How OpenSpace Cuts Construction Insurance Claims by 41%—Waypoint 2024
How OpenSpace cuts construction insurance claims by 41%, plus Spatial AI and the new Check Plus product from Waypoint 2024.
OpenSpace CEO and co-founder Jeevan Kalanithi opens Waypoint 2024 with the four themes shaping the company's direction: scale, AI and innovation, productivity, and ROI. He walks through OpenSpace's operating numbers—$700 billion in projects, 250,000+ users, 2.1 billion images captured, and 99.999% uptime—and introduces three product moves: Spatial AI (a new technology stack that auto-locates mobile photos on drawings and enables visual search across jobsite imagery), Milestone Tracking (a flexible progress tracking solution built in partnership with Disperse that handles up to 700 trackable components), and Check Plus (a new image-first checklist product for safety walks, QA/QC, and inspections).
The keynote pivots into the ROI thesis at 16:30. Jeevan argues that the biggest financial impact of OpenSpace isn't time saved—it's insurance. Builders using OpenSpace process claims faster (one fire damage claim was approved in a day instead of weeks; D'Angeles Diamond ran pre- and post-Hurricane Ian walks to document damage and accelerate payouts), and they file fewer claims overall.
That insight became Shepherd Savings, a partnership with construction insurance carrier Shepherd that gives OpenSpace users up to 25% off premiums on general liability, workers comp, commercial auto, and excess liability—as well as wrap-up policies (OCIPs and CCIPs). In the second half of the video, OpenSpace VP Robert Shear and Shepherd CEO Justin Levine break down the underwriting data: OpenSpace users see 50% fewer general liability claims than peers (57% fewer for top users), claim frequency drops 41% after adoption, and average claim size is roughly 25% lower. For a typical contractor spending 1% of revenue on insurance, those savings often exceed the cost of the software itself.
00:00—Welcome to Waypoint 2024 with CEO Jeevan Kalanithi
00:30—How OpenSpace Works: A Quick Tour
03:57—The Four Themes: Scale, AI, Productivity, ROI
04:13—Scale: $700B in Projects, 250K Users, 99.999% Uptime
07:48—Introducing Spatial AI
11:05—Spatial AI in Action: Auto-Locating Mobile Photos and Visual Search
12:53—Milestone Tracking with the Disperse Partnership
15:08—Introducing Check Plus for Checklists, Safety Walks, and QA/QC
16:30—How OpenSpace Actually Saves Builders Money
17:46—Insurance Claim Stories: Fire Damage and Hurricane Ian
20:50—Announcing Shepherd Savings: Up to 25% Off Construction Insurance
23:50—Robert Shear and Justin Levine on the Shepherd + OpenSpace Partnership
28:50—The Data: 41% Fewer Claims and 25% Lower Loss Rates
32:42—How Eligibility Works: Weekly Captures and Standard Usage
36:32—Risk Management Recommendations and Next Steps
About OpenSpace
OpenSpace is the Visual Intelligence Platform for builders. From OpenSpace Capture and OpenSpace Air to OpenSpace Field and OpenSpace BIM+, the platform turns jobsite reality into the insights teams need to make faster, better decisions. Catch up on Waypoint 2024 and prior years at https://www.openspace.ai/waypoint/ or visit https://www.openspace.ai
#OpenSpace #ConstructionInsurance #ConstructionTech #SpatialAI #ShepherdSavings