Technology Set to Lower PI Insurance Premiums

Breakthrough technology sees PI insurance prices potentially lowered for building surveyors.

As time goes on, technology advances, and with it comes consequences great and small. Its effects are present in all areas of business, and Insurance is now seeing the results of new software on its values and prices. Leading software firm Quest is currently working on a brand new system that will allow surveyors to carry out property valuations via using a computer or tablet on location.

This breakthrough in technology will make surveyors far more accurate and correct in their work, therefore potentially lowering the risks involved with miscalculation. As a result of this, the price of Professional Indemnity Insurance in the housing valuation market is set to be lowered.

This example may well be the first of much advancement in technology that lowers the risk of many jobs. PI insurance is an adaptable policy that can be tailored around a client’s needs depending on risks involved, and with technology lowering the risks, the premium rate of insurance must surely decrease too.
By:Steven Bailey

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