How Insurers Can Use Structured Information for Project Risk Evaluation

Key Takeaways

• Project IIRIS aims to standardize insurer data requirements across asset lifecycle
• Minimum Insurable Asset Dataset will enable data‑driven underwriting and assured premiums
• Framework aligns with IMI, Building Safety Act gateways, and ISO 19650‑6
• Live data updates provide insurers real‑time risk visibility, potentially lowering premiums
• Working group includes 20 experts, led by Dr Bola Abisogun OBE

Pulse Analysis

The construction insurance market has long struggled with fragmented data, leading to inflated premiums and opaque risk assessments. Project IIRIS, under NIMA’s Information Management Initiative, seeks to remedy this by codifying insurer information requirements throughout a building’s lifecycle. By aligning with the Building Safety Act’s golden thread and ISO 19650‑6 standards, the framework promises a consistent, machine‑readable dataset that can be exchanged at every RIBA stage, from concept to handover.

At the heart of the effort is the Minimum Insurable Asset Dataset (MIAD), a data‑driven underwriting tool designed to tie premiums directly to verified, contractually regulated information. Insurers will be able to pull structured data in real time, reducing reliance on manual surveys and guesswork. This transparency not only sharpens underwriting accuracy but also opens the door for innovative insurance products tailored to digitally assured assets, potentially lowering costs for developers and funders.

Beyond pricing, the initiative addresses broader safety and compliance concerns highlighted by the Grenfell tragedy. Continuous data updates create a living risk profile that can trigger early interventions, supporting the Building Safety Act’s objectives of accountability and resilience. As the industry adopts the IIRIS framework, stakeholders can expect a more collaborative ecosystem where insurers, contractors, and owners share a common data language, driving better value, safer outcomes, and lasting digital legacies for built assets.