Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome back Josh Levy, Co-Founder and CEO of Document Crunch. We begin the episode by revisiting our previous discussion with Josh, highlighting what has changed for Document Crunch in the two plus years since our last conversation. Josh takes us through various examples of how he and his team have sought to adapt and enhance their technology to meet the needs of the market. One such way was the creation of their Tarriff Risk Assessment Tool, a timely innovation for today’s market. Ultimately, Josh leaves our audience with three key takeaways from our conversation: 1. Wrap Your Head Around Your Tariff Risk: This is non-negotiable. Knowledge is power, and the quicker you and your firm can wrap your head around the current market factors, the better decisions you will be able to make. The firms that are quickest to adapt will be best positioned to make their way through this unique risk period. 2. AI is here to stay: AI is real and here to stay, but this is a two-way street. As a partner, make sure your vendors are not only providing AI to check a box, but real solutions for real problems. Vendors need active buy-in and field input to developing the best quality solutions. This partnership will be the bedrock of future innovation and success. 3. A Path Towards Zero Disputes: This is a recognized ,ambitious goal, but the path is clear to Josh. Technology and effective communication can transform our industry and move us towards a world with zero disputes. This is the driving force behind Document Crunch, and the impact he wishes to have on the Construction Industry at large. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Josh on “AI, A Valuable Tool to Combat Market Disruption”. Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome our guests Damien Caldwell and Tom Stebbins. Damien returns to the show as Co-Founder and CEO of ASG National and Tom as Executive Director of Lawsuit Reform Alliance of New York. We begin the episode by discussing the various paths of Damien and Tom through their careers which lead them to the founding of the IFraud Foundation. Tom and Damien look to shine a light on the alarming threat to the insurance market both in NYC and elsewhere, while providing solutions to this growing problem. Throughout the discussion, Damien and Tom look to share their expertise as subject matter experts ultimately leaving our audience with three key takeaways. 1. The State of The Market: It is now become overwhelmingly clear that fraud is and has been a major problem plaguing the NYC construction insurance industry. The quicker we can identify these things, the better your chances are of solving the problem. 2. Lack of Collaboration to Blame: The first step is to look internally and recognize that as an industry, our lack of collaboration is a leading factor in this issue. While no one industry partner had all the answers, we all need to be better at information sharing to prevent this type of issue in the future. 3. Be Part of The Solution: Now more than ever is the time to get involved and begin to collaborate and share information to eliminate fraud. Organizations such as IFraud are just one of many ways in which you or your firm can move to make the industry a better place, but it all starts with taking a proactive approach and making that first step. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Damien and Tom on “Identifying the Who, What, and Where Leading to the IFraud Foundation.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Peter Ukstins, Head of Construction Risk Engineering at AXA XL. We begin the episode by learning about Peter and his career path leading him from his time as a claims adjuster, to contractor, and now leading the talented team of Risk Engineers at AXA XL. With his expanded responsibilities, our topic of quality has become an even bigger focus for Peter and his team. Peter stresses that “If quality is everyone’s responsibility, then that means no one specifically is responsible” which allows for the very real bystander effect to impact projects. Before leaving, Peter gives our audience his three key takeaways on the topic of quality. 1. Practice What You Preach: Having a formal quality strategy and plan/procedure is great, and should be the starting point for all contractors, but it is not enough on its own. The plan needs to be routinely checked, verified, and potentially even adjusted for unique project requirements if necessary. This should be an ongoing process; quality is an ongoing endeavor and not a stagnant process. 2. Build A Strong Culture: While nothing will ever fully replace one’s technical knowledge, the soft skills and communication abilities of your team are of growing importance in the modern workplace. Be sure to encourage communication and respect, which will drive better results through streamlined process handoff. 3. Use Your Resources: A good resource is a terrible thing to waste. You should always look to engage early and often with your Risk Engineers from your insurance provider, as they can help assist and update your current strategy. This will not only benefit your team and processes, but also helps to inform the carrier of your existing process which can lead to your RE advocating with underwriting to get you better policy coverages, endorsements, and pricing. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Pete on “The Keys to Advancing Quality.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Theresa Guertin, Partner and member of Management Committee at SDV Law. We begin the episode by learning about Theresa and how she found a home early in her career at SDV Law going from Intern to part of the Management Committee at the firm. Theresa takes the time to walk us through some notable cases that have been happening around the country, zeroing in on the impact they will have within the construction industry. Before leaving, Theresa gives our audience three key takeaways. 