Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has invested in Shepherd Labs, (Shepherd), a construction insurance MGA with a focus on providing insurance options to middle-market contractors that devote resources to utilising technology and data.
Shepherd is a technology-centric MGA that plans to leverage new construction technologies to optimise all components of the value chain.
By integrating with construction management platforms, Shepherd has access to more underwriting data at a significantly faster speed than traditional, manual data collection methods.
Simon Burton, Chief Executive Officer at Greenlight Re, said: “Underwriting construction businesses has historically been a lengthy and inefficient process due to extensive data collection and entry requirements.
“We are excited to partner with Shepherd, as we believe they are able to provide enhanced underwriting data in a fraction of the time seen in the industry today.”
Justin Levine, Chief Executive Officer at Shepherd, added: “We’re entering a second wave of innovation in the construction industry and insurance is one of the most important frontiers for new ideas.
“We believe there is so much available data not being effectively leveraged in today’s underwriting, and contractors aren’t being recognised for the investments they’re making in tech to help mitigate risk.
“We believe contractors should be underwritten not only based on the nature of their work, but also the behavioral data that exists about the way they deliver projects. The team at Greenlight understood our vision immediately and is already helping us expand upon it. We’re grateful for their support as part of our seed financing.”