Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome a trio of Construction Risk Partners leading minds with Jim Budwell, Director of SDI Risk Management and Claims, Erin Pfeifer, Head of Claims, and Gary Rispoli, Partner, and Director of Surety.

We begin the episode by discussing how effective communication is the key to providing effective guidance within the Construction Industry. We focus on breaking down that communication even further by offering two different segments, both pre-claim collaboration and post claim collaboration. Jim, Erin, and Gary demonstrate their cohesive relationship all throughout the show ultimately leaving our audience with three key takeaways from our talk:

1. Communication is Key: A key theme here is getting together to really communicate effectively and efficiently. When you can utilize the team around you to draw on their experience it is far easier to receive proactive guidance and navigate the pitfalls that we all have seen and experienced in this industry.

2. Different Disciplines, Same Level of Communication: Nobody knows everything, and sometimes looking at the same problem from a different vantage point can lead to the best solutions. Trust in your abilities and those of the team around you to navigate industry obstacles through collaboration.

3. Keep Open Lines of Communication: Take the time for your leadership to get together, even if there is no set meeting agenda. Having a pre-set meeting time either weekly, monthly, or quarterly for your team where parties can share progress and challenges often helps to nip problems in the bud and mitigate risk. Most would agree it is easier to end a meeting early if all is going well than to scramble to get everyone together when a problem arises.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Jim, Erin, and Gary on “Mitigating Risk Through Successful Partnership.”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome David Guerino, SVP and Managing Director of Captive Insurance at KeyState Companies, and Scott Allan, Chief Risk Officer at STO Building Group.

We begin the episode by discussing David and Scott’s professional careers in the construction and insurance industries that eventually lead them to partnering together in creating a captive. David works to help demonstrate some of the many nuances around setting up captives while Scott shares his firsthand experience in the matter. From there, we have a great conversation which is highlighted by our three key takeaways.

1. A Captive Is a Great Tool: Captives are formalized funding mechanisms that are regulated and can vary depending on where they are domiciled. As a potential risk mitigation solution, they are uniquely designed to help you manage and mitigate the cost of your risk.

2. There Is a Misconception Around How Risk Is Transferred: Just because you have formed a captive does not mean that the risk has been eliminated. It is important to educate owners and the C-Suite regarding best practices within the captive and discuss effective strategies when deploying their risk mitigation resources.

3. Partner With Strong Business Partners: Like all business relationships, it is important to make sure you are selecting strong partners that align with your business. Choosing the right team to be your Captive Manager can determine how effective your new risk mitigation strategy will be. These trusted relationships will play a key role in the current and future success of the program.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with David and Scott on “Understanding Captives as an Alternative.”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcomes Jennifer Wilkerson, VP of Innovations and Advancements at the National Center for Construction Education and Research or NCCER.

We begin the episode by discussing Jennifer’s professional career, where she started as an educator, and then transitioned to a family welding business with her husband. Eventually, Jennifer found an opportunity to combine her passion for education with the construction industry and joined NCCER where she has been able to help develop new training and education for the workforce of both today and tomorrow. Jennfier leaves our audience with three powerful takeaways with regards to the labor pipeline.

1. Shop Class is Not Dead But They Need Your Help: Look to reengage with your local high school and universities and their shop class program. There are still opportunities to connect with these programs and demonstrate a career path for those who are looking for an alternative to classroom higher education.

2. The Pendulum Has Swung Back Towards CTE: There has been a shift in our education system with a renewed focus on Career Tech Education. Don’t let this opportunity pass you by, as these programs are looking for valued partners to fulfill the needs of their students.

3. Carpe Diem: We can’t wait 5 more, 10 more years to address the workforce shortage. With college debt rising and society looking to reexamine potential career paths, the time has never been better to engage with your local programs. Schools, parents, and students alike are all looking for alternative solutions if college is not for them, and a career in construction could be the answer many of them are looking for.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Jennifer on “Understanding and Maximizing the Construction labor Force Pipeline”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Damien Caldwell, Co-Founder and CEO of ASG National.

We begin the episode by discussing Damien’s professional career, where he was able to get a diverse knowledgebase through various stakeholders of the Insurance and Technology market. Eventually, Damien met his business partner and developed ASG National to help the industry improve their data integration using a proactive management mindset. Damien leaves our audience with some great advice in his three key takeaways.