1. Best Defense Is a Good Offense: Regardless of where you sit at the table, it is important to understand the legal strategy and case law precedent that is currently being used in the construction industry. Having a clear understanding of what has happened will help you better prepare to advocate for yourself in future situations. 2. Contracts Must Be Clear: Take the time to review your contracts and modify them to determine which endorsements are and are not acceptable. Additionally, it is imperative that you review your endorsements and determine that they are fully capturing all of the necessary parties. 3. Clarity is Key: When reviewing your own policies, regardless of the case law in your jurisdiction, you want to make sure that faulty work can constitute as property damage as an occurrence. Taking back coverage should happen in your exclusions rather than your insuring agreements. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Theresa on “A Focus on Case Law and the Evolving Landscape of Construction Insurance.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome our guests Joey Nawa CPCU, RPLU, CRIS, and David Slaugenhoup. Joey is an Executive Vice President and David a Senior Vice President both with RT Specialty in their Environmental & Construction Professional group. We begin the episode by discussing the various paths of Joey and David within the Insurance Industry which has led them both to decade long careers at RT. David then gives our audience a quick refresher on what exactly Rectification Insurance is, and some best use cases for the coverage. Throughout the discussion Joey and David look to share their expertise as subject matter experts ultimately leaving our audience with three key takeaways. 1. Educate: This is a dynamic policy to have in your portfolio, but one that requires some additional education as the industry continues to embrace this line of coverage. This is not to say that everyone needs to be an expert on Rectification, but proper education throughout the organization from your risk management all the way to the project level will help streamline the claims process and avoid potential pitfalls. 2. Engage: You don’t know what you don’t know. Each carrier has nuances to their policy language, and reporting provisions could vary. Early engagement from the project team and surface level understanding of how your firm’s policy is written could be the difference between a successful or challenging rectification claim. 3. Embrace the Process: Rectification Claims are nuanced and often times a complex process, spanning months and potentially years. Having a collaborative team of vendors and internal support will help streamline the claims process and drive a positive claims resolution. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Joey and David on “Pain Points and Best Practices; How to Navigate Rectification Claims.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Brian Perlberg, Senior Counsel of Construction Law and Contracts at AGC as well as the Executive Director & Senior Counsel of ConsensusDocs. We begin the episode by learning about Brian, his longstanding tenure with AGC, and the process that lead him to build out what is now ConsensusDocs. Brian articulates the growing need for industry standards which are not perceived to be biased, and the lasting impact this can have for construction contracts. Before leaving, Brian gives our audience three key takeaways. 1. Better Contracts, Better Results: Use your contract to manifest a successful business relationship. When you view your contract as the foundation of your success, just as in construction, a proper foundation will lead to a good build. 2. Start Integrating Risk Management Company Wide: Risk management should be seen as an enterprise system rather than something done in isolation. Get your various stakeholders such as safety, risk management, bonding and insurance all talking in the same room. 3. Communication, Not Silos: Not every situation is a nail looking for a hammer. Good effective communication can help to streamline jobs and avoid escalation which ultimately leads to negative experiences and impacts business relationships. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Brian on “In an Evolving Market, the Need for Industry Standards Remains.”
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome James Pappas, VP, Construction Professional Liability at Convex US. We begin the episode by learning about James and his unique career progression, as someone who chose to study risk management & insurance in college before beginning his career. James went on to become an underwriter with AXA XL where he focused on Contractors Professional Liability for several years before leaving for his current role at Convex US. Through this conversation, James helps our audience better understand what Rectification Coverage is, and how to best utilize the insurance, leaving us with three key takeaways. 1. Pick Your Partner Carefully: When it comes to selecting an insurance carrier, make sure you choose a carrier partner who is committed to creating best practices for you and your firm. Having a strong team that can help educate and guide your firm is critical when creating a plan of action both for the project and legal teams. 