"On Archipelago, we’re able to bring our properties’ differentiation to life and share these trusted data-driven insights with our partners across the insurance market."
Of earthquake exposed TIV enriched on Archipelago
Portfolio TIV developed directly by Alexandria with lineage on platform
Insurers accessing ARE data via secure links on platform
Archipelago’s Risk Data Platform empowered Alexandria to enrich the quality of its property data to truly reflect the differentiation of its assets, creating positive impact on its insurance renewal.
Alexandria Real Estate Equities (ARE), a top performing S&P 500 REIT, is the leader in owning, operating, and developing life science, technology, and agtech campuses in the top urban innovation clusters in North America.
The ARE portfolio consists of many iconic, modern, and high-value assets that are not adequately represented in a traditional spreadsheet-based insurance statement of values (SOV). For example, many of its earthquake-exposed properties have been designed and constructed not only to modern building codes, but also with special structural seismic detailing. The properties reflect the latest technologies and best practices to ensure the resiliency of the properties given consistent with the occupancies and expectations of ARE’s top-tier tenants.
In addition, ARE commissions 3rd-party Property Condition Assessments (PCA) for its acquisitions in California and the Pacific Northwest that include reviews by licensed structural engineers specializing in earthquake resistant design. And, as a major developer of many of its campuses, ARE also has extensive internal expertise on construction costs and forecasting which are used to update its replacement values annually.
These differentiations - in the resiliency of its structures to earthquake and climate hazards, the rigor of its risk management and property maintenance practices, and the quality of its data - could not be adequately represented in a traditional SOV. On Archipelago, ARE is not only able to source and extract a richer set of data about its properties, it is able to securely share these data-driven insights via the platform and do so in a way its insurers can readily use and credit, including with the evidence links that engender trust.
“In current market conditions the key to success is data - every account is getting more scrutiny. On Archipelago, underwriters could verify Alexandria’s enriched data with the ease of just a few clicks. The less uncertainty, the better the results.”
-Jared Hanner, SVP and Executive Director, Gallagher Real Estate & Hospitality Practices
Q: How did Archipelago impact your insurance renewal?
Right off the bat the improved data quality created a positive impact by verifiably reducing my modeled results. This helped as a key driver of how insurers underwrite our account is their modeling of our EQ exposures in California and PNW. Beyond modeling impacts, my underwriters appreciated how easy it was to securely access my data via the platform and analyze changes and exposure drivers as our portfolio has an active development and acquisition pipeline. And having evidence links to verifiable sources helped further differentiate the quality of my assets and my commitment to risk management.
Q: What first motivated you to work with Archipelago?
Maintaining my property data was a cumbersome process, and I was looking for a solution to make it easier for me and my stakeholders in the business. Our properties are developed, acquired, and managed by decentralized regional teams. We were keeping all our data in share-files, and using emails to gather updates. We spent a lot of time tracking down loose ends, updating spreadsheets, and manually checking to ensure the quality of the information.
Q: When did it become about more than just the efficiencies?
During Archipelago’s initial "discovery” process, I introduced the Archipelago team to others in my business such as property managers, facilities engineers, due diligence teams, and also to my CTO and Chief Operating Officer. I was quickly struck by Archipelago’s affinity to my properties and to the people on the ground. They were able to identify great sources of information about our assets that contained a wealth of information, and demonstrated how this data could not only be more efficiently sourced and connected on their platform, but how the insights from this data could improve the quality of my data and drive a more differentiated understanding of my risk.
Q: Where do you want to go next with Archipelago?
Given our positive experience with their Placement Module on platform, we’re now getting ready to roll out their Property Module which will help me close the loop on data across my properties’ lifecycle. The design is fantastic, and reflects the input I gave Archipelago on the requirements for this crucial module. Among other benefits, I’m looking to not only drive better insurance outcomes with my data, but to better assess and improve the resiliency of our assets. Risk Management can be so much more proactive than just insurance and this capability will help me create more value for the enterprise.
Alexandria Real Estate Equities
at a glance
- Listed on the S&P 500 since 2017
- Selected by the NAIOP (Commercial Real Estate Development Association) as the 2019 Developer of the Year – the association’s highest honor
- AAA Innovation Clusters
- Top Tier Tenants in Life Sciences and Technology
- Best-in-Class Assets + Superior Risk Management + Exceptional Loss History
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