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Procore and Shepherd Partner on Casualty Pro to Offer Underwriting Benefits for Top Procore Users
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Procore Technologies Inc. (NYSE: PCOR) has partnered with Shepherd, an insurtech startup, to launch an integrated insurance product for its customers, aiming to provide better terms and lower premiums. This initiative, called Casualty Pro, rewards contractors who utilize Procore’s platform and technology, potentially leading to reduced costs in insurance—a significant expense for construction firms. Analysis indicates that top contractors using Procore show 21% better experience modification rates, highlighting the platform's positive impact on safety and risk management.
Positive
Partnership with Shepherd offers integrated insurance product, potentially lowering premiums for qualified customers.
Casualty Pro program rewards contractors for utilizing Procore's platform, promoting technology adoption in construction.
Top contractors using Procore have 21% better experience modification rates, evidencing improved safety and risk management.
Negative
Casualty Pro program does not guarantee lower premiums, subjecting all applications to underwriting review.
CARPINTERIA, Calif.--(BUSINESS WIRE)--
Procore Technologies Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced a new partnership with Shepherd, a startup insurtech based in San Francisco, to begin offering an integrated insurance product that provides improved insurance terms and lower premiums to qualified Procore customers.
(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, contractors are not typically rewarded by insurance markets for making these risk-reducing investments. And, insurance is one of the biggest costs that our customers are trying to manage. Our partnership with Shepherd offers our customers 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 which incentivizes the use of technology on job sites. As a Procore portfolio company and App Marketplace partner, Shepherd is offering qualified Procore customers underwriting credits in order to lower premiums, endorsing the idea that technology reduces risk in construction. This program is called Casualty Pro, and starts with Excess Liability, Shepherd’s current product offering. The company plans to expand this program alongside bringing new casualty products to market.
A sample analysis of Procore contractors found that the experience modification rates (EMR), which are a standardized metric used in determining worker’s compensation premiums, for the top quartile of general contractors on the platform outperformed those of their peers by 21 percent on average. The same study also saw positive correlation and an average EMR decrease from the time when a contractor adopted Procore to their 2022 results.
Safer Jobsites:79 percent of customer respondents that use Quality and Safety tools agree Procore has improved their company’s safety programs.
Improved Efficiency: Customer respondents reported saving an average of 15 days on the overall schedule on a typical project.
80 percent of customer respondents agree they have more protection in a litigation scenario with the data they are tracking/capturing with Procore
"At Shepherd we're determined to align the contractor - insurance carrier relationship in new ways. We believe strongly in the power of Procore's platform and the positive impact Procore tools have 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 to credit contractors who've adopted the best construction technologies." - Justin Levine, co-founder, chief executive officer of Shepherd Underwriting.
"We're introducing Procore usage 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 loss control on job sites. We hope this partnership benefits clients who have already taken the important step of implementing technology solutions across their project portfolios," said Steve Buonpane, co-founder, chief insurance officer at Shepherd.
The Casualty Pro program is optional for Procore customers and does not guarantee lower premiums. All submissions are subject to underwriting review prior to formal quotations.
About Shepherd
Shepherd is a tech-enabled managing general underwriter providing casualty insurance for middle 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
About Procore
Procore is a leading global provider of construction management software. Over one million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore'sApp Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada and around the globe. Learn more at Procore.com.
What is the new partnership between PCOR and Shepherd?
Procore Technologies (NYSE: PCOR) has partnered with Shepherd to offer an integrated insurance product aimed at providing better terms and lower premiums for its customers.
How does the Casualty Pro program benefit Procore customers?
The Casualty Pro program offers underwriting credits to qualified Procore customers, potentially lowering their insurance premiums and incentivizing the use of technology on construction sites.
What are the expected outcomes of using Procore's software according to the press release?
Procore users reportedly experience improved safety, efficiency, and risk management, with top contractors achieving 21% better experience modification rates.
When does the Casualty Pro program start?
The Casualty Pro program is available now, starting with Shepherd’s current product offering, Excess Liability.
Does participation in the Casualty Pro program ensure lower premiums?
No, the Casualty Pro program is optional for Procore customers and does not guarantee lower premiums, as all submissions are subject to underwriting review.
