About
We make the energy transition insurable and bankable by providing risk relevant insights into daily operations of wind turbines.
Innovation presentation
Over the past 20 years, the annual energy production of a wind turbine has grown by more than factor 7. The technological development has seen a rapid advancement, making it difficult for insurers to keep up to date with the dynamically changing technical risks. Simultaneously, the commercial losses caused by an outage of only a single wind turbine have increased exponentially as well, due to its larger size. Operators rely heavily on insurers and initial full maintenance contracts. However, these show a growing number of limits and exclusions that increase the risk of economic loss for the operator and for the financing bank. Hence, while the sector struggles to secure operations, financing and insurance, Germany has decreed to grow the wind onshore capacity by 115.000 MW till 2030.
To overcome this huge challenge, we have developed an innovative insurance approach based on IoT and AI. By combining the best predictive monitoring solutions for wind turbines with the risk assessments of Underwriters and Risk Engineers, the risks become more transparent, manageable and insurable. The insurer learns in quick iterations about prospective technical breakdowns, can compare operational behaviour of different turbine types and can support the operator in proactive risk management. Therewith, losses can be prevented, insured portfolios improved, insurance coverage optimised and financing secured. This is achieved through the unique IoT platform solution “Smart Wind” of PROTH!NX that translates risk relevant machine data into KPIs for insurers.
Uniqueness of the project
The market is fragmented with manifold stakeholders and information asymmetries: many tech companies offer monitoring solutions for wind turbines to support operators in their daily management of wind farms. Many banks and insurers offer their essential services to finance and insure wind farms. Each party has its domain expertise and focus. By connecting the different domains, operations become more efficient, losses can be prevented and ROI maximised.
Smart Wind is a unique solution that translates operational alerts based on AI and IoT into intelligent insights for insurers and banks by bridging the gap in expertise from one domain to the other.
