AXA XL’s Subcontractor Default Insurance business in North America has teamed up with COMPASS to expand its subcontractor prequalification tools for its construction clients.
COMPASS is a digital prequalification platform used by general contractors to evaluate subcontractor’s counterparty risk.
Go deeper with GlobalData
The COMPASS product suite is claimed to simplify the collection and organisation of subcontractor data.
Additionally, it is said to supplement and support a general contractor’s internal risk management by using advanced analytics.
AXA XL’s Subcontractor Default Insurance (SDI) business profit centre head Jason LaMonica said: “Supply chain disruptions and work restrictions necessitated by social distancing needs can have big impacts on some subcontractor’s ability to perform. In addition, in a recessionary environment, access to cash and capital can be constrained for many subcontractors, further exacerbating the problem.
“To help contractors be extra diligent in selecting subcontractors, we’re excited about our exclusive partnership with COMPASS. It gives our construction clients access to another tool to help in their subcontractor prequalification process.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDeveloped by Bespoke Metrics, one key feature of COMPASS is Q Score.
This numerical assessment of subcontractor risk based on business characteristics, financial information, and health & safety records is said to serve as an ‘unbiased independent benchmark’ for decision making.
Bespoke Metrics CEO Michael Ho said: “COMPASS prequalification tools are designed to strengthen the interdependent partnership between general contractors and subcontractors.”
LaMonica added: “Giving our SDI clients access to tools like COMPASS helps them make informed, data-based subcontractor selections.
“Using these tools can help them avoid potentially hefty financial losses and reputational damage that can occur when a subcontractor defaults and is unable to finish contracted work.”
In September this year, AXA XL’s North America Construction insurance business launched custom-built insurance programmes and services for construction projects that qualify as a ‘Highly Protected Project’ (HPP).
