Beating a hard insurance market with safety performance benchmarking

    We’ve talked a lot about insurance lately, and for good reason. Not only are insurance rates increasing, but the rate of increase is also growing! In Q4 of last year, rates went up 7.5%. In Q2 of this year? They went up 10.8%

    There is a silver lining, however. Our customers have been able to compare the safety compliance data that Newmetrix (formerly Smartvid.io) generates for them with our regional benchmarking data to provide strong proof to insurers that they are a lower risk than the average construction company. And in the insurance world, less risk means lower premiums — if you’ve ever gotten a good driver discount, you’ve seen this phenomenon in your own auto insurance bills.

    To help get the word out to our customers about how they can use Newmetrix to reduce insurance costs, we’ve written blogs and produced webinars. And now we’ve got an infographic.

    Beating a hard insurance market with safety performance benchmarking

    The infographic shows, step by step, how Newmetrix will not only ensure more of your friends and colleagues go home safely each night, but will also help you secure insurance discounts. With our Safety Monitoring, Safety Observation and Benchmarking tools, you’ll have the insights you need to predict where the next incident is likely to occur so you can take action along with regional data on your peers’ compliance to see how you compare. 

    Need a real world example? Warfel Construction’s story is illustrative. Early in the pandemic, the COVID-19 safety adherence data they gained through Newmetrix enabled them to keep projects running in one of Pennsylvania’s biggest counties, while all other construction jobs were shut down.

    But even if your organization’s performance isn’t quite good enough to beat the benchmarks, Newmetrix can help you get there. For example, in just 12 months Suffolk Construction was able to reduce recordable incidents by 28% and lost time by 35% through a safety program that incorporated Newmetrix.

    Take a look at the infographic and share it with your colleagues. Let’s spread the word on how Newmetrix doesn’t just improve safety, but can also significantly cut insurance costs.

     



    Written by Tim Gattie

    Tim is VP of Industry Strategy at Newmetrix. He has 20 years of construction industry experience working for regional, national and international general contractors in roles ranging from Field Engineer to Project Director. Tim is passionate about using technology as a tool to improve the way construction projects are delivered and is eager to share his story with others in the industry. Gattie graduated from the University of Pittsburgh with a Bachelors of Science in Civil and Environmental Engineering and is a Registered Professional Engineer in Arizona, California and Utah. When not at work, Tim enjoys golfing, traveling and being a great dad to his two boys.

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