining companies and their insurers real-time, end-to-end Tailings Storage Facilities (TSF) insights.
SAN DIEGO, Aug. 26, 2020 (GLOBE NEWSWIRE) — sensemetrics Inc., a global Industrial IoT (IIoT) and cloud technology company transforming sensor data into real-time business intelligence, today launched a tailored IIoT solution that gives mining companies and their insurers real-time, end-to-end Tailings Storage Facilities (TSF) insights.
Available globally, the solution drives safety and mitigates risk across the entire TSF lifecycle, providing mine operators with unmatched access to real-time information and analytics for continuous and complete surveillance across TSF construction, operation, and closure phases. The solution also offers a variety of new features specifically designed for reinsurers and primary insurers, empowering them with critical insights for technical risk underwriting and enabling them to achieve a level of end-to-end TSF assessment not available in the mining industry until now, according to Alex Pienaar, Director of Mining, sensemetrics.
“With this new offering we have taken our core IIoT IP and tailored it to address the long-standing and highly critical challenges of TSF risk and safety, giving our mining company customers and the reinsurers and primary insurers who work with them a level of data transparency and actionable information they haven’t seen before,” said Pienaar. “Now, both parties can work toward achieving shared outcomes, using our best-in-class technology to gain insight into what matters most to their businesses. It’s an exciting moment at sensemetrics as we support our customers and their business partners in building a safer, more successful future.”
New tailored features for insurers and reinsurers include:
A remote sensing module, which provides a dashboard display of TSF performance – powered by spatially dense datasets from ground and satellite-based systems – gives insurers deep insights into comprehensive risk assessment parameters.
A secure Application Programming Interface (API) provides a unified interface for exchange of real-time and historical sensor data between the sensemetrics platform and in-house data analytics engines maintained by insurers, facilitating continuous and transparent information flow between all organizations involved in risk mitigation.
Native iOS and Android mobile apps further optimize field activities, unified data aggregation and visibility of TSF performance, which is key to managing operational risk.
“The aim is to enable further development and customization of tailored TSF insurance pricing models backed by data-driven risk analysis for one or multiple TSFs over their entire lifecycle,” said Pienaar. “This ultimately secures insurability of TSFs in line with an adequate margin-profile for insurers. We view this approach as a win-win for our mining customers and their insurers.”
The sensemetrics platform supports all of the best practices outlined in the Tailings Governance Framework, recently published by the International Council on Mining & Metals (ICMM), which aims to minimize the risk of catastrophic TSF failures. A plug-and-play solution, it relies on the power of real-time sensor data, analytics and state-of-the-art visualization tools. It offers manufacturer-agnostic edge connectivity, a true cloud design, an event-driven and scalable microservices architecture, workflow enhancing apps, and an open API interface. Featuring end-to-end sensor integration and asset management, the solution simplifies the complexities traditionally associated with sensor automation and management in the mining sector, while also reducing costs and improving operational efficiency.
sensemetrics is an Industrial Internet-of-Things (IIoT) innovator, offering the only market-proven cloud-based enterprise software platform that simplifies connectivity and standardizes industrial sensor data, enabling our partner network to more efficiently provide active risk management and safety solutions.
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CONTACT: Paula Johns 760-522-0941 [email protected]