Danish startup saves factories from fire with new technology
October 17th, 2018
A team of young entrepreneurs have joined forces with an insurance industry veteran, in order to create a new digital platform that helps reduce the risk of fire in manufacturing.
By means of 21RISK’s software robot Robin, 21RISK monitors and reduces the risk of fire in factories and similar production facilities. In 2017 commercial fire accounted for hundreds of billions in damages worldwide. As a consequence, it is concluded that there are still challenges to be solved in commercial fire safety. 21RISK is about to change this through modern technology.
Insurance companies are lacking data
The current Risk Assessment of commercial property is described through risk reports written by risk engineers from the insurance agencies. These reports are made with seldom intervals, thus creating a lack of valid data in the periods in between, while sometimes reports are not made at all. In addition, the report are made subjectively which can result in unprecise assessments and recommendations for improvement. This is why the 21RISK software collects weekly and monthly data points in relation to risk reducing tasks being completed, giving a more objective and precise risk assessment.
21RISK addresses two issues. By raising the fire safety at factories, the factory owners will experience fewer fires, which can have fatal consequences. Simultaneously, 21RISK’s software robot Robin assists the insurance companies in having fewer claims, which, in this magnitude, affect the companies’ financial statements as seen with Danish insurance company Tryg’s third quarterly report.
The problem area and solution was presented to the Danish Innovation Fund, who decided to invest 430.000 DKK over the next 12 months through the InnoFounder grant programme. The fund delegates millions every year to innovative startups in Denmark which they believe have immense potential, including a mentoring system, helping 21RISK to grow even further.
At the helm 21RISK has placed co-founder Martin Hald, a senior executive with more than 25 years of experience in the insurance industry and specifically commercial property insurance. The team also includes IT experts Alex Bjørlig and Andreas Hald, who have previously worked in one of the biggest IT consultancies in Denmark, as well as Frederik Kehler who will provide insights from his extensive experience within the communication, branding, and startup community.
The 21RISK product makes it possible for Risk Managers to compare the current risk of fire across a set of factories. Key information about current risks is stored and presented to Risk Managers in an easy-to-use dashboard, thereby making it easier to be a Risk Manager than ever before. The manager can now assign risk reducing tasks to specific employees and follow up on whether or not it has been completed. Furthermore, 21RISK has developed a universal metric to assess the current risk situation across multiple factories instead of just one.