A new report from
The information for “Novarica Market Navigator: Loss Control Solutions 2012 (Q2)” was collected directly from vendors and contains a profile of each application, including: Automated & Management Solutions LLC, EXIGIS LLC, IMTI Systems Inc., InsuraTek Corp., ISO, LossWare, AuSuM Systems, Risk Control Technologies and Utilant LLC.
The report authors outline six critical elements of loss control systems for property/casualty insurers:
1. Reporting Functionality. The solution must include a forms repository that accommodates multiple types of reports, like desk surveys, inspections, service plans or stewardship reports.
2. Recommendation Management. Improving the ability to track and manage recommendations is one of the typical reasons a carrier decides to implement a loss control solution.
3. Workflow Management Tools. These are usually built into a loss control solution and provide the ability for a supervisor to assign and track work to consultants based on workload and geography.
4. Reporting and Analytics. The reporting capability covers utilization and workflow metrics to support the supervisor in managing the inventory of loss control reports, e.g., drilling down by location, product, insured, producer, line of business, location, etc.
5. Mobile Capabilities. These tools should enable loss control consultants to work while offline and synchronize the data at a later time.
6. Specialized Tools. Solutions should support premium audit services as well as loss control—using the scheduling, calendaring, and report generation functions in a manner tailored to the specialized work that auditors perform.
Loss control is a service offered by property/casualty insurance carriers to commercial accounts, or very high-value personal insurance properties. Loss control consultants, who are often engineers, will visit the insured’s site and identify hazards, validate the occupancy and evaluate risks specific to that location.
Loss control consultants also analyze or investigate prior losses and develop corrective action to prevent recurrence. Those processes frequently include photographs or drawings of the building and equipment. The consultant then prepares a report for the underwriter that includes information on the operations, loss potential, current controls and undesirable or substandard conditions, with recommendations to improve the risk. Underwriters then evaluate the risk and determine the acceptability of the account based on the loss report.
