Redefining construction insurance with Howden Ventures and Rosetta Risk Management
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About Rosetta Risk Management (RRM)
RRM is a SaaS platform that aggregates construction risk performance data for insurers, brokers, contractors, developers and lenders. It digitally collates data on project performance such as time, budget, regulatory reporting and carbon emissions. It then develops underwriting algorithms to create services that help manage risks - which increases the insurability of Modern Methods of Construction.
The problem
The construction industry is undergoing a digital transformation, but insurers and brokers continue to use archaic manual methods to record data. This makes complex and dynamic construction projects harder to insure, which then obstructs the transition to a net-zero economy.
RRM's solution
RRM digitises paper reports to deliver performance data directly from the construction site, so users can monitor project’s time, budget, health and safety incidents, claims and carbon footprint. It reduces the need for on-site risk assessments and allows for early identification of claims causation, assisting an insurer in the managing of their portfolio.
By securing support from Howden Ventures we can show both the power of the data our customers already hold and facilitate their path to net zero, which is a first for our industry. This partnership will enable us to develop our technology and accelerate our transition to a fully tech-enabled construction insurance MGA.
Why we chose RRM
In December 2023 we announced RRM as the second recipient of Howden Ventures' seed funding. We believe RRM will redefine how construction insurance is underwritten. It will focus on MMC, offering efficient and tailored coverage to meet the evolving needs of construction companies as well as contributing to a more sustainable future.
By using real-time data from construction projects, including details on building materials, construction techniques, and project timelines, RRM will be able to provide an enhanced underwriting approach as it transitions into a MGA as part of the Howden Ventures platform.
This work is underway; stay tuned for updates.