London-based insurtech startup Rosetta Risk Management (RRM) has secured investment from Howden Ventures for its plan transition to become a fully tech-enabled construction insurance MGA.
RRM currently operates as an SaaS platform. With the transition, it will aggregate construction risk performance data. Details on building materials, construction techniques, and project timelines can be gathered with the use of real-time data from construction projects. With the availability of more reliable data, RRM can provide a better underwriting approach as it transitions into an MGA, it claims – it will be able to derive new insights and reduce premiums for the sector.
The construction sector is presently responsible for 38% of global energy-related CO2 emissions.
The transition enables RRM to use more reliable data and improve risk monitoring, as well as improve risk selection, predict risk issues, refine its underwriting model, streamline the claims process, and more.
“Demand for innovative solutions to risk management can be seen with MMC and MT in particular. The use of such materials is crucial to reduce emissions from our built environment. The increase in associated risks combined with a more challenging insurance market means that now is the right time for customers to leverage the data that they already hold,” said Philip Callow, founder and CEO of RRM.
“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. Working with Howden Ventures will enable us to develop our technology and accelerate our transition to a fully tech-enabled construction insurance MGA.”
“This investment emphasises Howden’s commitment to transforming the construction insurance landscape with a focus on sustainability,” said Naresh Dade, director and global practice leader of construction and infrastructure assets at Howden. “RRM will leverage the legislation-driven digitisation of the built environment to deliver a first-of-its-kind SaaS platform to support construction underwriting processes that are underserved today.”
“We believe RRM’s innovative approach 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 and contribute to a more sustainable future,” said Tom Hoad, head of Howden Ventures.
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