Shepherd: AI Supported Insurance for Construction

Share
In a funding round spearheaded by Costanoa Ventures, Shepherd has secured a substantial US$13.5m
Shepherd is transforming construction safety with innovative insurance solutions, reshaping industry norms backed by Costanoa Ventures

In just 18 months since its 2021 launch, construction insurance firm Shepherd has achieved an astounding five-fold growth in Gross Written Premiums. Originally offering Excess Liability, the company swiftly expanded to cover all primary casualty lines - General Liability, Commercial Auto, and Workers' Compensation. This growth wasn't just a numerical feat; it marked a paradigm shift in the industry.

Top retail insurance brokers in construction now swear by Shepherd's tech-driven underwriting process. Boasting a remarkable 24-hour submission-to-indication turnaround, Shepherd leaves competitors trailing weeks behind. 

“There is an urgent need for innovation in the commercial construction insurance industry,” says Justin Levine, CEO and Co-Founder of Shepherd. 

“Our mission at Shepherd is ambitious but simple: to create the first comprehensive platform that combines top-tier insurance offerings with world-class software to help commercial businesses manage risk and prevent losses.” 

AI-Powered progress: Shepherd's funding leap

In a funding round spearheaded by Costanoa Ventures, Shepherd secured a substantial US$13.5m. This injection will fuel the expansion of its underwriting and software team, expedite product development, and amplify its software offerings for the vast US$10tn commercial construction industry.

The latest addition to Shepherd's arsenal is Shepherd Compliance, an AI-assisted software engineered to simplify and automate vendor compliance review. Tailored for Shepherd policyholders, the software seamlessly integrates with project management platforms like Procore, ensuring a user-friendly experience across existing systems.

“Commercial construction is a central and vital driver to the overall economy, yet has been overlooked by technology providers for years,” said Mark Selcow, General Partner at Costanoa Ventures, and newly appointed board member for Shepherd.

“High insurance costs and even unavailability of coverage plagues a sector already struggling with tight margins and business risk. The team behind Shepherd is taking a technology-forward approach, developing innovative insurance products that use modern software and data techniques to create a vastly superior insurance offering. Shepherd delivers better priced, better fit policies for clients, thanks to its data and tech advantages."

Backing this funding round are industry heavyweights Intact Ventures, Era Ventures, Greenlight Re, and Spark Capital, signifying a collective belief in Shepherd's transformative approach.

Tech-Forward mission: Reshaping construction's future

Shepherd's core philosophy revolves around leveraging technology to revolutionise an industry plagued by high costs and coverage scarcity. The company envisions a future where construction businesses seamlessly manage risk and mitigate losses through a cohesive blend of cutting-edge insurance products and advanced software.

The newly acquired funds will be pivotal in driving Shepherd's tech-forward mission. The focus lies on fortifying the underwriting and software teams, fostering innovation, and expanding its software suite, creating a powerful synergy for the benefit of the commercial construction sector.

Shepherd's journey isn't just about growth and funds; it's a commitment to redefining safety and sustainability in construction. With a potent combination of insurance prowess and technological innovation, Shepherd is spearheading a new era, one where construction thrives on efficiency, safety, and forward-thinking solutions.

******

Make sure you check out the latest industry news and insights at Construction Digital and also sign up to our global conference series - Manufacturing LIVE 2024

******

Construction Digital is a BizClik brand 

*****

Share

Featured Articles

Iconic Building Project: Bilbao Island Smart City District

Iberdrola & Bilbao City Council are transforming an old industrial area into a net zero emissions smart city testing ground for renewable energy solutions

How AI is Shaping Architecture, Construction & Engineering

Neil Davidson, Group VP of Deltek -- an architecture, construction and engineering specialist -- on the impact on AI and how the industry can be smarter

Aggreko: Power Supply Issues Hitting Offshore Wind Builds

Construction firms face challenges as McKinsey forecasts 630GW installed capacity by 2050, but Aggreko study reveals power supply chain gaps hinder develop

Electric Construction Machinery Growth 'is Significant'

Sustainability & Green Building

NEC and Consult Australia Forge Contract Partnership

Construction Projects

Real Estate Giant Cushman & Wakefield Details Net Zero Path

Sustainability & Green Building