Procore launches construction insurance brokerage

Procore Technologies, a global provider of construction management software, is introducing Procore Risk Advisors, “a modern construction brokerage offering enhanced insurance solutions,” including exclusive A+ rated insurance programs in partnership with Allianz Global Corporate & Specialty and Swiss Re.

The new unit will offer in-house underwriting programs with rapid quote times, improved terms by leveraging data-driven insights from the Procore platform, and risk mitigation. Procore claims to have “hundreds of thousands of contractors” as part of its user base.

Procore is no stranger to insurance – in the past few years, it partnered with Travelers to help contractors manage the total cost of risk through improved operations and job-site safety, and it invested in and partnered with Shepherd, a construction insurance MGU.

“For the past two decades, Procore’s vision has been to improve the lives of everyone in construction, and Procore Risk Advisors helps us further this vision by modernizing the construction insurance space. Bringing everyone in construction onto a global platform has clear benefits: better communication, less rework, and safer projects—all of which helps mitigate risk. It also means construction decision makers around the globe are generating a tremendous amount of data that they can leverage to enhance insurance underwriting decisions helping to mitigate their risk.” – Tooey Courtemanche, founder, president and CEO of Procore.

“Procore’s technology platform captures data on multiple aspects of a construction project, from field to office. Procore Risk Advisors combines construction expertise, real-time data insights, and technology to unlock better insurance and surety outcomes for builders.” – Paul Lyandres, President of Fintech at Procore.

“Procore Risk Advisors combined phenomenal construction risk expertise with the unique ability to use data to represent our superior operational efficiency, risk management, and financial controls. This resulted in drastically improved terms, making us more competitive. The executive team feels safe and secure with Procore as our partner.” – Casey French, CEO of Clark Construction Inc.