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Coming out of the pandemic: Understanding Risk

“Risk comes from not knowing what you are doing”

 Warren Buffett

As we transition to a new way of working, businesses across the globe are adapting and consolidating risk management strategies. Only a year ago many considered financial and non-financial risks loosely connected, whereas today closer alignment is one of the key considerations in holistic risk management strategies.  Particularly as the world rapidly entered lockdown and are now preparing for the new way of working.

An essential element in understanding future non-financial or operational risks, is having the right data available.  Armed with information business leaders can be make smarter decisions on processes, change management and improvement to critical services and infrastructure. Noteworthy here are the risks associated with infrastructure; the new norm being remote working across disparate global networks with enhanced risks concerning data security, cyber risk and connectivity, as the world now functions predominantly in an online environment.

The impact on Insurers today are unprecedented and enormous.  Not only must they quickly understand these new risks, they must also adapt underwriting strategies and improve policies to meet these rapidly changing customer requirements.

In order to meet these challenges, assessors and underwriters need to have all the data available to make accurate decisions on risk.  Additionally, this data must be collected quickly and efficiently. Only 4 months ago this seemed a relatively easy task, for operational risk assessments, as most employees were based in a few locations requiring fewer data collection points. Today this task is more complex, with the majority of employees working in multiple locations, particularly in the home environment.  As businesses better understand work productivity based on mixed employee locations, insurers must understand the new risk complexities to adequately protect their clients.

Data Capture:

Here is where Surveys provide incredible value. These essential flexible tools enable businesses and insurers to obtain a comprehensive unified data source ready for collation into reporting, analysis, future modelling and risk mitigation recommendations. Surveys can be customised, rapidly deployed and provide immediate notification in delayed responses.  Surveys can include the following:

  1. Questionnaire builders to create business specific surveys and self-assessments
  2. Comprehensive survey workflows ensuring consistent and timely data capture
  3. Self-Assessments for wide distribution across multiple locations
  4. Video for live video streaming

Data Unification:

Digitally captured data is automatically integrated into a single source of truth.  This data can also be connected to external data services, which can include many business specific data points.  APIs provide easy consolidation of data from multiple sources, such as survey data (see above) or Data-as-a Service including property, financial, credit, cyber and legal data.  Having wider range of data sources available for analysis provides greater insights and provides a solid base for risk assessments.

Data Analysis:

Business intelligence is only as good as the data it is analysing.  Unified data (see above) not only provides real time insights, it also enables custom data segmentation and reporting as risk engineers and underwriters require to make more accurate decisions on risk appetite and policy preparation to support client requests and needs.

Risk Mitigation Recommendations:

Artificial intelligence provides benchmarking capabilities to immediately point out any deviances, thereby providing immediate alerts to underwriters and risk engineers.  This provides opportunities to quickly complete an assessment or identify the need for further investigation.  Additional machine learning functionality will highlight recommendations based on current and historical data to offer immediate steps to be taken to mitigate risk further, thereby optimising insurance products for customers.

Future Modelling:

Predictive analytics can provide deep insights into future product offers for insurers.  Understanding which potential risks will be of significance in future years will enable risk managers, underwriters, brokers, MGAs and insurers to adapt future products in anticipation of customer requirements.  As we’ve learned this year future modelling cannot provide a 100% accurate picture of potential future risks, however it does provide foundations enabling insurers to rapidly adjust to a changing world.

These fundamental steps are critical for clients and insurers in “knowing what you are you doing” in terms of risk management, by understanding and taking proactive steps to mitigate risk.  Market leading digital risk management solutions from trusted providers will drive profitability, increase customer acquisition & retention in this ever-changing environment.

Want to learn more? Simply call 020 7127 0571 or leave your details with us and we will get back to you: https://www.risksolved.com/contact/

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Video Surveys & Live Streaming

Content:

Risk Solved has complimented its rich product offering with a new video survey capability to automate risk analysis and improve risk management for insurers, brokers and MGAs.  This live streamed data capture functionality demonstrates up to 400% improvement in survey efficiency, when compared with an on-site survey.

What is it?

An innovative and proven remote survey capability via video which provides live data capture, storage and the option to collect snapshots and annotate real-time.    The video streaming process provides a view of the client’s risk exposure and simplifies analysis of the entire portfolio.  This not only allows clients to feed information back digitally on how they are managing their risk improvements, but it also provides valuable information to the underwriter and risk engineer, for verification and comprehension of client operations when analysing the type of risk and the impact it will have on the overall client insurability assessment.

When integrated into a risk management solution, risks are automatically submitted, thereby making key reports accessible for data processing, validation and, where possible, instant onsite remediation.  This can potentially reduce the need for a resurvey.  Information is accessible on to all key stakeholder; – customers and brokers via our, Customer Portal, surveyors, risk engineers via our Consultant Portal.

Video data capture is ideally suited for data gathering on the following risk types:

  • Flood risk
  • Employer liability
  • Buildings business operations
  • Vehicle and fleet

What are the benefits?

