AXA XL teams up with COMPASS to help construction clients assess subcontractors' default risk
NEW YORK, Nov. 16, 2020 /PRNewswire/ -- AXA XL's Subcontractor Default Insurance business in North America has expanded its subcontractor prequalification tools for its Construction clients with an exclusive partnership with COMPASS, a digital prequalification platform used by general contractors to assess subcontractor's counterparty risk.
"Our current economy and operating environment is challenging for contractors and the subcontractors that they rely on," according to Jason LaMonica, profit center head for AXA XL's Subcontractor Default Insurance (SDI) business. "Supply chain disruptions and work restrictions necessitated by social distancing needs can have big impacts on some subcontractor's ability to perform. In addition, in a recessionary environment, access to cash and capital can be constrained for many subcontractors, further exacerbating the problem. To help contractors be extra diligent in selecting subcontractors, we're excited about our exclusive partnership with COMPASS. It gives our Construction clients access to another tool to help in their subcontractor prequalification process."
The COMPASS product suite, developed by Bespoke Metrics, simplifies the collection and organization of subcontractor data while providing advanced analytics to supplement and support a general contractor's internal risk management. One key feature of COMPASS is the Q Score – a numerical assessment of subcontractor risk based on business characteristics, financial information, and health & safety records – which acts as an unbiased independent benchmark for decision making.
According to Michael Ho, CEO of Bespoke Metrics, "COMPASS prequalification tools are designed to strengthen the interdependent partnership between general contractors and subcontractors. With efficient data collection procedures, evolving analytics, and a feature set designed for subcontractors, we expect to revolutionize the prequalification process."
"Giving our SDI clients access to tools like COMPASS helps them make informed, data-based subcontractor selections," added Mr. LaMonica. "Using these tools can help them avoid potentially hefty financial losses and reputational damage that can occur when a subcontractor defaults and is unable to finish contracted work."
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ABOUT AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
ABOUT BESPOKE METRICS
Founded in 2016, Bespoke Metrics is a data management and analytical model development company, focused on producing tools to provide empirical support for decision making, Bespoke Metrics blends expertise in data control, model development, and user interface to provide innovative solutions for industries looking to utilize data to its fullest. To learn more, visit compass.bespokemetrics.com
SOURCE AXA XL
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