Beat the Renewal Rush Using Archipelago to Manage Properties
The Head of Risk Management for one of the largest property owners in the United States generated a better insurance renewal by leveraging Archipelago to enrich their property submission data, improve their modeled ALS, and differentiate their placement in the marketplace. He was pleased that they received positive feedback on their placement submission from their brokers and insurers. His team recognized the advantages of the new approach and wanted to extend their use of the platform by gathering critical data on property acquisitions and improvements over the course of the year, rather than just before a renewal.
One of his risk managers asked us, “Can you help us gather the critical data we need as we go, as soon as we acquire or develop each and every new asset? We want to be even more proactive in the coming year on Archipelago.”
Spend Less Time Chasing Data and Beat the Renewal Rush
Although Archipelago launched just last year, we’ve already supported several customers through their second insurance renewal on our platform. In each case, not only did we expand the scope of our enrichments on their pre-existing properties, we worked throughout the prior policy year to support quarterly updates to their data for new and improved properties; enabling them to efficiently share, quarterly, up-to-date information with their insurers. When we came to the second renewal, their portfolios were ready to go, helping these customers beat the renewal rush, accelerate their timetables for modeling and defining their programs, and get their submissions proactively into the market.
Through this experience, we thought, what would it take to empower our customers to be even more proactive? Why wait for even quarterly updates? By extending Archipelago further upstream, onboarding the data via our platform as individual properties are acquired, disposed, upgraded, and inspected, not only does the process become even more efficient, it provides invaluable opportunities to open lines of communication, engage stakeholders from across the organization, improve accountability and integrate the whole data and risk management process.
Archipelago now integrates upstream
Following successful testing with existing customers, we’re delighted to make our platform more widely available for upstream use. On Archipelago, you can now work collaboratively with your team and stakeholders across your organization, to add and manage your properties via the platform throughout the year.
Archipelago tracks all changes so important information is never accidentally overwritten, and you control the editing permissions granted to team members. Your whole team can seamlessly manage and maintain your company’s property placements with the confidence that there will never be any mishaps or last-minute rushes.
Managing your data throughout the property lifecycle
As risk managers, you require an overwhelming amount of information to effectively manage risk throughout the property lifecycle. Now you can work confidently knowing you have all the information you need to successfully navigate the renewal process, at any stage.
Acquire a property: Your asset management team has just closed on a property. With a simple link you can prompt them to enter as little or as much data available on a new property. Or, they can just securely upload readily available documents, such as the property due diligence reports (or in the case of a newly developed asset, the specifications). Archipelago supports you throughout the process.
Upgrade a property: Completed a major project upgrade? Campus upgrades, mall redevelopments, or similar large-scale project upgrades can make a tremendous difference in how your portfolio is viewed in the market. Archipelago makes it easy to capture and update your property information, saving you time without sacrificing data quality.
Dispose of a property: You’ve just completed the sale of a property and have updated your accounts. You can easily remove a property from your portfolio to bring your risk data up to date. Your data is never deleted, just marked ‘disposed’, so all property data can be reinstated — intact, at any time.
Throughout the property lifecycle, your documents, including PCA’s, seismic inspections, loss and control reports are critical to maintaining quality data. When you upload these documents for your new and updated properties, we make sure the right data is extracted, enriched, and made available for underwriters to easily review.
Building Trust with a System of Record for your Property Risk Data
Building trust in data comes down to making the same data available to everyone. By enabling cross-functional access, you can:
- Manage, collaborate, and track changes in your portfolio by securely inviting your team members, controlling their property permissions, and tracking all changes and updates.
- Work confidently knowing that the full data lineage is recorded, so you’ll always know exactly what has changed, regardless of who updates what and when.
- Improve communication by enabling greater collaboration and more up-to-date information, whether you choose to give team members view-only or edit access.
Using a centralized and secure platform allows all parties to access a single source of truth. As changes are made, the full data lineage is recorded, so you’ll always know exactly what’s being changed and by whom. Evidentiary documents are linked as provenance, which is also included in the lineage history. These processes work together to ensure data veracity so you never need to worry about data accuracy, accidentally overwriting data, or whether the data is coming from a trusted source.
For our current customers, the newly available Manage Properties features will be available upon notification from your account manager. Then you’ll now be able to manage your property portfolio with add, edit, and delete, while controlling access across your team.
Written by Hemant Shah
Co-Founder and CEO of Archipelago: Previously, he Co-Founded Risk Management Solutions (RMS) as a graduate student at Stanford University, and led RMS until 2018, building the market-leading risk modeling firm serving the global insurance industry. Hemant is passionate about risk and resiliency and serves on the Board of the social venture Build Change.