Symmons Evolution
Key Highlights After Implementation Across Property Portfolio
Concord Hospitality Enterprises, facing escalating operational challenges and rising insurance premiums due to catastrophic water-related incidents within the industry, searched for an innovative solution to enhance its risk management strategy.
The Symmons Evolution Building Management System of advanced monitoring technologies and sensors presented an opportunity to mitigate water-related issues, while simultaneously reducing their insurance costs.
CHALLENGE
Insurers, particularly insurers focused on the hospitality segment, have seen a significant increase in losses, often attributed to water damage from boiler overflows and leaks.
Hospitality segment losses have increased 300-400% on average industry-wide in the past year, causing premiums to skyrocket.
SOLUTION
Concord Hospitality implemented Symmons Evolution as part of a strategic initiative to overhaul their risk management processes.
The system's capabilities allowed for real-time monitoring and management of water systems across various properties, which was critical for identifying and addressing water-related issues.
RESULT
Concord reached out to their insurance providers to re-evaluate the risk profile of their properties and entire portfolio.
Proof of Evolution’s installation and active monitoring leads to a reduction in deductibles, providing the opportunity of offsetting the cost of the system's first year.
BONUS
Also, the insurer evaluated these proactive measures taken, which will lead to a decrease in premium costs for the hospitality industry.
“Insurers appreciate management teams that are proactive and willing to consider different avenues for risk mitigation. Evolution’s innovative technology positioned us as industry leaders in hospitality risk management.”
Scot Cameron
Vice President of Capital Assets (Risk Management Advisor) – Concord Hospitality
Implementation of the Symmons Evolution Building Management System provided significant cost saving opportunities by lowering insurance premiums and deductibles, and as a result, establishing Concord’s reputation as a forward-thinking industry leader.
This case serves as a real-world example for other properties facing similar challenges, while highlighting the significance of Symmons Evolution as an innovative component for hospitality risk management.
Evolution BMS
Go beyond those clumsy, costly BMS systems that complicate your workload, confuse your staff, and drain your budget. Evolution is an agile, scalable building management system that uses non-invasive wireless sensors to identify water and HVAC issues and detect leaks. And it self-installs in under two hours for as low as $99 per month!
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