According to Jason LaMonica, leader of XL Group’s Subcontractor Default Insurance profit center, “Prequalification of subcontractors is an important risk management strategy for any contractor. Since we see a market-wide view of how so many contractors conduct a prequalification process, we’re able to offer our clients insight on where they stand in subcontractor prequalification processes against their competitors and of course, offer guidance on how they can do better. It’s a service to help our clients operate as wisely and effectively as they can.”
Through the new Prequalification Benchmarking service, contractors will:
• Be scored on 80+ data points to measure against strong industry practices;
• Receive custom feedback identifying existing business practices and suggesting improvements;
• Gain access to resources and expertise to help improve subcontractor prequalification processes;
• Receive periodic reassessments to measure progress.
Performed by XL Group’s experienced SDI risk engineering team, Subcontractor Prequalification Benchmarking looks at a contractor’s prequalification process including gathering information, setting subcontractor qualifications, and reviewing subcontractor financials. XL Group’s risk engineers also look at how contractors make decisions, mitigate potential default risks, use technology to their advantage and how well their prequalification process is implemented in the company.
Part of XL Group’s North America Construction group, the Subcontractor Default Insurance team, including underwriting, claims and loss control specialists, help meet the subcontractor default risk management needs of large commercial contractors. XL Group’s North America Construction business offers a customer-centric approach with a deep understanding of large contractors’ insurance and complex risk management needs to develop solutions and growth through integrated risk.
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.