Periodic Reporting for period 1 - AI-Inspect (AI-Inspect - an artificial intelligence tool for instant inspection of commercial properties) Reporting period: 2020-01-01 to 2020-06-30 Summary of the context and overall objectives of the project AI-Inspect is a product addressed to reinsurance entities (i.e. insurance policyholders to whom a part or all of the risk is transferred by the insurance company, which has already been accepted by the policyholder based on an insurance contract relationship) and insurance entities that sell insurance policies for groups of real estate and individual commercial properties. To value a reinsurance and insurance policy, it is necessary to identify the risks that are estimated based on different attributes of the building. The process of collecting data to determine risk and valuation is carried out in several ways.The goal of the H2020 SME Instrument Phase-1 grant was to provide the AI-Inspect project with the opportunity to analyse the insurance market deeper, define the scope of IP protection strategy, as well as to prepare the business development plan, pricing strategy and technical feasibility.The feasibility study was created together with the team of consultants from EXEQ, a company specialising in EU funding acquisition, as well as market research and business analysis. The team behind Tensorflight took full advantage of this opportunity, and based on the research, potential client discussions, internal debates, and work with the EXEQ team, they developed a professional business plan. The tasks performed during 6 months were organised in a very detailed manner from the project management perspective. EXEQ team was coordinating the workflow in a systematic way and helped to benefit from the technical expertise performed during the project execution. The outcome was a coherent feasibility study document that was created. The technical report fulfils the requirements set out in the Grant Agreement: an overview of work that was carried out during the contract period including the results that have come out of this work and the current status of Tensorflight as a business and the next business steps. Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far Work performed in this project included describing the market and identifying stakeholders, analysing the scope of IP protection in the US, refining the Business Development strategy, refining and adjusting the pricing strategy to various customers and researching new technological possibilities to further boost AI-Inspect’s capabilities of providing instant, global and comprehensive property data. The main result of work was the Feasibility Study. Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far) The main result of work was the Feasibility Study. It was designed to support Tensorflight in the process of evolution of the business model based on the artificial intelligence tools for the instant, remote and fully automated analysis of different features of commercial buildings for the insurance and reinsurance sector. Tensorflight logo
