Thomas Röllecke Project Consulting
Thomas Röllecke Project Consulting

Project Cost Insurance

Presented with Munich Re AG and RIB Software AG at the GPM Forum on October 27th, 2015. In case of interest we will send you the presentation and arrange for the relevant contacts.

Breakthrough: An insurance against construction cost and time overruns is possible now due to the latest technologies. All project data are combined in onme system. Thus always the latest data are available. By a reduction of interfaces and smart simulations many usual problems in project execuation can already be eliminated in the planning phase. Risks resulting from time and cost overruns are considerably reduced by transparency and a higher degree of detailing of the project data. This is the prerequisite to insure cost and time after planning completion.

 

Digitalisation in construction industry started a few years ago with the digital building modeling BIM ((Building Integrated Model) and has been further developed since. The technology iTWO 5D of the RIB Software AG herefor used consists of a 3D building model enhanced by cost and time elements. Any changes can now be mirrored with little effort to result in an update of cost and time calculation. Even predictions with respect to maintenance cost can be made. This concept is the basis for an insurance solution by Munich RE against cost overruns at (for the time being) construction projects.

 

By close controlling of the construction progress problems can be detected at an early stage and can be mitigated or reduced much earlier. The usual planning process is being revolutionised and shaped new in order to achieve this goal. It consists of the following elements:

 

  • Separation of planning and execution phase: A detailed preparation of work facilitates a smoother progress
  • Integration of the parties executing the construction: They can increase the economic vialbilty by their own suggestions of more cost efficient solutions considerably
  • Taking care for the best solution: Cooperation in the team combines many ideas from different perspectives and experiences; this creates new possibilities for innovative solutions
  • The detailed digitla model: Digitalisation and the work with groups of components accelerates the planning process; each additional project reduces the time needed for setting up the model
  • One data spurce for all parties involved: All have access to the latest available planning status and take care for any changes immediately in their planning
  • Construction simulation: After all parties have crosschecked the planning with regard to realisability the physical construction starts
  • Project managament support: Professional support and independent control
  • Basis of the project cost insurance: The status at the end of the joint planning phase is basis for the insurance solution and cover

 

The combination of technology and insurance solution produces these advantages for the parties involved:

 

  • More transparency
  • More planning security
  • Reduction of construction cost
  • Time schedule security
  • More investment security
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