Reality capture is propelling construction risk management into an exciting new era, and as the global leader in reality capture and AI-powered analytics, OpenSpace is increasingly recognized by the insurance industry. In fact, OpenSpace just won the PropTech Breakthrough Award for Rental Insurance Product of the Year. Moreover, carriers like AxaXL, Travelers, and Shepherd reward builders for using OpenSpace. You can listen to my talk with Shepherd CEO Justin Levine to hear his perspective on ways the insurance industry is shifting to keep pace with technological innovations like reality capture.

For example, a partnership with Shepherd grants OpenSpace customers access to its Casualty Pro excess liability insurance offering, providing qualified contractors with underwriting credits and improved coverage on their Shepherd insurance policies based on their OpenSpace usage.

Using OpenSpace Capture, builders attach a 360° camera to their hard hat and simply walk the site as normal. Once the video from the walk is uploaded to the cloud, OpenSpace’s computer vision technology stitches images together and pins all the images to the floor plan, creating a trusted visual record of site status. Powered by OpenSpace’s Vision Engine, an immersive digital replica of the jobsite is ready to view in 15 minutes on average after upload, and users can virtually walk through sites from anywhere as easily as using Google Street View.

OpenSpace customers typically have a lower risk profile because they can build with greater certainty and catch potential safety issues and costly mistakes before they happen. Consistently capturing jobsites with OpenSpace gives builders the insights to make informed decisions about safety, along with data to minimize disputes and increase accountability. For example, they can more easily spot and take action to remove or correct safety risks such as missing toe boards, improper railings, and pooled water, and can improve day-to-day safety by referring to OpenSpace data in QA/QC meetings.

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