Rosetta Risk Management Ltd
Problem addressed
The insurability (during construction and operation) of mass timber buildings.
Insurance inherently relies on the data of the past, presented via email, spreadsheets, and paper trails. Rosetta Risk Management (RRM) offers a solution that allows decisions to be made with data of the present, unlocking efficiency and accuracy which can reduce loss frequency and severity, and ultimately premiums.
Overview of start-up
Rosette Risk Management’s SaaS platform aggregates construction risk performance data for the benefit of insurance. The platform is easy to use and simple to navigate. A dashboard presents risk performance data project by project and across a portfolio. Colour coded performance metrics allow for easy identification of action points. Risk and progress survey reports, as well as claim notifications and causes, are digitalised by RRM. This enables insurers to gain a better understanding of their portfolio and identify risks within a data-rich environment.
What makes the product innovative?
Rosetta Risk Management provides near-real time risk performance data via API’s from the digital systems that are widely used by AEC’s and increasingly by developers. It is also positioned to maximise the data created by the forthcoming Golden Thread legislation. This is innovative because traditional insurers rely on data of the past, pdf progress reports and physical site surveys (with out-of-date pdf reports as output) whilst their customers, the insured, are utilising technology for data of the present to ensure risk is reduced and productivity is increased. RRM bridges this gap by providing insurers with up-to-date data that can inform their risk assessments and enable them to offer more relevant and effective insurance to their customers.
By presenting this information to insurers Rosetta Risk Management increases the insurability of more volatile materials and systems (MMoC including mass timber) but it also lowers insurance premiums and facilitate faster claims settlements because Rosetta Risk Management now has more accurate and relevant data. Data of the present can allow Rosetta Risk Management to be more proactive with risk management/mitigation and in time with a large enough data set it can create predictive risk management. All such performance gains directly contribute to addressing the current insurability issues of mass timber systems.
How the start-up has been designed to scale-up quickly
Rosetta Risk Management is a SaaS platform based in London, the global home for construction and property insurance. Rosetta can scale at pace by utilising SaaS.