Technological tools, including web portals and exposure mitigation techniques, have become essential parts of the arsenals of modern risk managers, helping to inform and automate a range of functions.
Using such tools can help policyholders manage day-to-day risks and claims, and even improve insurance purchasing outcomes.
“I don’t think anyone can do their job without using these tools these days,” said Alumine Bellone, vice president of risk management at Ardent Health Services LLC in Nashville, Tennessee, referring to portals and other technologies. provided by insurers, brokers, third party administrators and others.
Ms. Bellone uses FM Global’s My Risk platform on a daily basis and intermittently uses the portals of other insurers and brokers. “They all appear to be pretty much the same,” displaying a dashboard to navigate through functions after entering the system, she said. It uses brokerage platforms to access policies and endorsements as well as TPA systems.
The My Risk platform is a web portal tool that can be used by policyholders, brokers and others to access customer data such as risk information, policies and claims, said John Busavage, vice -Staff President, Product Activation, in Johnstown, Rhode Island, for Global FM.
The platform integrates external weather and climate data to allow policyholders to see how predicted events such as rain could affect locations, he said.
Flisk, a vendor-supplied technology for which Ardent pays subscription fees, has helped renewals, Ms. Bellone said. The management system, provided by Nashville-based Flisk LLC, “reduced the time I spend collecting underwriting information and also improved my insurance results,” she said.
In construction practice at Axa XL, a unit of Axa SA, policyholders’ shift to technology can improve their risk profile, said Rose Hall, Vice President, Head of Construction Innovation at Axa XL, in New York. “We know that when they use certain technologies, they represent a better risk.”
Axa XL uses its Tech Tapas, or Tech Bites, program to deliver technology briefings and demonstrations, she said. The insurer researches and monitors technologies for its policyholders and arranges reduced fees and other agreements with technology providers.
Information on water mitigation is among the most sought after and has applications within property lines. In addition, telematics for fleet management and drones go beyond construction practice at other companies, Hall said.
Crawford & Co. has a 3D spatial modeling platform with a self-service workflow that allows it to “just ask the insured to capture the image” for a disaster, such as a collision on a car. loading dock, said Kenneth Tolson, US president of claims solutions at the Atlanta-based claims firm. The platform software then “assembles” a model of the property illustrating the damage, he said.
“One of the most powerful trends underway is self-service,” Tolson said. “How do we equip the policyholder to speed up the claims process, but also participate in collecting documentation for this process? “
A retail or other policyholder with a series of locations usually has an employee on site who can assist with the loss and claims control documentation, he said.
“It is really about acceleration and experience of policyholders. We see today, especially with self-service, that the insured absolutely wants to accelerate the pace of his complaint ”, with some 60 to 70% of customers choosing to participate in the complaint process with data capture or by other means, said Mr. Tolson said
“We’re in an on-demand environment,” said Kimberly George, Chicago-based global product development and innovation manager at Sedgwick Claims Management Services Inc., who spent approximately two years building a platform for use by risk managers, insurers, claimants and other stakeholders.
Sedgwick recently launched the latest version of its admissions and incident management platform, now called smart.ly.
The platform has evolved from a simple claims recording system to an interactive tool that can be used to verify policy and coverage details, as well as insured values.
Sedgwick’s platform helps speed up the pace of a claim by allowing policyholders to participate in data capture as well as extracting external data, such as weather information, which can be used to help verify a loss event, such as hail damage to a roof, Ms. said George.
“The policy information and weather data etc. is already in the system to help inform the claim,” she said. “Being able to reduce that to a few days is really important for policyholders. “
While some risk management technologies are designed specifically for use by people, other tools are designed to supplant the human element.
Emerging technologies such as the Internet of Things, including automated sensors and communication systems that can increase or potentially replace human participation, are enabling developments such as so-called smart buildings, said Kenneth Tolson, US President claims solutions at Crawford &, based in Atlanta. Co.
“I think the building will report the claims, not the people,” he said. “It is happening and will continue to accelerate. ”
Sensors and other technologies can also be used to prevent or reduce losses without human participation.
Property insurance policyholders can deploy water mitigation technology to notify them when they have a leak, such as “5 p.m. on Friday when everyone’s gone home already,” said Rose Hall. , vice-president, responsible for innovation in construction, at Axa XL in New York.
Such a system can detect the leak and shut off the water remotely, preventing potentially significant water damage, Ms Hall said.
“We know this property will be a better risk with the technology than without,” she said.