Cost Savings is one of the main benefits of implementing a Wrap Up. In order to make more money, companies must be creative and find ways to cut project costs. Typically, you don’t want to cut cost in key areas like hiring quality contractors to perform the work or using quality materials to build the project. So, what better way to save than cutting the cost of insurance?
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Just over 10 years ago, Wrap-Up Administration was managed by using paper forms submitted via fax and enrollments tracked via simple excel spreadsheets. Administrators were manually creating weekly reports, and companies were hiring entry-level personnel or third-party administrators for routine data entry. This left a great margin for error.
I recently came across a blog post on the website for Cobb Strecker Dunphy and Zimmerman, a commercial insurance and surety company that services the construction industry, among others. The post was titled When Bigger is Just Bigger, and one section in particular struck a chord.
As an advisor to the construction industry providing OCIP software and CCIP software, I always enjoy speaking to risk management executives at owner organizations and contractor sponsors. After all, our software is ultimately designed to provide better service to these firms. It’s great to hear directly from the source what they are looking for in their wrap-up administration service, so we can think about how to incorporate these needs into our product.
From November 14 to 17, 2011, San Diego was home to the 31st IRMI Construction Risk Conference. Representatives from VUE Software, a proud sponsor of the event, attended to participate in conversations about this year’s most important construction risk management issues.
As the 30th IRMI Construction Risk Conference came to a close yesterday, we were struck by some key takeaways. As a provider of wrap-up administration technology, we were drawn to sessions about OCIPs and CCIPs, presented by key specialists such as Kathleen Creedon of Wrap Strategies and Richard Resnick of Aon.
In early November, a few of us at Vue Software attended the 29th IRMI Construction Risk Conference hosted by the International Risk Management Institute (IRMI) at the Gaylord National convention center in Washington DC – a great opportunity to spend time with brokers of controlled insurance programs (CIPs, often called wrap-ups) for construction companies and project owners.