2. Report Report Report: One of the biggest pitfalls that plagues insureds is a lack of timely reporting. Be sure to communicate early and often with your carrier and provide notice per policy guidelines. Early notice that does not result in claims is never a bad thing and should be viewed as a positive within the carrier insured relationship. 3. Importance of Prequalification: With a growing market, it is imperative that insureds do their homework when it comes to selecting their subcontractors and design partners. While Rectification Insurance is an important tool for contractors, the first step towards risk mitigation is selecting your partners carefully to avoid untimely delays and design errors on projects. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with James on “Rectification 101: Rectification Done Right.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Chris Mortifoglio, CPA,CFE, Principal & Founder at Rockland Consulting Group. We begin the episode hearing about the various experiences that ultimately lead Chris to starting his own firm with a focus on helping insureds package insurance claims. Chris shares some growing trends he has seen in the market, with Cyber Insurance becoming a key player as it touches so many commercial verticals. Chris shares some key examples of how Cyber losses are an increased area of concern for the Construction Industry leaving our audience three key takeaways. 1. Cyber Risk is Growing: As the Construction Industry continues to grow and advance through technology, cyber risks are going to become a more significant concern. As the risks continue to evolve in the years ahead, be sure to stay vigilant and plan for the upcoming challenges. 2. Be Mindful of Your Technology Partners: It is imperative that you choose your technology partners wisely, as their IT infrastructure adds another element of risk to your business. Make sure you are proactive when addressing data integration and protecting not only your business but partnering with firms that have taken similar precautions with theirs. 3. Cyber Insurance: a Must Have: Although not always at the front of mind for many in the Construction Industry, it is important to secure and utilize Cyber Insurance. This is an important tool, like many other lines of insurance, that allows for the transfer of risk and can help mitigate and educate insureds looking to protect against cyber occurrences. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Chris on “Cyber Insurance, a growing need for the Construction Industry.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Shayne Gaffney, Senior Product Manager at Highwire. We begin the episode by learning about Shayne and his unique career progression, from high end training with US Cycling to working as a Senior Product Manager at Highwire. Shayne was able to leverage his experience as a coach into a successful career helping contractors maximize their potential. Through this conversation, Shayne helps our audience better understand the various tools and industry resources available when assessing your subcontractor prequalification strategy, ultimately leaving us with three key takeaways. 1. Is This the Right Sub-Contractor for This Project: While it is important to look at the larger picture when evaluating your sub-contractors, you can not lose sight of the task at hand. Making sure your sub has the work experience and capacity necessary for the next project is imperative to your success; factors such as geography, type of work, and project size should be key benchmarks as you make these decisions. 2. Make Sure Your Data is Comprehensive: We need to think of data like any other tool in your toolbelt. To use it properly you need to focus on getting complete data sets from your subs and streamline the way in which that information is shared. Doing so will increase your team’s ability to digest this information and perform comprehensive assessments. 3. Think Holistically: There are many variables that go into creating a comprehensive pre-qualification assessment, and managing all of them can be a tall order. Make sure to find the right technology partners who will help you quantify this data in a concise way, empowering your team to make the best decision for you and your firm. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Shayne on “How Prequalification Drives Contractor Success.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE host Mike Diercksen, CRIS, welcomes back Bret Bush, Co-Founder, EVP of Insight Risk Technologies. We begin the episode by revisiting our previous discussion with Bret about Insight Risk, their IoT capabilities, and their insurance offering. Bret takes us through various examples of how their offering has grown, and the ways in which he believes it will best impact the market at large. Through this conversation Bret leaves our audience with three key takeaways. 1. Stay On Top of Technology: Technology is rapidly advancing and can become difficult to monitor if you take a step back for too long. Be diligent in your research and understanding of what is available in your market. Staying “tuned in” can keep you apprised of key developments that may help reduce price or increase functionality for your company’s needs. 2. Get Everyone to The Table: This is not a one-man band, and the best way to identify solutions is to take the pulse of all the stakeholders and lean on the experience in the room. Doing this will reduce friction when implementing new technologies and create a greater buy-in for both the insured as well as their carrier partners. 3. Find The Right Partner: Make sure you select your partners carefully! Nothing happens in a vacuum and when challenges arise, you will want to make sure that your chosen team is prepared to provide guidance and educational support. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Bret on “Risk Mitigation, Building on Incremental Success.