Procore shuts down Procore Risk Advisors

Based on information obtained by Coverager, construction management software company Procore Technologies has shut down Procore Risk Advisors, the construction insurance unit it introduced in March 2023.

The venture was made up of an MGA with several programs, as well as a traditional brokerage. The MGA was shut down first.

During the launch announcement, Procore Risk Advisors said it 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.

We reached out to Procore for a comment.