Howden investment allows insurtech to transition to construction MGA

London-based Insurtech Rosetta Risk Management (RRM) has secured investment from Howden Ventures that will enable it to transition to a construction insurance MGA. RRM said it will aggregate construction risk performance data, “enriching the insights necessary to drive a more sustainable development sector”.

The insurtech uses real-time data from construction projects, including details on building materials, construction techniques, and project timelines, allowing it to provide an enhanced underwriting approach as it transitions into an MGA as part of the Howden Ventures platform.

RRM will initially focus on modern methods of construction (MMC) and mass timber (MT) in particular, enabling insurers to derive new insights that will increase insurability and reduce premiums for this high-growth sector.

Tom Hoad, head of Howden Ventures, said: “We believe RRM’s innovative approach will redefine how construction insurance is underwritten. It will focus on MMC, offering efficient and tailored coverage to meet the evolving needs of construction companies and contribute to a more sustainable future.”

Naresh Dade, managing director and global practice leader of construction & infrastructure assets, Howden, added: “In collaboration with RRM, our aim is to support our clients and open up the supply of underwriting capacity by underpinning risk submissions with enriched data to better evaluate and manage risk. This investment emphasises Howden’s commitment to transforming the construction insurance landscape with a focus on sustainability.”

RRM said it will “leverage the legislation-driven digitisation of the built environment to deliver a first-of-its-kind SaaS platform to support construction underwriting processes that are underserved today”.

Philip Callow, founder & CEO of RRM, said: “It is clear from our extensive experience in the construction insurance marketplace that our customers are using technology to reduce risk and increase productivity across the whole architecture, engineering, and construction value chain. RRM is uniquely placed to leverage this customer data for better insurance outcomes.”

RRM said it will “use its data and risk monitoring derived from integrations with the existing construction technology ecosystem to improve risk selection, predict risk issues, empower human-in-the-loop underwriting, refine the underwriting model, streamline the claims process, and facilitate a pre-construction path to the first year’s property insurance for MT projects by leveraging the golden thread principles”.

Callow added: “By securing support from Howden Ventures, we can both show the power of the data our customers already hold and facilitate their path to net zero, which is a first for our industry. Working with Howden Ventures will enable us to develop our technology and accelerate our transition to a fully tech-enabled construction insurance MGA.”

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