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Joe Poliafico, Director of Client Experience at The Baldwin Group. We begin the episode by learning about Joe and his unique career progression, from safety, to risk management. We see how Joe was able to leverage his on-site safety knowledge into a successful career in risk management, which has led him to his current role at The Baldwin Group. Through this conversation, Joe helps our audience better understand the various benefits of bringing your safety team into the fold when it comes to risk management, ultimately leaving us with three key takeaways. 1. Think Wholistically: When looking wholistically at your risk, it is best to draw on the experience of the various teams at your disposal. Tying a field piece with your safety team to the overall risk mitigation strategy is one such way to maximize the impact of your collective efforts. 2. Risk Management Doesn’t Happen In A Vacuum: Even if your firm does not want to bring a Safety Member into the Risk Management Team full time, you should still be looking to create a dialogue between the two groups. There is great value in fostering a relationship between these two groups which can act as the bridge between corporate strategy and on-site execution. 3. Maximize These Benefits: Once your team begins to create this synergy, there is a real opportunity to take this increased alignment and potentially increase your appetite for risk. With the correct programs in place, your team may be able to decrease premiums and find opportunities to request higher deductibles, ultimately increasing profits if the risk is managed correctly. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Joe on “The Evolution of Safety to Risk Management.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome back Chief Economist for the Associated General Contractors of America or AGC, Ken Simonson. Throughout the episode, Ken dives into AGC’s latest construction outlook report, as well as the 2024 Annual Workforce Shortage Survey. Ken dives into several compelling statistics throughout the episode, leaving our audience with three key takeaways. 1. Job Openings Remain hard to fill: As noted across the board through the AGC Survey, nearly all participants mentioned the challenges they are faced with when it comes to filling jobs with qualified workers. 2. Opportunities Are Coming: Even as others believe the economy may be slowing down, there is reason for optimism. Data Centers and Manufacturing Plants are continuing to pop up at a high clip along with infrastructure projects such as Solar Fields and Battery Plants. The expectation is that these projects will not slow down and if anything, are only gaining momentum. 3. Costs Should Stay Consistent: The market is looking to stabilize and should provide some level of comfort when it comes to project costs. The only outlier in this would be transformers and switch gear, so contractors should plan accordingly to accommodate for those needs specifically. To learn more about Ken’s latest construction report, listen to our full podcast episode with Ken Simonson. Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome back Patrick McBride, Head of Construction Property at Zurich North America. We begin the episode by revisiting our previous discussion with Patrick about Zurich and their evolving Parametric Offering. Patrick takes us through various examples of how the policy has grown, and ways in which he believes it will best impact the market at large. Through this conversation Patrick is able to help our audience better understand the various benefits offered through a Parametric Policy ultimately delivering our audience three key takeaways. 1. Less Talk, More Walk: It is time to lean in and take a deep dive on how Parametric Insurance can elevate your risk management strategy. By taking the time to work with your broker and seek out the quotation process, our industry will begin to elevate their understanding of the product and potentially find new and unique solutions to their risk profiles. 2. Stay Ahead Of Contract Requirements: While it is not yet standard, we are seeing a change in how contracts are being written when it comes to weather delays. Parametric Policies offer a unique solution, both for the contracts of today, and can be custom designed to help accommodate the contracts of tomorrow. 3. Policy Is Still Evolving: While many aspects of the Parametric Policy are still new to the industry, it is certainly not done growing yet. There is an active effort to expand coverage accounting for “Human Elements” such as air quality and extreme heat which is an area of growing need. Accounting for these new types of perils will allow for better alignment with site health and safety, aim to provide indemnity for project costs, and create alignment with other lines of insurance such as Workers Compensation. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Patrick on “Demystifying Parametric Insurance.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Tom Kellogg, Founder and Principal at Maple Insight. We begin the episode by discussing the journey Tom took from Purchasing Manager of a large Construction Firm, to eventually founding Maple Insight. Tom explains his philosophy on how to best quantify and address risk, with continuous and diligent reporting. Through this process Maple Insight delivers top quality insights to the various stakeholders of the construction industry and paints a detailed picture size and scope of their risk portfolio. Before we end the conversation, Tom delivers to our audience his three key takeaways. 