1. Take Control of Your Data: Data is the new currency which is why there are industry partners that may appear hesitant to share it. We as an industry are getting more adept at understanding the value in our captured data and it is on us to make the most of it.

2. Proactive Management: Evaluate yourself and/or your program, make sure that your focus is on being proactive. Effective Risk Managers will tell you that this is imperative in risk mitigation. If you are always putting out fires, worried about what’s urgent and not what’s important – you’re not being proactive. Take a step back, re-evaluate and start using your data to identify patterns of failure, to help create a corrective plan to get you to where you need to be.

3. Evaluate Your Tech Needs- Crawl / Walk / Run: Whether your company is on board with investing in technology solutions or just getting into it. Successful executions require a well laid out plan. Understand your needs versus your goals or wants in your technology. Don’t wait to get the Astin Martin of technology when you have an approval to get a BMW.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Damien on “Insurtech, Helping to Improve Outcomes Through Proactive Management”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE host Mike Diercksen, CRIS, welcomes Arnie Didier, Co-Founder and COO of Forest Business Network.

We begin the episode by discussing Arnie’s professional career, where he had great insight into the logging industry and leveraged his knowledge to grow and develop what is now an international Mass Timber Conference. We look to better understand the opportunities offered within Mass Timber and how the conference provides a multitude of tracks and education opportunities for the industry's various stakeholders. As always, our guest leaves us with their three key takeaways:

1. Sustainability: It has become clear that the need to find sustainable building practices is here to stay. There is a true need within our industry to lead by example and be part of the solution rather than being left behind waiting for someone else to lead.

2. The Numbers Need to Make Sense: The proof is in the pudding, and we now have enough completed Mass Timber structures to validate that the numbers do in fact make sense. From small developments to twenty-five story buildings, we can now point to specific examples in the market where these projects provided cost effective and desirable solutions.

3. The Only Constant is Change: Change is happening in our industry, and we see great examples of that, specifically within the residential building market. With greater market visibility and success, we believe this will continue to drive additional industry-wide changes, leading to more mass timber projects.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Bret on “Mass Timber, An Evolution In Sustainable Construction.”

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Bret Bush, Co-Founder and EVP at Insight Risk.

We begin the episode by discussing Bret’s professional career, where he had great exposure to the Construction Insurance Industry while working as a broker, a GC, and now as a carrier/tech. partner. We then discuss the journey that led Bret to Insight Risk, and the water mitigation technology that he and his team have created. Bret then shares some of his experience within the technology and Builders Risk Market where he leaves our audience with the following takeaways:

1. Get Ahead of Mandates: Simply put, the construction industry is looking at future legislation that will make some of these technologies mandatory and critical to your success. Look to jump ahead of your competition and explore these new technologies as an early adopter rather than a reluctant one.

2. Find a Partner: It is far easier to go down this path when you have a partner, so don’t be afraid to reach out to your vendor/broker partners who could help you identify technology programs that would benefit you and your team. By utilizing this partnership, you can draw from greater experience, and leverage industry knowledge to help you be successful.

3. Try Different Technologies: There are so many different tools and systems out there right now and it’s best not to put all your eggs in one basket. Do your homework and be sure to share your experience with your risk management team. This should lead you to becoming a better more self-aware insured which if communicated effectively to your broker and carrier partners could help you achieve better policy language and reduced premiums.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Bret on “Technology, Driving Change in Underwriting”

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Links:

Connect with Bret Bush

View Insight Risk’s website at Insight Risk

Connect with Chris Epps

Connect with Mike Diercksen

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Ted Way, SVP at Gallagher.

We begin the episode by discussing Ted’s professional career, where he had great exposure to the Insurance Industry through his father who worked in a regional brokerage. Realizing he had more to learn within insurance, Ted left the brokerage and went to work as an underwriter before he ultimately found himself at Gallaghers Construction Group in 2017. Ted then shares some of his experience within the Builders Risk Market where he leaves our audience with the following takeaways:

1. Budget Early and Budget Often: Underwriting construction projects is a fluid process and relies on a variety of factors. Don’t let your budget remain stagnant when it comes to insurance. By regularly updating the budget and updating your project details, you provide the most accurate and updated information for underwriting which will enable you to receive the best possible coverage.

2. Be Precise with your Insurance Program: With Builders Risk Coverage in particular, there is an exact formula for how coverage is calculated (Total Insurable Value X Number of days). It is important to fully understand your project needs and to deploy your coverage appropriately. Starting coverage too soon or leaving it longer than necessary can significantly impact your margins, while not having coverage in place leaves your project exposed to significant risk.

