SAN FRANCISCO, June 09, 2022 (GLOBE NEWSWIRE) — Archipelago, an AI-driven technology platform that connects and transforms property risk data for large commercial property owners to deliver optimal insurance outcomes, and Advisen, Ltd., a Zywave company, the foremost provider of data, media and technology solutions for the commercial property and casualty insurance market, today released their second annual Property Risk Management Report, surveying insurance buyers and risk professionals about their experience buying insurance for large commercial portfolios.
Key findings from the survey demonstrate broad interest in greater influence over the insurance placement process, with a desire for more transparency in underwriting and pricing of premiums. Statistical highlights from the annual report include:
- 66% of those surveyed want more transparency into property insurance underwriting and pricing.
- 73% do not feel they receive comprehensive and actionable feedback from their insurance partners.
- Only 19% understand how insurers use their statement of values (SOV) data.
- 77% said managing and maintaining SOV data is complicated.
“Risk Managers are ambivalent about the fundamental value proposition of their insurance programs and it’s more than simple dissatisfaction with pricing and terms,” said Hemant Shah, CEO and co-founder of Archipelago. “We’ve seen that trend drive many large buyers of insurance, with sizable balance sheets, to re-evaluate their risk and insurance strategies entirely. They’re now investing in their own mitigation and resilience, choosing to retain more risk, and exploring alternative risk transfer strategies.”
The survey was conducted during the first quarter of 2022 and was distributed to risk managers, insurance buyers and other risk professionals. In total, the survey received 209 responses. The data presented in the report focuses on responses from 187 risk managers who reported having a property portfolio greater than $100 million in total insured value (TIV).
“The survey results highlight a broader opportunity to shift our industry closer towards specific risk identification and mitigation services that will complement the risk transfer product,” said Sean Ringsted, Chief Digital Business Officer and Chief Risk Officer at Chubb. “Top-tier Risk Managers are looking for solutions that deliver more than just the coverage and claim payment after a loss has occurred, but actionable insights about their risks and the opportunities to manage them more effectively.”
You can review and download the full report here.
Archipelago is an AI technology and data analytics company that is transforming how commercial property risks are understood and managed by their owners, operators, and risk managers, as well as how brokers and insurers more efficiently connect to high-quality data to deliver innovative services and coverage solutions to their customers. Learn more at OnArchipelago.com.