07/08/2020  

twingz successfully mastered the 24-hour IoT challenge in SummerHack 2020

Cookhouse Labs held its first virtual 24-hour global hackathon on July 30/31, 2020, focusing on IoT (Internet of things) and insurance!

SummerHack 2020

This year’s SummerHack brought together over 15 teams of IT experts, insurance organizations, and students from around the world to address some of the challenges of the “Internet of Things” in the insurance industry. While the industry is aware of the importance and potential of IoT, the big breakthrough is still to come. The time has come to close this innovation gap, and so the Live Pitch Event and the virtual hackathon were created. Each team presented its exciting solution to the jury. Afterward, there were also prizes to win!

twingz IoT solution in just 24 hours

Werner Weihs-Sedivy, CEO of twingz, shares his impressions publicly:

“It was great to participate in this Insurtech Hackathon. We were able to add valuable features to our predictive analytics dashboard and create a targeted landing page for small and medium-sized restaurants as an Insurtech component”.

At the same time, Mr. Weihs-Sedivy invited the insurers to implement the solution and added: “Dear insurers, we would be happy to provide the targeted landing page with your logo and integrate it into your background systems. I would like to thank all participants, organizers, jurors, and especially our colleagues from msg global”.

Interest awakened? – We look forward to hearing from you!

The twingz team wishes you many new insights.

31/07/2020  

The underestimated danger: 1 out of 2,000 wind turbines suffer a fire every year!

The Caithness Windfarm Information Forum (CWIF) reported 20 wind turbine fires worldwide in 2011 and 2012. This corresponds to a total of 160 accidents involving wind turbines. Therefore, fires accounted for 12.5% of all incidents in both years.

Fires are the second most common cause of accidents involving wind turbines

CWIF identified 200 reported fires between 1995 and 2012, an average of 11,7 fires per year. This makes fires the second most common cause of reported accidents in wind turbines. All in all, according to the study, the 3 most important causes of accidents in wind turbines are

  • Blade failure (19%)
  • Fire (15%)
  • Structural failure (9.7%)

91% of all fires are not reported!

In 2011 an estimated 200,000 wind turbines were operated worldwide. Based on the data in the IAFSS report, we can assume that there were 117 fires (both reported and unreported) in the same year. This means that in 2011, 1 out of 1,710 turbines caught fire. 

twingz predictive analytics and what fire statistics for wind turbines mean for wind farms

Overall, the data show that fires in wind turbines occur relatively rarely. However, a single wind turbine fire can be very expensive for a wind farm. A turbine quickly costs over $1 million and generates $1,500 to $2,000 in revenue per day. Offshore turbines that are larger and more complex can be up to three times as expensive, but they also generate more revenue.

With “predictive analytics” from twingz, the permanent monitoring of plant and stress conditions, operators are able to detect critical developments early enough to prevent the possibility of unfortunate damage. In this context, reliability-oriented maintenance is particularly worth mentioning.

We look forward to hearing from you!

The twingz team wishes you many new insights.

15/07/2020  

Increase safety with twingz water damage prevention!

“In 70% of all cases of water damage, early detection results in a clear and noticeable reduction of the damage and thus of the repair and drying costs”, Consensus Damage Assessment.

twingz alert & protect: WATER
The twingz solution for water damage prevention helps detect water leaks at an early stage before they become visible, thus considerably limiting the extent of damage and reducing repair work and costs. Similar to twingz alert & protect: FIRE, twingz alert & protect: WATER analyses the data of the water flow either at the water meter or with sensors at the pipe system. With minimum technical effort, hard-to-detect leaks of only several liters of flow velocity per hour can be reliably detected. Calls for action and warnings are sent accordingly.
BUSINESS VALUES
  • Ensure safety and prevent damages
  • Bundle with household insurance, facility management software or smart home devices
END USER VALUES
  • Prevent extensive damage through early leakage detection.
  • Increase the peace of mind
24/06/2020  

How twingz’s Artificial Intelligence reduces the risk of fire in the paper industry

The risk of fire is very high in the paper industry, where the materials are highly flammable and in direct contact with electrical equipment. An innovative fault and residual current monitoring system enables the early identification of potential electrical ignition sources.

Challenge: flammable material and a large source of risk

The paper manufacturing and converting industry has always been exposed to major fire risks. A frequent cause is the malfunctioning of electrical equipment that processes paper. At the same time, there are high concentrations of fire loads, for example when storing waste paper or produced paper rolls.

Solution: Detecting faults before they happen

 As a cooperation partner of Funk, we jointly offer a software solution to a customer from the paper industry. This permanently monitors certain flow variables, in this case, electrical current, and intelligently evaluates the results. The data is collected via a special sensor infrastructure in real-time monitoring: RCM (Residual Current Monitor) sensors measure leakage and residual currents, while PQM (Power Quality Management) systems monitor active energy, voltage, frequency, and jitter. Our? Twingz’?  Predictive Deep Learning Analysis software based on artificial Intelligence continuously evaluates the data on electrical currents.

