(US and Canada) Archipelago, an AI-driven technology platform that connects and transforms property risk data for large commercial property owners and enables brokers and insurers to view and analyze customer portfolios to deliver optimal insurance outcomes, has enhanced its solution to address exposures among buyers from all major corporations with insurable property assets.
“We chose Archipelago to create and manage the most current, interactive and comprehensive representation of our portfolio property risk data to drive better engagements with the markets and superior outcomes,” said LVMH’s Group Risk Management Director, Alain Lagesse.
“Digital and data-driven decisions are fundamental to how we run our business” said Ed Nekritz, Chief Legal Officer and General Counsel of Prologis. “This includes how we manage our risk and insure our properties. We chose Archipelago to increase the connectivity and comprehensiveness of the detailed data we use to define our exposures. Archipelago’s already made an impact, including by supporting our recent Catastrophe Bond.”
Archipelago’s new enterprise solutions for its software-as-a-service (SaaS) platform include cloud management of property data, AI-enhanced enrichment of geo-coding, COPE and cat-risk data, data insights, and benchmarking. New product capabilities include the Smarter Statement of Values (Smarter SOV™), custom portfolio attributes, exposure filters, analytics and highlights, secure portfolio sharing with marketplace partners, library for evidentiary document collaboration and automatic linking with properties, AI and human enhancement of SOV data, and reports of portfolio readiness (for submission), engagement (market interest), and underwriting assessment.
“With over $7 trillion in total insurable value now managed on Archipelago, we are quickly emerging as the system of record for property owners’ collection, management and enhancement of asset risk data,” said Hemant Shah, CEO, and co-founder of Archipelago. “Institutional commercial real estate businesses like Prologis and JLL have found tremendous value in the use of Archipelago. We’re thrilled to be expanding our platform to corporations like LVMH who may not own the real estate they operate in but still have a need to organize their risk data in a centralized, AI-powered platform.”
Archipelago enables large buyers of commercial property insurance to connect, manage and analyze detailed, high-quality risk and insurance data about their portfolio exposures while communicating and securely sharing this data and insights with insurance brokers and carriers across the market. This enriched, verified commercial property risk data is used by underwriters to evaluate risk as they write commercial property insurance, and to better facilitate accurate analysis. The outcome is greater transparency, reduction of process redundancies and better decision making by all parties (insurance buyers, brokers, and carriers) throughout the property lifecycle.
In the last 18 months Archipelago has grown total insured value on platform 15 times to US$7 trillion.