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How are real asset developers using construction technology to reduce their insurance costs by up to 25%? Insurance company Shepherd has announced a partnership with OpenSpace (a Taronga Ventures portfolio company), which provides 360-degree photo documentation software for construction site analytics and project tracking. Justin Levine, Co-founder & CEO, Shepherd said "In an analysis of OpenSpace customers, encompassing over 1,000 contractors, we found significant correlations between OpenSpace usage and improved casualty claims outcomes. Specifically, OpenSpace users demonstrated a superior ability to reduce the frequency of claims, with the margin between users and non-users exceeding our initial expectations. This is consistent with our observations of other field solutions, such as Procore Technologies." Shepherd's partner program provides discounts up to 25% on insurance premiums for builders that use OpenSpace. "To put that in context, 'wrap' policies that cover the insurance costs for all parties on a project can be between 1% to 2% of total construction costs - and these costs can up to 10% for complex projects in urban areas. So even at the lower end (2%), a 25% discount for a wrap policy on a $100M project amounts to a savings of $500,000 - a lot more than the cost of OpenSpace itself. We are talking true, hard ROI for the industry for using the right kinds of tech," said Jeevan Kalanithi, CEO, OpenSpace. Read more on Shepherd's findings and how their customers are leveraging advanced technology for superior risk management: https://lnkd.in/gKp8EX_8   #TarongaVenturesPortfolio #OpenSpace #ConTech #constructionmanagement #riskmanagement

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Jonathan Hannam

Co-Founder & Managing Partner, Taronga Ventures

5d

We love technology that delivers real and measurable ROI. Great to see OpenSpace has the ability to reduce insurance premiums by 25%!

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