UK insurtech company RRM has secured an undisclosed investment from Howden Ventures.

RRM said the investment will accelerate its transformation to a technology-powered MGA focused on construction insurance.

The insurtech currently operates as a software-as-a-service (SaaS) platform.

RRM aims to offer an enhanced underwriting approach by leveraging real-time data from construction projects, which will include information on building materials, construction procedures and project timelines.

The insurtech said it will leverage the data and risk monitoring obtained from its integrations with the construction technology ecosystem to enhance risk selection, forecast risk concerns, enable human-in-the-loop underwriting, optimise the underwriting model and expedite the claims procedure.

Initially, RRM will focus on MT and MMC.

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By GlobalData

The alliance also seeks to reduce the carbon footprint of construction projects, which now account for 38% of all energy-related carbon dioxide emissions across the world.

Howden managing director and global practice leader of construction & infrastructure assets Naresh Dade said: “In collaboration with RRM, our aim is to support our clients and open up the supply of underwriting capacity by underpinning risk submissions with enriched data to better evaluate and manage risk.”

RRM founder and CEO Philip Callow said: “It is clear from our extensive experience in the construction insurance marketplace that our customers are using technology to reduce risk and increase productivity across the whole architecture, engineering and construction value chain.

“RRM is uniquely placed to leverage this customer data for better insurance outcomes. Working with Howden Ventures will enable us to develop our technology and accelerate our transition to a fully tech-enabled construction insurance MGA.”

Insurance broker Howden launched Howden Ventures in October this year to accelerate insurance product development.