Zurich Releases New Benchmarking Tool for Construction Industry

Zurich, a leading property and casualty insurance provider globally and in North America has introduced a new benchmarking and loss assessment tool for its construction customers.

The Construction Value Proposition identifies savings and loss mitigation solutions based on the following benchmark comparisons:

• Benchmark Loss Comparison – Evaluates a company's loss experience against contractors with similar industry 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 a detailed analysis of a company's loss history by coverage.

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.

“The goal of the CVP Benchmarking tool is to help our contractor customers reduce their total cost of loss and improve their bottom line,” said Nancy Simonson, a leader in Zurich's construction industry segment. “Our value proposition draws on insurance and construction industry experience, which enables us to offer solutions that are unique to the construction marketplace.”

This is intended as a general description of certain types of insurance and services available to qualified customers through the companies of Zurich in North America. Your policy is the contract that specifically and fully describes your coverage. The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy. Insurance coverages are underwritten by individual member companies of Zurich in North America, including Zurich American Insurance Company. Certain coverages are not available in all states. Some coverages may be written on a nonadmitted basis through licensed surplus lines brokers. Developed in conjunction with NAC Proposition Development.

Source: http://www.zurichna.com/