Welcoming Raken to Shepherd Savings
Today, we are announcing the expansion of Shepherd Savings to include users of the project management software [Raken](https://www.rakenapp.com/). With this news, we're thrilled to be supporting more contractors who have already made investments into technologies that impact risk management.
More about Raken: Raken's platform provides a full suite of construction management tooling to over 5,000 customers in the U.S. – reporting safety hazards, signing daily logs, planning workflows, as well as managing documents, budgets, and time cards.
Defining the Shepherd Savings Program
- Clients who utilize partner technologies such as Procore, OpenSpace, and now Raken, receive automatic upfront savings on eligible Shepherd proposals
- Savings proposals are presented side-by-side with traditional quotes
- All Shepherd Savings partners are able to integrate their technology platforms with Shepherd in order to facilitate client feedback
- Clients receive ongoing tracking on product usage as well as best practices to improve their adoption and further savings at renewal
Savings for Raken Users
Our recently completed data study with Raken has shown that being a heavy user of their technology is highly correlated with decreased liability claims. As such, the Shepherd Savings premium impact for Raken users will follow the same structure we have in place for the category of Project Management Software:
Raken customers specifically will qualify for savings impact related to the categories of overall usage, project workflows, and safety.
Dataset, Methodology, and Results
Our initial dataset for studying the impact of Raken included:
- Utilization metrics from the Raken platform that measure customer usage and adoption
- Loss runs going back to 2017 from more than 600 contractors
- Exposure from all 51 U.S. jurisdictions
- Contractors spanning a wide range, $25M to $2B, of annual CV (Construction Volume)
Our aim was to determine the implied Shepherd Savings credits in three scenarios:
- Raken users vs non-users
- Each level of Raken usage that we could quantify
- Post-adoption vs pre-adoption (causality)
Across all scenarios, higher Raken usage correlates with substantially lower loss rates and claim frequency. In scenario (1), we found that active Raken users, regardless of how they use the platform, performed better than non-users. In scenario (2), we found that higher activity across quality and safety and project workflows correlated with lower loss rates and claim frequency. In scenario (3), we found that active Raken users, on average, have lower loss rates and claim frequency – now that they have implemented Raken – than they did prior to adopting Raken. In every scenario, when determining the implied Shepherd Savings, we controlled for distorting effects from territory, class code, and CV.
In sum, we are confident that Raken users are better risks than non-users and are thrilled to be expanding the Shepherd Savings program to their user base. Moreover, we believe Raken is highly correlated with behavior change within an organization that lowers their insurance risk over time.
Working with Shepherd to access Savings
We’ve created a simple process for customers and brokers to access the Shepherd Savings program.
For Raken Customers:
- Contact your insurance broker or Raken service representative to setup a call and talk about your upcoming renewal
- Savings proposals will automatically be included on any submission made to Shepherd (project specific or annual practice)
For Brokers:
- Make sure your agency is appointed with Shepherd
- Email us at submissions@withshepherd.com
- Submit your coverage application to Shepherd – we will automatically create a Savings option for your review
