OpenSpace, an AI technology company on a mission to provide transparency in the construction and real estate industry, has partnered with commercial insurance provider Shepherd.
Founded in 2017, OpenSpace’s platform allows builders to automatically capture a visual record the jobsite, which the company said increased coordination, accountability, and simplifies dispute resolution.
OpenSpace said its customers also typically have a lower risk profile as a result of their ability to catch potential safety issues and costly mistakes before they happen.
Shepherd is a tech-enabled managing general underwriter providing casualty insurance for middle market commercial construction. The InsurTech’s mission is to make construction safe and sustainable through insurance products.
The partnership will see OpenSpace’s customers gain access to the Casualty Pro excess liability insurance offering, which provides qualified contractors with underwriting credits and improved coverage on their Shepherd insurance policies, based on their OpenSpace usage.
Justin Levine, Shepherd’s CEO and co-founder, said, “We view the application of jobsite capture as one of the most exciting frontiers in construction risk management, and OpenSpace is the clear category leader.
“Our partnership allows customers to benefit from their OpenSpace usage by introducing data from the platform as a new category in our underwriting approach. Our fundamental belief is that contractors who leverage technology to be safer deserve to be rewarded by their insurance providers.”
InsurTech Zenjuries, provider of worker compensation automation software for handling claims and reducing loss costs, raised $2.2m earlier this year.
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