1. Risk Must Be Quantified: Creating an accurate assessment of your risk requires an academic approach with a focus on data. While it is natural to maintain industry relationships with vendors, proper risk assessment through academically driven data should be the leading determinant in future decisions. 2. Trust The Process: Whatever your process is, it needs to remain consistent. This is not to say that exceptions cannot be made, but should be done knowing that the fundamental process has been equal and equitable for all parties across the board. 3. We Need To Understand The Risks: There will always be risks, but we can’t let that impede us from moving forward. Just as you wear a helmet when riding a bike in case you fall, it is important to understand the risks ahead and plan accordingly. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Tom on “Construction Technology, Taking an Objective Look at Risk” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Josh Rogove, President, and Trevor Casey, CRIS, New Business Development Leader at Consolidated Risk Solutions. We begin our episode discussing how both Josh and Trevor found their way into the insurance business, Josh took a more direct path through a carrier training program while Trevor ultimately started on the financial and Life Insurance side of the industry before landing at CR-Solutions. Josh and Trevor showcase their impressive knowledge of the industry and leave our audience with three key takeaways. 1. Insurance Tracking On Large Projects Is Important: It is imperative that you have a clear plan when tracking your insurance. It is not enough to rely on the Certificate of Insurance or COI, but you must be aware and calculated when tracking your endorsements, policies, and insurance as a whole. 2. Choose Software That Works With The End User In Mind: There are many different software solutions out there now, but you should never settle for the status quo. Make sure you are finding solutions that really understand your core business and are designed to help you accomplish those goals rather than selecting a one size fits all options. 3. Education Is Key: Take the time to do your homework when making your business decisions. Weather you are expanding into new markets or identifying new products to help reduce your risk, you should always look to engage your network to learn best practices and lean on their experience. In short, measure twice and cut once! To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Josh and Trevor on “Maximizing Your Insurance Risk Management Programs” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Terence Curran, Chief Operating Officer with the Amphibious Group. We begin the episode by discussing the various stops along Terence’s professional career, starting with his passion for helping the community as an EMT. Terence quickly saw an opportunity with Amphibious Medics, where he has since helped to expand the company, and is now COO of the Amphibious Group. Terence takes the time to walk us through his newest venture which is the creation of a Safety Captive Program, and leaves our audience with three key takeaways. 1. Robust Safety Programs Are Not Just For The Big GCs: There are options that exist out there for true robust safety programs. Never settle for the status quo and look for opportunities to innovate and join like minded groups such as a safety captive to help you get where you want to be. 2. Time To Dust Off Your Safety Manual: It should not be taken for granted that your safety manual has everything you need if you are not continuously reviewing and updating it. There is no such thing as being too prepared, so be sure to make the time with your team to get consistently together and update your safety program. 3. Work With Your Team: Make sure to utilize the resources that are available to you with either your broker or carrier as the ideal options. There may be solutions that they are aware of that would greatly benefit your business. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Terence on “Safety Captives, What They Are and How They Work” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Ken Jones CCM, Risk Engineer at Liberty Mutual. We begin the episode by discussing the various stops along Ken’s professional career, starting out in the Surety Industry before ultimately coming over to Liberty Mutual to focus on their SDI Product. Ken walks us through the various roles that Risk Engineers play both internally within their firm, and externally with clients depending on what the situation calls for. Before we wrap up, Ken leaves us with three key takeaways. 1. The Many Hats Risk Engineers Wear: From financials to operations, Risk Engineers have a huge scope of knowledge and can be vital to program success. With so much knowledge available, be sure to ask questions and lean on the experience of those dedicated risk professionals around you. 2. Geographic Diversity: With more and more mega projects coming to market, there is a great opportunity for GCs to expand their business, but not without risk. Having a geographically diverse team of Risk Engineers can help alleviate concerns for those entering new markets and provide local insight and information. 3. Experience Is Important: The experience of your Carrier is a critical component and should be evaluated by Insureds when looking to place coverage. Be sure to ask questions and take a deep dive into the various resources available to you when selecting your team. