AI-powered risk platform for commercial real estate
Large commercial real estate owners with multiple locations have huge amounts of documents and data that they use to manage their risks. Much of the information must be relayed to brokers and underwriters, a traditionally time-consuming and inefficient way of ensuring underwriters have accurate property records.
Archipelago Analytics Inc. created its artificial intelligence-powered risk platform for commercial real estate with the goal of ending the often duplicative and costly tasks required to locate and transmit such risk data.
The platform is in place with some of the world̵7;s largest commercial real estate owners and helps them collect and distribute the information that insurance companies need, said Hemant Shah, CEO of San Francisco-based Archipelago.
“Instead of looking for information, asking people questions, updating spreadsheets and reading documents, we’ve mapped out a lifecycle model for a physical asset,” which risk managers can add to their loss control arsenal, he said.
The archipelago platform maintains and manages detailed information about a property owner’s various locations. “All the various details about each of their physical assets, from detailed information about its location and local hazards, to information about the building’s construction, roof systems, fire protection systems” and much more, Mr. Shah said.
The records that property owners compile over the life of a building include details about construction, repairs, maintenance, engineering and other information about the structure’s history, he said. “We make it very easy to leverage these original source documents and use machine learning to extract and connect all the relevant data about these assets,” he said.
It makes it much easier to manage the risks around real estate, according to Mr. Shah. For example, instead of calling a due diligence team to sort out information about an acquired property that needs to be listed as an insured asset, a risk manager can send a link through Archipelago that allows documents related to the acquisition to be uploaded. The platform then extracts the necessary information from the records and arranges it for the risk manager.
“Not only can they make more proactive decisions internally about how they view the risk and exposure of their physical assets,” said Shah, “but they can also share permissions through the Archipelago platform to access these rich data sets of all their insurance partners.”