Having access to seamless insights for a contractor’s safety performance, claims experience, RFI volumes, outstanding change orders, and even the experiences of their counterparts, all without forms or audits, may become a reality in the AEC space much sooner than anticipated. Procore’s Q1 Earnings Call discussed the path that their company is taking and how it may begin to pave the future for contractors and fintech. While Procore did acknowledge the time that is required to develop this business endeavor, they already have a vast amount of data from contractors, making this a highly enticing prospect within the industry.
Within this piece we will be exploring the future of the fintech solutions, featuring commentary from Danny Seigle, Vice President of Procore Risk Advisors; and Bret Bush, Co-Founder of Insight Risk.
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The introduction of Procore Risk Advisors in March of 2023 as a solution to address the current challenges that are being faced in insurance within AEC is an exciting development that could change the industry’s current tempo. Their solution allows customers to leverage their strong fintech and operational tools to secure more beneficial insurance terms, while also promoting better communication, risk mitigation, reduced rework time, and overall safer projects. What makes this platform unique is that it’s data-driven while also providing a holistic approach to both insurance brokerage and risk management.
"Insurance carriers have been very receptive to partnering with us. They understand that we are in a whole new era where there is a tremendous amount of data now available that previously didn’t exist. They see this data as a key asset for the industry to improve how insurance markets operate. We partner closely with 20+ insurance companies. In general they are very receptive to our innovative and data-focused approach to brokering." Danny Seigle, Procore Risk Advisors
Although Procore's innovative platform brings promise to the field, there are other companies that are providing strong solutions too. One of which is Insight Risk who’s Co-Founder, Bret Bush, agrees that there may be benefits to the surplus of data that Procore holds, but the true heart of being a leading force in the space is by building direct customer relationships and offering specific solutions based on their needs.
“We look at ourselves as that conduit between all of the fintech contech, proptech, to get it into the marketplace. Now, a lot of them have spent some time trying to market directly to insurance companies, contractors, owner developers, and property owners and that's a long process for them. They see that now they can find a partner like us, to help them because we'll pilot and test, we'll experiment with different technologies with our customers to get the feedback and say, ‘Okay, this really worked well, or, hey, this didn't work’... We have the benefit of being a facilitator of all that tech, and getting into the marketplace without being an investor in it, where again, we'll use whatever technology is best for our customer with the best solution for them because they're our primary concern.” Bret Bush, Insight Risk
The AEC space has been known to lag behind the general pace of modernization and evolution, due to weariness towards adopting new technology and solutions. The future of fintech solutions holds immense potential within the AEC industry, as utilizing these solutions will empower companies to adapt to the changing market dynamics, remain competitive, and drive innovation within their team.
Want to connect with leading forces within the AEC venture field? BuiltWorlds' 2023 Paris Summit will feature panels such as: Corporate Innovation & The State of CVC, and Challenges & Opportunities Building a Global ConTech Company. There will also be a pre-summit Venture Forum Meeting discussing current happenings within the space and how to get ahead in the fluctuating market.
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