The concept of mitigating risk has been around since the early days of insurance when deals were made at the pub or coffee house, and sealed with a handshake. Granted, the insurance industry has come a long way since then, but some processes are still stuck in the Dark Ages. Loss control and inspections, which were devalued in the prolonged soft market of the 1990s, are now essential components of insurance company underwriting practices.
The inspection process impacts performance, but it can be especially profitable for property/casualty insurers to improve loss control. The archaic patchwork of systems many insurers still use lock critical data in unusable formats, thereby drowning underwriters in paperwork and limiting operational efficiencies. Therefore, it makes sense that since the technologies and processes running insurance inspections and loss control have been stuck in a holding pattern for decades, this is a logical place to start looking for ways and means of improvement.
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