Zurich North America Commercial, a global property and casualty insurance provider, has launched a new benchmarking and loss assessment tool for its construction customers.
Zurich has said that the construction value proposition identifies savings and loss mitigation solutions based on benchmark comparisons.
Benchmark loss comparison evaluates a company’s loss experience against contractors with similar industry classifications, payroll sizes and exposure states. classifications, payroll sizes and exposure states. Benchmark frequency rate compares a company’s loss rate to similar contractors. Benchmark loss comparison by coverage determines the exposures most dramatically impacting losses through analysis of a company’s loss history by coverage.
Zurich has added that using the benchmark tools, loss leaders are analyzed on an exposure basis, showing key loss leaders including the associated claim costs. Based on these findings, Zurich works collaboratively with contractors to help identify, prioritize and implement loss reduction strategies as described in their online tool crib.
The tool crib features risk engineering and claims services in combination with insurance products to supplement a company’s risk management program.
Nancy Simonson, a leader in construction industry segment at Zurich, said: “The goal of the CVP benchmarking tool is to help our contractor customers reduce their total cost of loss and improve their bottom line. Our value proposition draws on insurance and construction industry experience, which enables us to offer solutions that are unique to the construction marketplace.”