Innovation Driving Positive Change

The strata industry has evolved rapidly. With half the population in Australia anticipated to live in strata by 2040, the responsibilities and demands on strata professionals have also grown. Traditionally these roles involved a great deal of manual work, complex communication, and administrative tasks.

However, with the rise of new technologies and progressive practices, innovation is transforming how strata properties are managed, making it more efficient, transparent, and responsive. It is vital that strata managers evolve their service offering and embrace these changes to meet the growing needs of their customers.

Harnessing digital platforms to unlock efficiency, and improve customer experience

Each building in Australia is unique and comes with its own challenges. From ensuring compliance and communicating policy decisions transparently to supporting customers through the claims process, strata managers must navigate a dynamic environment while maintaining open communication with stakeholders. Advances in technology and process management are helping professionals tackle these challenges, enabling them to deliver better outcomes for property owners and residents.

Cloud-based property management systems have become an essential tool in modern strata management. These systems offer a centralised platform for monitoring building operations, tracking maintenance requests, and managing finances, all while keeping residents and owners informed in real time.

Another recent advancement is the enhanced ability of API integrations between systems. An API (Application Programming Interface) between systems creates efficiencies by allowing different software applications to communicate and share data seamlessly without requiring manual input. This automation and integration streamline processes and significantly reduces timely administrative tasks which benefits both the organisation and its customers.

AI (Artificial Intelligence) is another emerging technology. While many remain cautious of AI, it can play a transformative role for strata professionals. AI can automate many repetitive and time-consuming tasks that are traditionally handled manually. For example, AI-powered systems can automate invoicing, payments, reporting and note-taking during meetings reducing the administrative burden on managers. AI-powered chatbots and virtual assistants can significantly enhance communication between owners, residents and strata managers. Chatbots can be available 24/7 and can help streamline communication improving the customer experience by providing faster responses and reducing the workload for strata managers.

Sustainability and green innovation

Sustainability has become a critical consideration for strata communities. With the growing awareness of environmental issues, developers, strata manager and owners corporations are seeking ways to incorporate energy-efficient systems and green technologies into their properties. This shift is not just about reducing the carbon footprint of buildings but also about providing long-term financial benefits through reduced energy and maintenance costs.

Solar panels, energy-efficient lighting, and smart climate control systems are just some of the features that help reduce energy consumption, which in turn lowers utility bills for residents and minimises environmental impact. The use of green building materials and the incorporation of green spaces — such as rooftop gardens and communal vegetable patches — further enhances the eco-friendliness of modern strata properties.

The trend towards sustainable practices has also seen an increase in the installation of EV charging stations. EVs are expected to be a major part of Australia’s move towards sustainability, with most car manufacturers expected to shift to manufacturing electric vehicles over the coming decade. While there are some risks associated with EV battery fire safety, proper installation and maintenance of batteries and accessible charging stations not only adds value to the property but also meets the changing needs of urban residents.

Leading the way for innovation in the strata industry

CHU, Australia’s largest strata insurance provider, is focused on enhancing the customer experience for strata insurance and claims management. CHU has prioritised technology and innovation as a key part of its strategy, and this commitment will continue in the future. For strata managers, embracing new tools and refining their services can transform the overall experience for property owners. CHU’s recent innovations include:

• Introduction of the SmartQuote functionality for StrataTech. Using information from CHU’s extensive database, the system pre-populates the building information. Speed and accuracy are paramount for brokers and strata managers with growing portfolios.
• CHU has invested in CHU Inspect, a virtual inspection service that leverages drone and LiDAR technology which can create a digital twin of a building. Regular building valuations play a crucial role in making sure the property is adequately insured, and for early damage/maintenance detection.
• CHU has enhanced its claims management systems to provide transparency and real-time updates. API integrations allow assessors and builders to input information directly, enabling automatic updates and efficient communication between the insurer and the client.
• CHU’s newly launched SmartClaims feature utilises AI to generate an accurate and concise summary of a claims file. This allows brokers and authorised representatives to access the most important information as quicky as possible.

Navigating the future of strata management

The strata industry is witnessing rapid technological advancements, driving better, more resilient buildings, more prepared and informed owners, and efficient ways for strata managers to provide critical support. These tools empower managers to:

• Enhance operational efficiency.
• Address risks before they escalate.
• Provide better support to property owners and residents.

By staying informed about these changes, brokers and strata managers can improve efficiency and continue to deliver high-quality services and be well-equipped to meet challenges in the future. For more information about strata and how the industry is evolving — visit chu.com.au

DISCLAIMER: Insurance issued by QBE Insurance (Australia) Limited ABN 78 003 191 035 and distributed by CHU Underwriting Agencies Pty Ltd ABN 18 001 580 070 AFSL 243261. Any advice in this article is general in nature and does not take account of your personal objectives, financial situation and needs. Please read the relevant Product Disclosure Statement (‘PDS’), Financial Services Guide (‘FSG’), and the Target Market Determination (‘TMD’) which can be viewed at chu.com.au or obtained by contacting CHU directly. CHU Services Pty Ltd t/as CHU Inspect (ABN 99 616 086 269).