A New World of Risk Management with Rob McDonough of Marsh USA
May 22, 2024
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Rob McDonough, Managing Director of Marsh USA, discusses the evolving nature of construction insurance, trends in risk management, innovative data utilization, importance of curiosity for aspiring risk managers, and the transition to digital books in the industry.
Construction industry adopting technology for safer job sites.
Risk managers focusing on strategic partnerships and data-driven decisions for project success.
Deep dives
Evolution of Construction Technologies
Construction industry has seen rapid technological advancements in the recent years, aiming to create safer and more profitable job sites. Companies are investing in construction technologies to enhance job safety and efficiency. The pandemic played a significant role in accelerating the adoption of technology within the construction sector, leading to a noticeable shift in how construction projects are managed and executed.
Risk Management Strategies in Construction Projects
Construction risk managers focus on creating risk registers to identify insurable, transferable, and absorbable risks within complex construction projects. Proper allocation of risks among stakeholders is crucial for project success. Strategic risk partnerships are emerging, with companies preferring to collaborate with contractors and subcontractors who have established track records of meeting project timelines and budgets.
Future Trends in Construction Industry
The construction industry is evolving beyond just construction to include operational and maintenance aspects, emphasizing the life cycle of structures. Companies are exploring new construction methodologies such as strategic partner collaborations and risk-sharing arrangements. The industry is witnessing a shift towards data-driven decision-making by utilizing innovative technologies and data analytics to mitigate risks and improve project outcomes.
On the latest episode of Risk Management: Brick by Brick, Jason Reichl is at RISKWORLD 2024 speaking to Rob McDonough, Managing Director of Marsh USA, a global leader in insurance broking and risk management.
In this episode, Jason and Rob explore the evolving nature of construction insurance. Listen in as they explore how risk managers are adapting to the new world of risk, forecast the trends of the next two years, and highlight the importance of curiosity for aspiring risk managers.
To find out how TrustLayer manages risk so that people can build the physical world around us, head to TrustLayer.io.
Podcast Host: Jason Reichl
Executive Producer: Don Halliwell
Episode Highlights:
00:00 - Intro
00:50 - Rob’s Journey into Insurance
01:37 - Construction’s Eight-Year Journey
03:01 - Helping Organizations Develop their Risk Appetite
04:23 - Adapting to the New World of Risk
06:33- Construction in America vs. Globally
09:13 - Innovative Ways of Using Data
11:29 - Is Construction Moving Away from Subcontractors?
Risk Management: Brick by Brick is handcrafted by our friends over at: fame.so
Previous guests include: Seth Hausman of Kraus-Anderson Insurance, Matthew Meyer of The Horton Group, Diana Rich of Foundation Building Materials, Christy McHenry of Suffolk Construction, Mark Rieder of NFP, and Cory Mangum of Primoris Services Corporation.