NEW YORK, May 27, 2020 /PRNewswire/ -- AXA XL's North America Construction insurance business will launch the first-of-its-kind Construction Ecosystem, an integrated digital platform, employing innovative construction technologies to monitor and aggregate data that provides AXA XL's contractor clients with unique insights and benchmarks to help manage risks on their jobsites and across their organizations.
Starting in June, a number of current customers will have exclusive access to the Construction Ecosystem and have signed on to utilize and provide initial feedback on the platform. Wider access is planned for later in 2020.
According to Gary Kaplan, president of AXA XL's North America Construction business, "The construction industry may have a reputation of being slow to adapt to technology, but that's about to change. In today's highly-competitive construction market, contractors are busy, having little time or money to vet new technologies to make sure they are right for their operations. That's why we set out to help. In creating the Construction Ecosystem, we have pulled together curated technologies that we believe will have potentially significant risk-reducing impact for the investment and to help our clients more effectively protect their people, projects and profitability so they can successfully build and rebuild North America."
AXA XL's Construction Ecosystem has the capability to provide contractors with all-in-one access to a wide-range of information such as:
- Industry Benchmarking
- Auto and Casualty Claims Comparison
- Forecasted Weather Risks and Historical Weather Data
- Project Specific Analytics, as provided by customer
- Integrated Data from Third-Party technology (overall & project specific), as provided by customer
- Tech Library, assisting our clients with identifying technologies & services that may help improve job-site performance and safety
"Insurance has always relied on data to make our underwriting decisions. It's key to predicting and preventing." said Joe Tocco, Chief Executive, North America Insurance for AXA XL. "This information is valuable to our clients too. As part of our Payer to Partner strategy, we're constantly exploring how we can share more of the right information to help our clients' loss prevention efforts, and to help our clients solve business problems. Our Construction Ecosystem allows us and our clients to collect, share and act on more information than we've ever had before.
"With the help of our construction clients, we have compiled technologies that we believe may have the most impact on their risk management efforts and bottom line," explained Justin Gress, AXA XL's Director of Strategic Operations. "We've also connected these technologies together to create a digital environment where clients can see their information all in one spot providing a risk dashboard, benchmarking capabilities, access to claims information and more."
AXA XL's Construction Ecosystem incorporates collective information and data from several industry and technology partners including:
- Sedgwick: Claim benchmarking with a strong focus on analytics utilizing one of the largest data sets in the market
- Athenium Analytics: Site-Specific Weather Risk Analytics & Industry Benchmarking Insights
- SmartVid.io: Job Site Predictive Analytics & AI Enabled Risk Identification
- Pillar Technologies: Environmental Data Sensors, Collection, & Alerts
- Triax: Worker Wearables and Sensor Technology
- OnSite IQ: Construction Visual Data Capture and Risk Assessment
- WINT (Water Intelligence): WINT detects and stops leaks at the source using advanced IoT and artificial intelligence technologies
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
SOURCE AXA XL