2022-05-24 | NYSE:PCOR | Press release
Procore Technologies Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced a new partnership with Shepherd, a San Francisco-based insurtech startup, to begin offering an integrated insurance product that offers improved insurance conditions and lower premiums. to qualified Procore customers.
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(Graphic: Business Wire)
“Procore’s platform, integrations, data and analytics enable our customers to run safer and more profitable businesses,” said Tooey Courtemanche, Founder, President and CEO of Procore. “However, entrepreneurs are generally not rewarded by insurance markets for making these risk-reducing investments. And insurance is one of the most important costs that our clients try to manage. Our partnership with Shepherd provides our customers with the insurance coverage they deserve.
Shepherd’s mission is to create a safe and sustainable construction industry by providing innovative insurance products to general and specialty contractors that encourage the use of technology on construction sites. As a Procore holding company and App Marketplace partner, Shepherd offers qualified Procore customers underwriting credits to reduce premiums, endorsing the idea that technology reduces risk in construction. This program is called Casualty Pro and begins with Excess Liability, Shepherd’s current product offering. The company plans to expand this program while bringing new health insurance products to market.
A sample analysis of Procore contractors found that experience change rates (EMRs), which are a standardized measure used to determine workers’ compensation premiums, for the top quartile of general contractors on the plat -fit outperformed their peers by an average of 21%. . The same study also found a positive correlation and average decrease in EMR between when an entrepreneur adopted Procore and their 2022 results.
Similarly, Procore’s recent Customer Return on Investment (ROI) Report 2022users have reported significant benefits in the following areas: safety, quality, efficacy and risk.
- Safer worksites:79% of surveyed customers who use quality and security tools agree that Procore has improved their company’s security programs.
- Improved Efficiency: Client respondents reported saving an average of 15 days on the overall schedule for a typical project.
- 80% of customers surveyed agree they have better protection in a litigation scenario with the data they track/capture with Procore
“At Shepherd, we are committed to aligning the relationship between the contractor and the insurance company in new ways. We strongly believe in the power of the Procore platform and the positive impact of Procore tools on jobsite safety, risk management and loss control Innovative insurance products, such as Casualty Pro, allow us to underwrite using more inputs and provide opportunities for credit contractors who have adopted the best construction technologies. ” – Justin Levine, co-founder, managing director of Shepherd Underwriting.
“We are introducing the use of Procore as a new category in Shepherd’s underwriting process because we believe in the positive benefits of the platform on day-to-day risk management and job site loss control. We hope this partnership will benefit clients who have already taken the important step of implementing technology solutions into their project portfolios,” said Steve Buonpane, co-founder and chief insurance officer at Shepherd.
To find out how to take advantage of the Casualty Pro offer, please visit www.withshepherd.com/procore.
The Casualty Pro program is optional for Procore customers and does not guarantee lower premiums. All submissions are subject to underwriting review prior to official quotes.
Shepherd is a technology-enabled managing general underwriter that provides property and casualty insurance for mid-market commercial construction. Their mission is to make construction safe and sustainable through innovative insurance products. To learn more about Shepherd, visit their website at www.withshepherd.com
Procore is one of the world’s leading providers of construction management software. Over a million projects and over $1 trillion in construction volume have been executed on Procore’s platform. Procore’s platform connects key project stakeholders to solutions Procore has designed specifically for the construction industry – for the homeowner, general contractor and specialty contractor. Procore’s App Marketplace offers a host of partner solutions that seamlessly integrate with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Based in Carpinteria, California, Procore has offices in the United States, Canada and around the world. Learn more about Procore.com.