Archipelago’s Risk Data Platform positively impacted a Top US Asset Owner's 2020 insurance renewals across all of its insurance programs.
*The Top US Asset Owner addressed in this article is covered anonymously.
A top US Asset Owner insures its $35B of real estate equity assets across four insurance programs, representing a diverse mix of properties and asset types. Archipelago partnered with this Asset Owner and its insurance brokers to share and permission secure links to the Asset Owner’s data on Archipelago in support of its 2020 renewals for each of its programs, including via virtual roadshows with markets in the US, Bermuda, and London, to overcome COVID-19 disruptions.
“Given that in-person meetings were restricted this year due to COVID, the Archipelago platform provided us with a unique way to showcase our customers' robust building characteristics, accurate values, and commitment to loss control.”
- Insurance Broker, representing the Asset Owner's Risk Management program
For large and dynamic portfolios, preparing for renewals is a time-intensive process as source data is often fragmented, hampered by ad-hoc connections between systems and sources, with valuable information seemingly just always out of reach. Moreover, even when finally updated (and quickly outdated!), traditional statements of values spreadsheets (SOVs), attached and sent by emails to insurers with disconnected documents and presentations, simply don’t do justice to the character and quality of the insured assets.
For its 2020 renewals, the Asset Owner used Archipelago to enrich its data and then provided its panels of insurers secure links to not only the data, but also to a range of interactive analytics and visualizations that highlighted the portfolios, changes from prior submissions, the quality of the data and its provenance, and their differentiating risk management practices; all providing insurers an efficient and clear way to understand and underwrite this Asset Owner’s risk.
“With the rapid emergence of technology in our market, Archipelago provides an efficient and comprehensive vehicle to accelerate the renewal process into the digital age for risk managers and underwriters.”
- VP Risk Management, Top US Asset Owner
