Defaults are becoming an increasing risk in the construction industry. Avoiding the risk of general contractor or sub default means reviewing contractor qualifications prior to awarding a contract–and that’s why we’ve incorporated Marsh & McClennan’s SubSecure reports directly into our JBKnowledge products, SmartInsight and SmartBid.
By taking advantage of the SubSecure integration, SmartInsight & SmartBid users alike can purchase Individual SubSecure Quick or Comprehensive Rating Reports on themselves or contractors they are interested in working with.
SubSecure reports score a contractor’s financial factors against 10 important areas to help determine if they present a high risk for potential default. It’s great to know your score and even include your report when bidding projects, to show you’re a reliable partner, and you may also want to pull reports on potential project partners.
Another option is the SubSecure Comprehensive Report, which goes into even more detail and separates each general contractor or subcontractor’s risk score into four easily understood quartiles of risk. It includes the SubSecure Individual Benchmark Report and Portfolio report, along with an individual Z-Score. It’s another great option for determining risk and displaying your viability as a project partner. These reports are even discounted within SmartInsight and SmartBid for users!
If you’re a General Contractor, it’s important to mitigate the risk of working with subs, to ensure you don’t partner with contractors facing financial instability, or one experiencing operational difficulties.
If you’re a subcontractor, it’s important to be sure the General Contractors whose projects you’re working on are viable, that you’ll get paid on time, and that your partnership has the potential to last–SubSecure Quick and Comprehensive reports can help you make those determinations with confidence. You can also get ahead of the game by tracking reports on your own company and providing them early in the bidding process.
To celebrate this new integration with Marsh SubSecure, we’re rolling out the integration at the IRMI Construct Conference, November 6-9 in Orlando, Florida. We encourage risk managers, general contractors, prime contractors, subcontractors and more to come visit us in our SubSecure Café, located in the Vinoy Ballroom on the 2nd floor in the North Tower, at IRMI for a live demonstration and to learn more about the tool. If you have any further questions, visit our SubSecure page, log in into SmartInsight and check out the “Integrations” section of your profile, or claim a SmartInsight profile today to try it out.
In addition to rolling out SubSecure reporting within SmartInsight and SmartBid, JBKnowledge, CEO and ConTechTrio Host, James Benham, will be presenting “How Wearable Technologies are Making the Job Site Safer.” JBKnowledge Consultant and ConTechTrio Co-Host, Rob McKinney, will also present on the topic of “The Evolution of Safety Management Through Apps & Data.” Click here to learn more about the conference.