By Krush Moodley | Head of Construction and Engineering at Hollard Insure
Infrastructure is a powerful economic booster that generates lasting benefits for an economy long after the buildings, roads and bridges have been built. It’s a key driver of economic growth and development, particularly in South Africa. However, the local construction and engineering industry has been struggling in recent years, with companies in this sector facing myriad challenges ranging from a lack of investment to increased competition and financial pressure – and as a result, they have been forced to take on more risk in order to stay competitive.
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To mitigate these risks, insurance providers like Hollard Construction and Engineering are incorporating new technologies and innovations into their risk management strategies. By marrying insurance and technology, we are able to help contractors mitigate financial losses and complete projects on time. We offer products such as Contractors’ All Risk (CAR) Policy and Erection All Risks (EAR) Policy, providing comprehensive coverage against various risks associated with construction projects.
One such example of innovation is the use of drones to conduct inspections and surveys of construction sites. They provide a bird’s-eye view of the site and capture high-resolution images and video footage, which can be analysed to identify potential hazards or issues, and monitor the progress of the construction project. We also use drones for loss adjustment in areas that are inaccessible due to flooding. The next step, we believe, is to use them as a preventative measure to minimise losses. Drones can produce survey information, analyse electrical hotspots and even identify structural issues, which is a win-win-win for the companies, the insurer and the members of the public ultimately using the infrastructure.
Another technological tool that has the potential to revolutionise the construction industry is offered by our new Hollard Construction and Engineering Solar Plant and Erection All Risks (SPEAR) product. This virtual reality tool gives customers and brokers a glimpse of the physical world through the virtual world. Through this technology, we are able to simulate how solar panels are installed to help construction companies better understand the risks and make informed decisions to protect their projects.
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Finally, the use of sensors and internet of things (IoT) devices also has the power to help mitigate risks in the construction industry. These devices monitor the safety and health of workers, track equipment and materials, and provide real-time data on the progress of the project. This data can be used to identify potential hazards and risks, and help prevent accidents and injuries on the job site.
The value of technology cannot be understated. The construction industry is constantly evolving, and new technologies are being developed to increase the efficiency of projects. Therefore, we, as insurers, prioritise being up to date on these developments and incorporating them into our risk management strategies.
We are constantly looking at how new technologies can help us improve our services and provide effective risk management solutions to our customers. By doing so, we ensure that construction projects are completed on time, within budget and with minimal risks.
We are proud to be at the forefront of innovation in the construction insurance industry, and we believe that our commitment to technology and risk management will help to drive the growth and development of South Africa’s economy for years to come.