New platform encourages better strata insurance decisions with live data

Using a single digital interface, Cohabit said the new tool introduced a data-driven approach to strata insurance, building on the company’s pre-existing capabilities.

While Cohabit’s current platform provides insights into strata’s financial performance, compliance, and structural condition, Cohabit Insurance will use the same data to enhance transparency and efficiency in the insurance process.

Cohabit said the new features allowed strata schemes to review and compare insurance options, using building-specific data and benchmark premiums and coverage against comparable buildings.

Additionally, it said the new capabilities included tracking renewal timelines and policy details in a digital profile and accessing expert guidance when reviewing coverage or market options.

Cohabit’s director of insurance, Eleni Svinos, said the platform was designed to combine live data, benchmarking and expert support to encourage informed insurance decisions and knowledge of the risks and costs associated with strata buildings.

“Strata insurance has traditionally been opaque and difficult for owners to understand,” she said.

According to the company, the addition of insurance extended the platform’s mission of bringing greater transparency and efficiency to Australia’s growing strata sector, with millions of residents relying on collective building management decisions.

CEO and co-founder, Thom Richards, said that as strata living continued to grow across Australia, owners and committees required better tools to manage risk and protect their buildings.

“Our goal is to give every building a digital identity that brings clarity to the decisions that matter most – including insurance,” he concluded.