The construction industry is on the rise again this year with an expected five percent increase over 2016 numbers.
The sections seeing the most upswing are single-family housing, commercial buildings and institutional buildings. As the industry rises, the need for sophisticated technology tools and techniques are needed to help contractors and developers prevent risk and loss.
Building Information Modeling is a technique that is being adopted by the industry. This technology is used to create digital models which allows contractors and developers to assess risks on the job site. This new software also helps establish a more thorough underwriting style and pricing, personalized to a client’s operations.
Apps for phones and tablets that notify project managers if they will be affected by an event are becoming industry game-changers. TRU is an app that will alert managers of potential weather that could affect a job site, and it can detect after-hours water flow in pipes, alerting a monitoring station in real-time. This is a huge win for the industry as water leaks and severe weather can result in major damage.
These new technology tools are already having a major impact on how the construction industry operates and will be key to helping mitigate losses for complex construction and property risks. If you are interested in learning more about how new technology tools can help limit claims for your business, visit AssuredPartners Construction.