The funding was led by Costanoa Ventures from Palo Alto, California, with contributions from Intact Ventures, Period Ventures, Greenlight Re, and Spark Capital.
Shepherd introduces Shepherd Compliance, an AI-powered software program accessible to prospects at no cost. This modern answer combines insurance coverage choices with cutting-edge software program to help contractors in lowering premiums. The corporate plans to make the most of the funds to bolster its underwriting and software program groups, expedite product improvement, and develop its software program portfolio.
Justin Levine, CEO of Shepherd, highlighted the urgent want for innovation within the industrial development insurance coverage sector.. He stated: “There may be an pressing want for innovation within the industrial development insurance coverage trade. Our mission at Shepherd is bold however easy: to create the primary complete platform that mixes top-tier insurance coverage choices with world-class software program to assist industrial companies handle threat and forestall losses.”
Shepherd’s providing merges insurance coverage capability with swift underwriting, threat administration software program, and a development software program market, streamlining cumbersome processes and workflows. With a mean response time of 12 hours, the corporate’s technology-enabled underwriting course of considerably outpaces trade requirements.
The industrial development trade faces challenges resembling escalating declare severity, outdated underwriting processes, and a scarcity of know-how adoption, threatening the sustainability of insurance coverage within the sector. Shepherd warns that with out vital innovation, the $10 trillion industrial development trade may grow to be uninsurable.
In response to those challenges, Shepherd is launching Shepherd Compliance, a software program answer designed to automate and streamline vendor compliance critiques. This important course of, important for giant companies validating protection from downstream distributors on every challenge, is liable to errors and inefficiencies. Shepherd Compliance leverages synthetic intelligence to evaluate PDF-based information and automate associated workflows, making certain seamless integration with present challenge administration platforms like Procore.
Shepherd’s Sequence A funding and the launch of Shepherd Compliance mark vital milestones within the firm’s mission to revolutionize the industrial development insurance coverage panorama, providing tailor-made options to trade challenges.
“Industrial development is a central and important driver to the general financial system, but has been neglected by know-how suppliers for years,” feedback Mark Selcow, basic companion, Costanoa Ventures. “Excessive insurance coverage prices and even unavailability of protection plagues a sector already battling tight margins and enterprise threat. The group behind Shepherd is taking a technology-forward strategy, creating modern insurance coverage merchandise that use trendy software program and information strategies to create a vastly superior insurance coverage providing. Shepherd delivers higher priced, higher match insurance policies for shoppers, due to its information and tech benefits.”