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Ken on “The Who, What, And The Why Behind Risk Engineering” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE host Mike Diercksen, CRIS, welcomes Nick Demonte, Cement Mason Coordinator, and Tim Nelson, Plastering Coordinator at ITF OPCMIA. We begin the episode by discussing Nick and Tim’s professional career, which eventually lead them both to an educational role. Nick and Tim share the new technology they are bringing to the industry and demonstrate the need to incorporate these new strategies due to the labor workforce continuing to shrink. Nick and Tim leave provide excellent insight into the labor force at large, and ultimately leave us with three key takeaways. 1. Recruit: As an industry, we are losing more workers than we are bringing on and we need to find ways to recruit diverse talent. Using tools such as the VR Simulator is just one way that we are looking to engage with both our existing prospect pools and to expand into new groups that may not have otherwise looked at the trades. 2. Train: It is not enough to simply get more people to join the labor work force, but we need to train these new workers to be able to hit the ground running and shorten their learning curve. Using these technologies enables the industry to do exactly that, while offering opportunities to existing laborers to renew certifications and enhance their own experience. 3. Retain: As it stands, industry data shows that in the coming years we will be losing four workers for every one that enters the labor workforce. Investing in technology and demonstrating to new workers the career opportunities available to them will be instrumental to retention rates and the long-term success of our industry. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Nick and Tim on “Virtual Training, Enhancing On The Job Learning.” Please like, share, and subscribe to this podcast!
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Hyder Naqvi, CEO at Injala, and Matthew Bogobowicz, Product Manager at Injala. We begin our episode discussing how both Hyder and Matthew both found their way into the insurance business, acquiring the necessary experience to ultimately launch a product such as Injala. Specifically for Hyder, combining a passion for technology with an early family introduction to the insurance industry allowed him to think critically about the challenges we face, and look to provide a solution through the Injala offerings. Hyder and Matthew walk us through these opportunities to expand how we manage our industry, leaving us with three important action items. 1. Have a Formal Risk Management Process In Place: While it can appear daunting, it is imperative to have a formal risk management process in place. Regardless of the size of your company, look to utilize the expertise of your strategic partners such as your broker and trusted vendor partners. Not everyone is going to be able to employ a full-time Risk Manager, but working alongside these partners who specialize in risk management will be vital to your success. 2. Be Driven by Outcomes: Creating a standard process has long been an effective method of generating measured and desirable outcomes. With that in mind, it is important not to lose sight of the “why” behind those processes. It can be easy to fall into a false sense of security within these internal systems, so think critically to make sure you are not just checking boxes as you go. Ask yourself, am I achieving the desired outcome through this process? If the answer is no, it is time to revisit your thinking on the topic. 3. Incorporate Technology: We all use technology to some extent; however, you should not allow yourself to become complacent. Technology is always pushing the boundaries of what is possible, and likewise, you should look to engage with your technology partners to continuously ask what else you can be doing. This dialogue will not only sharpen your ability to think critically of how to maximize your internal systems but can strengthen the partnership with your technology vendors. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Hyder and Matthew on “Solving Network Organization, Advancing Beyond Excel Spreadsheets.”
Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome David Guerino, SVP and Managing Director of Captive Insurance at KeyState Companies, and Scott Allan, Chief Risk Officer at STO Building Group. We begin the episode by discussing David and Scott’s professional careers in the construction and insurance industries that eventually lead them to partnering together in creating a captive. David works to help demonstrate some of the many nuances around setting up captives while Scott shares his firsthand experience in the matter. From there, we have a great conversation which is highlighted by our three key takeaways. 1. A Captive Is a Great Tool: Captives are formalized funding mechanisms that are regulated and can vary depending on where they are domiciled. As a potential risk mitigation solution, they are uniquely designed to help you manage and mitigate the cost of your risk. 2. There Is a Misconception Around How Risk Is Transferred: Just because you have formed a captive does not mean that the risk has been eliminated. It is important to educate owners and the C-Suite regarding best practices within the captive and discuss effective strategies when deploying their risk mitigation resources. 3. Partner With Strong Business Partners: Like all business relationships, it is important to make sure you are selecting strong partners that align with your business. Choosing the right team to be your Captive Manager can determine how effective your new risk mitigation strategy will be. These trusted relationships will play a key role in the current and future success of the program. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with David and Scott on “Understanding Captives as an Alternative.” Please like, share, and subscribe to this podcast!