3. Challenges or Opportunities: Rather than viewing the current market as a challenge, take this opportunity to connect the project team with risk management and redefine your risk mitigation process. Getting out ahead and presenting to the Insurance Market your new proactive controls in place can help change the conversation with the carrier, leading to better conversations and a more fruitful partnership.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Ted on “Overcoming Market Challenges Within Builders Risk”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Daniel Fulcher, Account Executive Director of Construction Services at Travelers.

We begin the episode by discussing Daniel’s professional career, where he came up through the ranks in the Surety Space specifically in the Carolinas. Roughly four and a half years ago Damiel joined the Travelers team tasked with developing PLI or “Project Loss Insurance” taking it from concept to market. It is certainly exciting times for the new product, and with that Daniel can leave our audience with some unique take aways with regards to this new line of insurance:

1. Don’t Allow Yourself To Become Numb To Risk: We are all human and it is natural to get comfortable when things are going well. It is important to always keep yourself honest and fight the urge to look through some rose-colored glasses when things are going your way.

2. Project Loss Insurance Is A Resource: Like many other types of risk mitigation, Project Loss Insurance is a resource available to the market to hedge against catastrophic risk. It is best to understand all sorts of risk mitigation strategies to see what fits you and your firms needs.

3. No Such Thing As A Get Out Of Jail Free Card: Like any line of insurance, you would be ill advised to think of it as a get out of jail free card. However, nobody is perfect, and claims are a reality in the construction industry. Creating a strong partnership with your carriers to better understand your risks and develop a strategy can act as the backstop you need to avoid catastrophic loss.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Daniel on “Project Loss Insurance, what it covers and how to best utilize it”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome Ryan Famularo, Head of Growth at Procore Risk Advisors.

We begin the episode by discussing Ryan’s professional career, where he had great exposure to the Construction Industry through AGC or the Association of General Contractors. Ryan joined Procore a little over 6 years ago and has not looked back, as he and the team developed a new path for the tech giant through insurance and risk management. Without giving away the secret sauce, Ryan is able to leave our audience with some unique take aways with regards to data aggregation and their trail blazing approach to the insurance market:

1. Leverage Your Historical Data: If you are not currently utilizing your historical data, then you are doing yourself a disservice. Firms that are using historical data are better equipped to present themselves and their best practices, removing the guesswork for the underwriters and enhancing their position in the marketplace. Bottom line, you need to leverage your data to improve your business.

2. Viewing Insurance as a Business Advantage: Many firms view insurance as a necessity and a standard process where the results are final; however, this may not be to your advantage. By taking a second look internally and utilizing your historical data you can leverage past experience to receive better terms and rates while selecting your insurance. This practice will ultimately grow your bottom line and provide a more tailored approach to your insurance needs.

To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Ryan on “Illuminating the Construction Insurance Market Through Data Aggregation”

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Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE host Mike Diercksen, CRIS, welcome Adam Stark, Co-Founder of Jet.Build.

Our episode begins with Adam walking us through his career from serving in the military to joining the Construction industry. Looking for a way to streamline his systems and noticing that the challenges he faced were industry wide, Adam teamed up with his fellow Co-Founder Joseph Shua-Haim to launch Jet.Build. Adam takes us on a quick tour of the platform while helping to note all the key stakeholders who shared a role in shaping the current system. When it comes to streamlining your integration strategy, Adam leaves us with these three takeaways.

1. Company Culture Surrounding Innovation: Search internally to identify the company values or potential blind spots when it comes to technology integration. There are quality solutions out there but buy in from the top down is a key element to successful integration.

2. How To Automate Your Day to Day: Speak with your team to learn about their day to day functions. Chances are that a technology is out there that can help automate some of these tasks enabling your team to be more efficient and focused on the big picture rather than being bogged down with tedious tasks.

3. Industry Specific Tech Does Not Have to Be Complicated: It is important to recognize that there are solutions out there today that are cost effective and geared towards easy integration. Much like the cell phone we all have in our personal and professional life, there are technologies available that are intuitive and do not require significant lift to get up and running.

To learn more about the Jet.Build platform and was to simplify our technology adaption, listen to our full podcast episode with Adam on “Simplifying Construction Technology Integration”

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