Benefit: A difficult industry becomes insurable again

In the case described, the system, which was used as part of Funk Beyond Insurance, contributes to innovative, proactive fire protection. This can reduce the particularly critical fire risk typical of the industry.

Occupational safety is also increased. Also, the maintenance process can be improved by early prediction of possible faults and defects. This not only reduces the risk and intensity of unscheduled downtimes but also optimizes the number and duration of planned downtimes (e.g. maintenance and inspections). All in all, the cost-intensive interruptions of operation are reduced. At the same time, the availability of production capacities increases. The decisive factor here is that maintenance intervals can be controlled according to demand and thus an optimum cost.

Suitable for: Warehouses, data centers, and production areas

Companies receive processed data about energy or water consumption as well as risk behavior patterns and defective end devices. In the housing industry, for example, twingz software identifies leaks in water pipes at an early stage. In this way, high consequential damages can be avoided. Likewise, potential short circuits and faulty electrical systems can be identified at an early stage in the production and logistics industry – as in the example mentioned above.

Funk & twingz Webinar

Learn more about Funk Beyond Insurance and our cooperation. Optionally and to deepen the topic, we offer a webinar on innovative solutions for fire protection. We have prepared two dates.

05/05/2020  

COVID-19 effects: Make the management of empty buildings more efficient! twingz supports with intelligent solutions.

COVID-19 effects: Make the management of empty buildings more efficient! twingz supports with intelligent solutions.

The outbreak of COVID-19 and its rapid global spread has caught almost everyone, but especially companies, unprepared. It   has   become   particularly   challenging   for   building   managers   who   have been   struggling   for   weeks   to   ensure   that   dangers   from   tap water leaks, legionella contamination, and electrical fires are detected as quickly   as   possible.   The   solution   is   permanent   monitoring.   twingz   can support you in this.

twingz for real estate & building management

Every second an unwanted water leakage occurs somewhere in Europe. Micro leakages usually remain undetected for weeks. With more than 50% of all payouts, damage caused by tap water leaks represents the largest cost pool in the insurance industry. One-third of all fires are caused by defective electrical appliances or electrical installations.
twingz enables you to shift from reaction to prevention in order to reduce the extent of damage by early detection or even avoid it completely by being able to react before the damage occurs. Significant benefit: You maintain the value of your properties and reduce administration costs.

And this is how it works!

The twingz solutions alert & protect “FIRE” and alert & protect “WATER”evaluate the data streams from electricity and water meters and detect anomalies in consumption patterns.
Our Anomaly Detection Software can either detect hard to identify leaks of only a few liters per hour (fast dripping faucets) at an early stage or identify defective electrical appliances before they become a source of ignition.
With the legionella early warning system, our system measures the period (72 hours) between two rinses on the one hand, and the amount of water rinsed on the other. If either the period is too long and/or the quantity is too small, an alarm is sent to the operator.
28/04/2020  

INSURTECH OVERVIEW 2020 – find us there!

New approaches and developments of over 100 start-ups from the German-speaking region. – twingz is one of them!

The New Players Network, an initiative by Versicherungsforen Leipzig GmbH, has published an InsurTech reader listing start-ups from various sectors as well as digital insurers or peer-2-peer players. – twingz cannot be missing there of course. 🙂

InsurTech overview

Since 2016, the InsurTech overview has been providing an annual overview of new approaches and developments by now over 100 start-ups from the German-speaking world. It provides information on the individual companies, their foundation and the investors involved. Additionally, a thematic breakdown into different categories such as Digital Enablers and API service providers is included and the degree of innovation and market behaviour towards established market participants is also analysed. Assessments of InsurTech – experts on future developments in the industry round off the overview. twingz was positioned under the category “Claims and Benefits Management” – where we feel “at home”.

Claims and benefits management

Claims Management describes all the functions that are necessary for or related to the receipt, evaluation, determination, payment, administration, and review of a claim.
twingz creates predictive analytics solutions for risks such as fire, water
and storm in the composite sector. Damage can be avoided by the
technology-based analysis of measurement counters.

Back to school – “The twingz classroom 2020”

Given this year’s circumstances, twingz has considered sharing a virtual classroom, as well as the latest information and exciting stories with you. This includes a series of 60-minute interactive webinars. Support us and become live a part of the “class”. Stay tuned – registration information will be announced soon.

 

22/05/2019  

twingz has been selected as TOP 100 solutions by the AEF at the Ministerial

 

Mission Innovation Ministerial (May 27 – 29, 2019, Vancouver) is a global initiative working to accelerate clean energy innovation with 23 countries and the European Commission (on behalf of the European Union).

twingz has been selected by the AEF (Avoided Emissions Framework) as 1 out of 100 solutions to present our innovation.

Get in touch if you plan to join the event – where Energy and Technology Ministers from around the globe will discuss the future of clean energy.