Procore Launches Construction Insurance Brokerage to Empower Builders

Rhea-AI Summary

Procore Technologies (NYSE: PCOR) has launched Procore Risk Advisors, a modern construction brokerage aimed at enhancing insurance solutions for the construction industry. This service offers exclusive A+ rated insurance programs in collaboration with Allianz Global Corporate & Specialty and Swiss Re. Procore Risk Advisors will use data-driven insights from Procore's platform to help clients secure more favorable insurance terms and pricing, rewarding clients for risk mitigation and technology adoption. This initiative aligns with Procore's goal of improving operational efficiency and safety within the construction realm.

Positive

• Launch of Procore Risk Advisors aimed at streamlining insurance for the construction industry.
• Partnerships with A+ rated insurance providers Allianz and Swiss Re enhance service quality.
• Data-driven insights from Procore's platform can lead to improved insurance terms for clients.
• Procore aims to reward customers for technology adoption in risk mitigation efforts.

Negative

• None.

Procore Risk Advisors helps customers leverage technology investments and operational excellence for better insurance terms

CARPINTERIA, Calif.--(BUSINESS WIRE)-- Procore Technologies, Inc. (NYSE: PCOR), a leading global provider of construction management software, today announced its latest offering, Procore Risk Advisors, which will simplify and improve one of the construction industry’s biggest challenges: insurance. Procore Risk Advisors is a modern construction brokerage offering enhanced insurance solutions, including exclusive A+ rated insurance programs in partnership with Allianz Global Corporate & Specialty and Swiss Re.

"For the past two decades, Procore’s vision has been to improve the lives of everyone in construction, and Procore Risk Advisors helps us further this vision by modernizing the construction insurance space,” said Tooey Courtemanche, Founder, President and CEO of Procore. “Bringing everyone in construction onto a global platform has clear benefits: better communication, less rework, and safer projects—all of which helps mitigate risk. It also means construction decision makers around the globe are generating a tremendous amount of data that they can leverage to enhance insurance underwriting decisions helping to mitigate their risk.”

Procore Risk Advisors rewards Procore customers for their risk mitigation and technology adoption by leveraging data-based insights from Procore's construction platform to help drive the insurance terms, pricing, and capacity customers have earned.

“Procore’s technology platform captures data on multiple aspects of a construction project, from field to office,” explained Paul Lyandres, President of Fintech at Procore. “Procore Risk Advisors combines construction expertise, real-time data insights, and technology to unlock better insurance and surety outcomes for builders.”

Procore Risk Advisors combines:

• Exclusive capacity: In-house underwriting programs with rapid quote times backed by A+ rated carriers.
• Improved terms: Procore aims to help clients secure more favorable terms by leveraging data-driven insights from the Procore platform.
• Construction expertise: Expert risk partner with experience mitigating risk with technology and an App Marketplace with more than 400 partners.

“Procore Risk Advisors combined phenomenal construction risk expertise with the unique ability to use data to represent our superior operational efficiency, risk management, and financial controls,” said Casey French, CEO of Clark Construction Inc. “This resulted in drastically improved terms, making us more competitive. The executive team feels safe and secure with Procore as our partner.”

To learn more, register for Procore’s upcoming webinar on April 11 here.

Procore

Procore is a leading global provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Our platform connects every project stakeholder to solutions we've built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's App Marketplace has a multitude of partner solutions that integrate seamlessly with our 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.

Procore Risk Advisors (PRA) is a brand of Procore Insurance Services, Inc. Surety and insurance products provided by Procore Insurance Services, Inc., 221 W 6th Street, Suite 1800, Austin, TX 78701. Licensing Information

www.procore.com

PROCORE-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005294/en/

Media Contact

Elizabeth Locke

press@procore.com

Investor Contact

Matthew Puljiz

ir@procore.com

Source: Procore Technologies Inc.

FAQ

What is Procore Risk Advisors?

Procore Risk Advisors is a modern construction brokerage launched by Procore Technologies to simplify and enhance insurance solutions for the construction industry.

How does Procore Risk Advisors impact insurance terms for clients?

Procore Risk Advisors uses data-driven insights from Procore's platform to help clients secure more favorable insurance terms and pricing.

What partnerships does Procore Risk Advisors have?

Procore Risk Advisors has partnered with Allianz Global Corporate & Specialty and Swiss Re to offer exclusive A+ rated insurance programs.

When was Procore Risk Advisors announced?

Procore Risk Advisors was announced on March 21, 2023.

Which stock symbol is associated with Procore Technologies?

The stock symbol for Procore Technologies is PCOR.