How can data reduce construction project insurance premiums?

Asite and Rosetta Risk Management announce collaboration to unlock the value of data in reducing construction project insurance premiums and facilitating faster claim payments.

Rosetta Risk Management (RRM) aggregates risk performance data to benefit construction project insurance.

Asite’s project portfolio management software links with RRM via API to increase data availability frictionlessly, allowing insurers to provide effective loss prevention and predictive analytics, further reducing claims which leads to lower premiums.

Project management technologies give insurers access to data that saves significant time when adjusting a loss

Project management platforms and the general digitalisation of the built environment have promoted the efficiencies and risk management benefits of technology. With RRM and collaborations with companies such as Asite it may just mean that you data can finally contribute to premium savings.

The benefits are not solely for physical loss or damage; a digital track record of the building can also have significant positive effects on Professional Indemnity insurance.

RRM acknowledge that the insurance industry is at the beginning of the journey of exploring how best to improve the claims process but hopes to develop an offering in that space to reflect the growing practices of their customers.

FOUNDER & CEO, PHILIP CALLOW SAYS THAT “OUR MISSION IS TO USE DATA TO REDUCE CONSTRUCTION PROJECT INSURANCE PREMIUMS AND SPEED UP CLAIMS SETTLEMENT”.

With over 20 years of experience as a construction insurance broker and underwriter, Callow explains that “the construction project insurance industry prices risk about several factors, all of which are based on historical data.

“The digitalisation of the built environment, adoption of project and data management platforms such as Asite, and the forthcoming Golden Thread legislation mean that the insurance industry can now maximise the benefit of real-time risk performance data.

“This will revolutionise how we price risk going forward with the best performers seeing significant premium reductions, and the worst additional help and assistance from insurers’ extensive risk management expertise.”

Rob Clifton, Asite’s chief operating officer, comments: “Asite has long been the platform of choice for reducing risk by storing and utilising data on construction projects, with benefits in the form of reduced rework and variations.

“This integration with RRM is particularly exciting, as it allows our customers to leverage their data for direct financial reductions on their insurance premiums using the Asite platform. We look forward to rolling this integration out with our customers over the coming months”.

By www.pbctoday.co.uk “How can data reduce construction project insurance premiums?” February 13, 2023

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