A new strata insurance platform has developed data-driven tools to improve transparency, enabling owners to compare coverage and reduce uncertainty.
Strata managers often faced questions about insurance, with consumers unsure of exactly what is covered and factored into the pricing.
Proptech platform Cohabit has launched its insurance platform to increase transparency and efficiency across the insurance process by using a single interface.
Through the Cohabit platform, the digital interface brings a data-driven approach to strata insurance, building on existing technology that tracks financial, compliance and structural performance to improve transparency and efficiency.
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.
According to Sage Strata Management owner Michelle Russell, the implementation of the Cohabit platform has improved visibility and accountability, ultimately helping clients see that every decision is backed by clear data and open communication.
“Insurance shouldn’t feel like a black box for owners,” Russell said.
“Our role is to make sure clients understand what they are paying for, why it matters, and that they have complete confidence in the decisions being made.
“Cohabit gives us the visibility and structure to deliver that in a way traditional processes simply can’t.”
Cohabit said that the switch to a more transparent platform enabled clients to make decisions based on clear, comparable data, reducing uncertainty and building greater confidence in how their scheme was insured and protected.
The insurance provider said that as expectations for transparency have risen across the strata industry, leveraging purpose-built technology has become even more important for real estate professionals.
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