Skip to main content
Marsh logo

Article

Emerging technology in construction – risks and opportunities

New and emerging technologies are presenting the construction industry with a broad range of transformative opportunities for enhanced business growth, operational efficiencies, and much more.

23/08/2024 · 3 minute read

New and emerging technologies are presenting the construction industry with a broad range of transformative opportunities for enhanced business growth, operational efficiencies, and much more. However, with these new opportunities come new challenges and risks.

The continued integration of new products, practices and processes will see construction industry business’ risk profiles evolve over time. As they do, risk adaptation and mitigation measures should also respond in turn.

Below we have collated some initial Marsh Construction content exploring some of these new advancements and their associated risks with more on its way.

We continue to work with tech developers, suppliers, and insurers to find ways to support construction companies manage and mitigate their risks.

Internet of Things

Video

Internet of Things (IoT) solutions – devices with sensors and other technologies that collect and exchange data to allow for a more efficient building process while mitigating risk – are becoming more commonplace in the construction process.

In these two videos, we talk to IoT specialists about how companies can select the technology providers and partners that best suit their needs.

Learn more

Generative AI

Podcast

Generative AI can present transformative opportunities for enhanced business growth, operational efficiencies, and much more. However, as with other emerging technologies, generative AI also presents challenges and risks.

In this episode of Marsh’s Risk in Context podcast series, Jaymin Kim, Senior Vice President of Emerging Technologies with Marsh's Global Cyber Insurance Center, speaks with Ravin Jesuthasan, Global Leader of Mercer's Transformation Services business, and David Stone, Office of the CISO at Google Cloud.

They explore some of the latest trends in the generative AI landscape, the potential impacts on work and the workforce, and the risks and opportunities that organizations should consider.

Learn more

Article

GenAI has the ability to expedite and improve the accuracy of many tasks and processes in the construction industry. However, these developments are not without threats – requiring appropriate mitigation.

In this article we explore the myriad of benefits as well as the multiple threats GenAI brings to the construction industry,

Learn more

Cyber risk

Podcast

The construction industry is becoming increasingly digitalized. While the adoption of new technologies and digital processes brings a number of advantages to construction businesses, it also increases the risk of being targeted by a cyberattack.

The rise in the number of claims, together with a more hazardous risk landscape, has led to higher cyber insurance rates and increased underwriting scrutiny. And while Marsh data shows that cyber insurance take-up rates have steadily increased in the last several years, there is still a widespread misunderstanding about the value of cyber insurance and questions about the process to secure coverage.

In a recent episode of Marsh’s Risk in Context podcast series, we address some of the most common cyber insurance myths. 

Learn more

Brochure

The cyber risk management landscape is undergoing a significant shift, with businesses dedicating more time and resources to understand and mitigate their cyber risk exposure. However, one area that remains relatively unexplored is cyber-related property damage and resulting business interruption (PDBI).

It is crucial for organisations to understand the controls in place to manage the risks associated with digitally controlled/operated systems such as internet of things (IoT), operational technology (OT), and/or building management systems (BMS).

Learn more

Managing risks

Webinar

The construction industry is undergoing rapid transformation, and construction firms are increasingly relying on innovative and emerging technologies to scale faster, adapt to changes, enhance digital asset awareness, and ensure compliance with partners.

During this webinar, our Marsh Canada experts explore the rapidly evolving world of technology in construction and delve into what risks are emerging that should be mitigated now.

Learn more