Mark Gardella, the CEO and co-founder of Sertis, recently shared insights into how his company is pioneering advancements in risk assessment within the multi-family insurance market through innovative technology. Speaking to Digital Insurance, Gardella discussed Sertis's proprietary techniques, which are designed to enhance property management and insurance practices across the United States.
Sertis, which was established as a spin-off from Leonardo 24/7 — a digital operations maintenance and safety platform — has successfully closed two funding rounds since its inception. The company's integration of advanced risk assessment technologies aims to provide a FICO-like score, known as the service risk indicator, which operates at the property level. Gardella elaborated on this system, stating, "What we've done is we've developed a FICO-like score... it acts as a FICO score down to the property level." This approach facilitates a detailed understanding of ownership responsibilities and maintenance requirements.
The service risk indicator relies on preventative measures and templates that guide property management. These templates include essential tasks aimed at maintaining safety and resilience, such as routine inspections and maintenance personnel conducting site checks to ensure that facilities are in good condition. For instance, a maintenance schedule might include weekly checks to ensure that parking lot lights are functioning and that there are no tripping hazards present.
In Gardella's view, this proactive management approach translates to better pricing and terms for clients. He explained this strategy using a familiar analogy, suggesting, "It's no different than telematics, 'Hey, if you're a better driver... maybe you should get a better price, right?' It's the same thesis." The emphasis on proactive management not only helps in minimizing incident reports but also improves the overall performance of property operations.
To enhance its service offerings, Sertis benefits from access to incident reports that provide valuable feedback on claims. Gardella illustrated this by mentioning the ability to verify claims, such as an incident involving a slip and fall due to snow, by referencing snow removal logs. This data-driven approach, he claims, positions Sertis to more accurately price risk by observing actual management behaviours on the ground.
As Sertis continues to develop its capabilities, plans are in place to refine predictive modelling and share risk scores with various stakeholders, including brokers and insurers. By leveraging additional data sources, Gardella indicates that the company is paving the way for more informed underwriting practices. He stated, "We're looking to reward proactive, good operators," underscoring the commitment to transparency and data-driven decision-making in the insurance sector.
The future of AI automation in the insurance industry appears promising, as innovative companies like Sertis harness technology to redefine risk management practices and improve outcomes for all parties involved.
Source: Noah Wire Services