Before adopting Highwire, BOND struggled with managing increasing project complexity and risks as they worked with hundreds of subcontractors. Their small risk management team faced challenges in collecting, analyzing, and monitoring contractor data, which made it difficult to maintain safety and financial control across their subcontractor network. They needed a real-time solution to manage these risks efficiently.
Bond faced three challenges:
Managing Contractor Risk
With hundreds of subcontractors, BOND struggled to efficiently gather and assess safety and financial documentation, leading to gaps in understanding contractor risks.
Data Integration & Visibility
BOND lacked a centralized system for tracking real-time contractor performance, including safety records, financials, and ongoing field inspection data.
Resource Constraints
BOND’s small risk management team needed a "force multiplier" to handle the growing complexity of risk management as projects accelerated and became more intricate.
“If we partner with the wrong subcontractor, it can have a ripple effect on our entire business. Making sure that we have a partner like Highwire ensuring we are assessing our subcontractors – not only our potential partners but those actively working on our jobs from a day-to-day standpoint – is a key piece for us to be successful.“
— Steve Massey, Corporate Safety Director, BOND
The Highwire Solution
Prequalification
Highwire provided BOND with a platform to consolidate safety, financial, and performance data in one place, offering real-time visibility into subcontractor risks.
Advanced Assessments
Highwire's automated document collection and analysis streamlined the process for assessing contractor safety and financial risks, significantly easing the burden on BOND's small risk management team.
Inspections
Highwire enabled BOND to continuously monitor contractor performance in the field, not just at prequalification. This dynamic risk assessment allowed them to adapt their strategies as projects progressed.
“I’m definitely more confident in the subcontractors we are hiring to represent BOND. We are putting the best people out there on the jobsite. We truly feel that, with Highwire, we have done our due diligence.“
— Maria DiTommaso, Corporate Risk Management and Contract Specialist, BOND
Results
Wrap-up Insurance Premium Reduction
BOND was able to secure competitive premiums for their insurance programs, such as Contractor-Controlled Insurance Programs (CCIPs) and Subcontractor Default Insurance (SDI), due to improved risk management.
Claims Cost Savings
BOND mitigated potential liabilities by significantly decreasing recorded incidents. OSHA estimates that the average cost of a days-away accident is $100,000, and avoiding these incidents resulted in major cost savings.
Doing More With Less
The small risk management team efficiently handled risk across hundreds of subcontractors, thanks to Highwire's automated document collection and risk assessment features, saving time and resources.
“Safety is beyond table stakes. Safety is your ability to be relevant in the marketplace. A platform that helps us manage safety, ensure that our subs are safe, and provide detailed reporting on their performance—and our own performance— is absolutely vital.“
— Paul James, SVP of Risk Management and General Counsel, BOND