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. “Our role isn’t just transactional — it’s about partnering with clients to reduce their risks,” says Matt Ingram, vice president of business insurance at NFP. NFP’s team of construction insurance experts work together to support clients across the industry.
“We work closely with clients to identify areas where new technology and processes can make a meaningful difference in safety and efficiency,” explains Monica Franklin, 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 a rise in the deployment of Internet of Things systems to monitor everything from soil conditions and structural integrity to temperature and water levels,” says Franklin. “These technologies can alert teams to potential issues in real time — often before someone on-site notices — which drastically reduces the likelihood of costly damages.”
Both Ingram and Franklin 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.
“Technology like this isn’t just for large construction firms anymore. Even mid-sized contractors are adopting AI and Internet of Things solutions that give them an edge by optimizing construction planning, geotechnical analysis and even proactive asset management,” Ingram says.
The Future of Insurance in Edmonton’s Construction Sector
As technology and insurance intersect, the possibilities for innovation are vast. “The construction industry has enormous potential for growth when it comes to applying technology,” Franklin says.
“Brokers today aren’t just here to sell policies — we’re partners who help clients improve operational accuracy, reduce costs and keep workers safe. Brokers can advocate for clients by presenting carriers with data-backed evidence of risk controls, which can result in better insurance options and lower costs.”
As the construction industry in Edmonton 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.
