OpenSpace, the global leader in 360° jobsite capture and AI-powered analytics, announced a new partnership with Shepherd, a commercial insurance provider for the construction industry. OpenSpace customers will have 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. OpenSpace's easy-to-use Capture product completely documents the site, helping to resolve disputes and speed claims processing. OpenSpace 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.
"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," said Shepherd's CEO and co-founder Justin Levine. "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."
With OpenSpace Capture, builders attach an off-the-shelf, consumer 360° camera to their hardhat and walk the site as they normally would. Once the video from the walk is uploaded to the cloud, OpenSpace's computer vision technology stitches images together and pins all the images to the floor plan, creating a trusted visual record of site status. Powered by the company's Vision Engine, the site image map is typically ready to view in about 15 minutes after upload. Better site documentation leads to stronger collaboration among stakeholders, reduces the need for project managers to travel to site, provides a historical record of progress—and now—can reduce insurance premiums.
Over the past few years, we have been thrilled to see how the data OpenSpace helps capture and organize is being used in surprising new ways that impact our customers' business. We're excited to see how that data can help simplify and improve insurance coverage for builders. The industry needs better, smarter, and more cost-effective ways to manage risk and we're proud to partner with Shepherd to make that change a reality."
Jeevan Kalanithi, OpenSpace CEO and co-founder
About OpenSpace
Founded in 2017, OpenSpace is an AI technology company on a mission to bring new levels of transparency and efficiency to construction and real estate. With our platform, builders automatically capture a complete visual record of the jobsite, providing visual data that increases coordination, drives accountability, and simplifies dispute resolution. To date, our customers have used OpenSpace to capture more than eight billion square feet of imagery from active construction projects across thousands of sites in over seventy-six countries.
About Shepherd
Founded in 2021, Shepherd is a tech-enabled managing general underwriter providing casualty insurance for middle market commercial construction. Their mission is to make construction safe and sustainable through innovative insurance products.