Construction insurance is experiencing a transformation as companies begin to use increasingly sophisticated tech solutions on job sites. These tools help streamline operations and improve risk management, which insurers are beginning to recognize, resulting in potential savings on insurance costs and deductibles while enhancing overall protection.
For modern brokers like NFP, an Aon company, comprehensive risk management goes beyond basic insurance. “We’re not just here to complete transactions — we’re committed to working alongside our clients to proactively manage and lower their risks,” says Karen Crippin, business insurance client executive at NFP. NFP’s team of construction insurance experts work together to support clients across the industry.
“We partner with clients to uncover ways that advanced technology and streamlined processes can greatly enhance both safety and operational efficiency,” explains Ross Jackson, business insurance client executive at NFP.
This approach includes everything from recommending systems that monitor job site conditions in real time to using advanced platforms like NFP’s SuretyView, which helps clients manage their bonding capacity and stay on top of contract requirements seamlessly.
The Role of Technology in Risk Reduction
Construction sites today are more connected than ever before. “We’re seeing Internet of Things systems widely used to monitor things like soil stability, structural soundness, temperature and moisture levels,” says Crippin. “These tools can provide real-time alerts for potential issues, often identifying problems before they’re visible on-site, which can prevent or reduce the size of claims.”
Both Crippin and Jackson emphasize the increasing role of data in shaping better risk outcomes for construction companies. From external monitoring systems that assess forest fire risks to on-site technologies like 360-degree cameras and AI-driven performance analytics, these tools allow for a data-driven approach to project safety and efficiency.
“It used to be the case that technology like this was exclusive to large construction companies,” says Jackson. “Now, even mid-sized contractors are leveraging AI and Internet of Things tools to gain a competitive advantage.”
The Future of Insurance in Calgary’s Construction Sector
As technology and insurance intersect, the possibilities for innovation are vast. “The potential for technology to drive growth in the construction sector is immense,” explains Crippin. “Brokers are no longer just issuing policies — we’re acting as collaborative partners, helping clients optimize operations, reduce expenses and improve safety on-site. As insurers see the impact of these advanced systems in lowering claims and boosting safety, they’re more likely to offer favorable terms.”
As the construction industry in Calgary embraces technology, there is a clear opportunity for companies to reduce their total cost of risk through strategic tech investments. By working with forward-thinking brokers who understand the impact of these innovations, construction companies are well-positioned to make smarter decisions, improve their resilience and build a safer, more sustainable future.
SuretyView: Bonding at Your Fingertips
For clients working on public projects, understanding the interplay between insurance and bonding is crucial. SuretyView, developed by NFP, provides clients with an interactive, web-based bond facility management portal. It empowers clients to manage bond requests seamlessly and monitor their bonding capacity in real-time.
The platform not only accelerates the bond request process but also keeps clients informed of their exposure and utilization — essential insights for staying competitive in a tight market. With the use of automation, we’re able to issue bonds quickly and correctly, thereby giving sufficient capacity to take on high volume accounts.
Visit SuretyView.NFP.ca to learn more.
