AI-driven technology platform Archipelago has announced the integration of loss history in its second major product update of 2022.
The platform can now integrate customers’ location-level loss histories with the Smarter SOV to provide a more comprehensive view of their insured property.
According to the company, over $7 trillion of total insured values of commercial property are already on Archipelago’s SaaS platform that digitises disconnected spreadsheets and documents into a Smarter SOV.
By linking historical loss experiences to uniquely identified properties, and doing so over time, customers can now obtain a more comprehensive understanding of historical trends and key drivers of risk, Archipelago explained.
Users can also share this data-driven experience and its relevance more effectively with their insurance partners.
Included with this product update are additional enhancements to user access and security controls.
Archipelago customers can now provide access to insurers by domain or on an individual basis via email address.
The company highlighted that, as property risk data is sensitive information, they want to give customers, and their broker-partners, the confidence to securely manage and share access to this data with their insurance markets.
Hemant Shah, CEO and Co-Founder of Archipelago, said: “Empowering our customers with the ability to integrate their loss experiences to their exposures, identified uniquely to individual properties and trended over time, empowers them to better understand their drivers of risk, shape their risk management strategies, and more proactively communicate these experiences to their insurers.”
Deborah Ravetti, Risk Manager at Shorenstein, a real estate investment company with $8 billion in assets, said: “Having a detailed loss history that is readily available on platform lets us share our full narrative and build trust and transparency with stakeholders.
“The details do more than just quantify the loss, they put it into context. Losses can come from a variety of incidents and if we fix the root cause, it allows us to communicate and demonstrate our loss prevention/mitigation measures and overall proactive risk management program.
“It impacts our outcomes as well as accomplishing our goal of transparency and moving towards a more sustainable model.”