July 11th, 2023, New York, NY- Today, Jones and COMPASS by Bespoke Metrics have announced a partnership aimed at further modernizing the construction prequalification process. They have teamed up to develop an integrated solution combining COMPASS’ prequalification platform with Jones’ industry-leading insurance verification SaaS to help general contractors move from simply managing insurance compliance towards systemically and efficiently managing risk.
“We envision the built world where every property and construction site is connected by a network of insurance data enabling individuals to find, check, and verify compliance instantly.” said Omri Stern, Co-Founder and CEO at Jones. “We had been increasingly asked by clients about delivering a more robust solution around prequalification, and partnering with COMPASS will offer a new technology toolkit for the industry.”
Traditional construction prequalification is a process noted for slow turnaround times, heavy documentation requirements, and laborious manual review. The complexity of managing subcontractor certificates of insurance is an additional layer of the onboarding process that can regularly cause friction and delays for construction organizations. COMPASS’ and Jones’ shared focus on digitally transforming slow and antiquated compliance processes will serve as a strong backbone for a partnership that will impact the way the construction industry manages risk during preconstruction.
Jones blends AI technology with a trained staff of insurance auditors to deliver a turnkey solution for collecting and verifying insurance documents, while COMPASS brings a novel approach to standardized data collection and automated analytics while coordinating verification on behalf of the construction supply chain. The combined solution will offer customers a more efficient means to prequalify subcontractors, further helping general contractors refine their risk management strategies.
“COMPASS is continuously evolving to maintain its position as the unrivaled leader in prequalification software. A partnership ecosystem that supports flexible integrations, transparent data ownership, efficient best practices, and quality-based selection is a key part of our philosophy. We are excited to partner with Jones to unite our products and future development.” said Michael Ho, CEO of Bespoke Metrics.
With a shared focus on providing actionable insights through a combination of subject matter expertise and best in class technology platforms, the partnership will help clients simplify and automate the process of prequalifying subcontractors. Now construction organizations can leverage both Jones’ insurance expertise and COMPASS’ proprietary subcontractor risk analysis framework to help them make better decisions when vetting and onboarding subcontractors.
The partnership between Jones and COMPASS represents a collaboration between leaders of their industries. Jones has many top General Contractors and Real Estate Owners in the United States amongst their clients. Collaborating with COMPASS is an exciting opportunity for Jones to better understand the unique needs of the construction sector as they continue to refine their solution for the industry.
COMPASS has been selected as the prequalification software of choice by some of the largest general contractors in North America. Their proprietary 1Form allows for subcontractors to prequalify across multiple general contractors, optimizing the subcontractor experience. Integrating COI verification with prequalification represents the evolution of the compliance and risk management process.
Jones helps real estate and construction firms to remove the barrier of insurance compliance through one software application that integrates with core operating systems.
To learn more, visit getjones.com
About Bespoke Metrics:
Offering multi-language concierge service for both subcontractors and general contractors, COMPASS by Bespoke Metrics is a leading prequalification platform that supports industry-wide data collection, verification, and analytics. Through the COMPASS 1Form, subcontractor data is collected using a unique standardized approach, while giving subcontractors full control of their data. General contractors benefit from the analytics derived from standardized data, enabling them to effectively manage project and default risks.