The construction and insurance industries have many things in common. Both industries have a long, venerable history, and both are dealing with an aging workforce and the challenge of developing new talent. Both also have been operating recently in a prolonged competitive market with slim profit margins, requiring strong risk management practices to navigate successfully.
Additionally, neither industry has been regarded as being overly innovative. Fortunately, that perception is changing.
The construction industry has, in fact, had its share of innovations: Alternative delivery systems like Public/Private Partnerships, Integrated Project Delivery and Building Information Modeling aim to address construction clients’ changing needs. Other examples include Green Building, modular construction, automated equipment and the inclusion of 3-D printing. We are also now seeing all kinds of digital monitoring devices for human behavior, atmospheric conditions, waterflow, security and video records with cameras and lasers on drones.
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