Companies buy insurance to protect their bottomline in case of accident or delays; insurance companies create systems to protect their bottomline from too many claims. By helping their clients, insurance firms help themselves as well.
The Construction insurance business of AXA XL takes this idea to heart. AXA XL is the property, casualty, and specialty risk division of AXA, providing insurance and risk management products and services for mid-sized and larger companies. By creating the Construction Ecosystem, an integrated digital platform that employs construction technologies to monitor and aggregate data, AXA XL provides contractor clients with insights and benchmarks to help manage risks on their jobsites and across their organizations.
Current AXA XL clients began having access to the Construction Ecosystem and in June 2020, a number have signed on to use and provide feedback on the platform. Wider access is planned for later in in the year. According to AXA XL, although the construction industry has a reputation of being slow to adapt to technology, today’s highly-competitive construction market means contractors are busy and have little time or money to vet new technologies to make sure they are right for their operations. In creating the Construction Ecosystem, they pulled together curated technologies that have the potential for a significant risk-reducing impact.
Construction Ecosystem can provide contractors with all-in-one access to a 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 with technologies and services that may help improve job-site performance and safety
AXA XL compiled technologies that potentially can have the most impact on their client’s risk management efforts and bottomline and then 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:
- 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
- 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
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