Integrated video surveys, with live data streaming, positively impact many areas of the risk management value chain:

  1. Real time risk assessment information collected directly via video provides more detailed risk insights, thereby improving profitability, through competitive advantage and business resilience
  2. By having live data streams readily available for assessment, risk engineers and underwriters can provide better customer service as they process risks in a more efficient manner.  Happy customers turn into lifetime customers, benefitting insurers, brokers and MGAs alike.
  3. Cost reductions are noticeable both in terms of staff time to carry out assessments and through instant optimisations onsite to mitigate perceived risk. If, however, the need for a resurvey is required, it can be carried out remotely using this low-cost technology
  4. Carbon footprint is reduced as the need for multiple site visits and re surveys drops.
  5. People are protected in uncertain times.  Live video streaming significantly reduces the need for physical onsite surveys and supporting social distancing guidelines

How does it work?

The video streaming service is activated seamlessly.  A call is scheduled with the customer or onsite surveyor via email. With one click of a button on their phone or tablet, the device’s onboard video service is activated, and the survey can start.

There are 3 stages to the process of assessing risk:

(1) Intelligence gathering,
(2) initial risk assessment understanding (area, business operation, specific facility, vehicle, fleet of vehicles, etc),
(3) Walk through survey for data capture and validation of risk.

Examples of best practice when building a risk assessment via video stream:

AREA:  complete a 360-degree view and recording of the target location and surrounding area
BOUNDARY: obtain and retain footage of the building shell, structure: walls, floor roof, moveable parts; windows and doors – outside and inside – include further shells inside, such as storerooms.
CONTENTS: gain insight into security devices, their deployment & any potential compromises – such as defective or outdated systems, impacts from other installations such as water pipes, HVAC systems or electromechanical interference and outside animals that could falsely trigger alarms.

Typically done via manual walk arounds with surveyors and risk assessors onsite, comprehensive custom surveys are created, completed, sent for analysis and review.  Live video, compliments Desktop Reviews, enabling business to flow whilst individuals are at separate locations.

During the live interaction, questions are posed and answered.  Validation and verification of actions taken are immediately noted by the risk assessor.   Full footage is securely and compliantly, saved for future reference.  

This evolution in digital risk surveying equips insurers, brokers and MGAs with the intelligence and control to disrupt the risk management market, giving unprecedented insights for strategic decision making across all clusters of business.

Want to learn more? Simply leave a message via our contact us page or call 0207 127 0571 to speak to a member of our team.

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AEGIS selects Risk Solved, a market-leading risk management platform, to enhance service to its policyholders

Today, AEGIS Insurance Services Inc (AEGIS),  a leading mutual insurance company that serves the energy industry, announced its selection of the Risk Solved digital risk management platform with the strategic aim of enhancing the Loss Control consultancy services it offers its policyholders.

Commenting on the selection, Tim Heinze, SVP and Chief Loss Control Officer at AEGIS, said “Our policyholders represent virtually the entire energy infrastructure in North America, including all the major electric, natural gas and water utilities. Their services are critical, and we offer them very specialized loss control services, which differentiates us from commercial insurers. Our new platform from Risk Solved will help us deliver unique data insights to our policyholders in real time via our policyholder portal.  This will enhance the technical support we offer, as well as deliver key benchmarking metrics.

Scott Schenker, SVP and CIO at AEGIS, said “We launched a digital transformation program in 2019 and one of the key objectives was to find a platform to digitize the work of our Loss Control division.  We undertook a rigorous selection process and selected Risk Solved because it’s a complete and robust solution. Risk Solved met and exceeded all of our key metrics: a web-based platform, proven technology, easy to use, configurable and mobile-ready so that our team and our policyholders can choose the device that suits them best, whether that’s desktop, tablet or phone.

Right out of the box, we have the ability to configure our own survey questionnaires, create rating and scoring, and deliver analytics to our policyholders and underwriters, which frees us from depending on development resources that are already stretched thin.”

Debbie Baker, Global Sales and Marketing Director of Risk Solved, adds “AEGIS selecting the Risk Solved platform as its solution for Loss Control across North America further endorses our market-leading and global positioning.

AEGIS’s enthusiasm for delivering superior Loss Control services to its policyholders is palpable. We are fortunate that the global pandemic hasn’t impacted the project momentum. While challenging, the team at AEGIS is using this time as an opportunity to accelerate change and address some long-standing opportunities.  At the same time, Risk Solved’s project team has been able to meet any logistical challenges presented by the pandemic and continue to deliver against each milestone and objective.

About AEGIS

AEGIS is a leading mutual insurance company that provides liability and property coverage, as well as related risk management services, to the energy industry.  Its policyholders represent virtually the entire energy infrastructure in North America. The mutual operations are based in East Rutherford, New Jersey.  AEGIS is also the parent company of AEGIS London, which operates Syndicate 1225 at Lloyd’s of London.  The company’s premium revenues in 2019 were $1.8 billion and total assets are more than $7.9 billion.  Its website is www.aegislink.com

About Risk Solved

Risk Solved is a market-leading, global digital risk management platform, enabling carriers to improve their portfolio profitability, manage exposure and improve customer engagement. Designed by risk engineering experts with decades of experience, we continue to innovate and future-proof our market offering. Risk Solved now offers video survey capability, which can be integrated or operated as a stand-alone service. Insurers can evaluate key risk exposures via desktop and see detailed site risk evaluations without the need to travel. Our customers typically see a 10% improvement in underwriting profitability, on average.   Customers include: RSA, Ecclesiastical, AEGIS, IUM and RADD Consulting.  See www.risksolved.com

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Video Surveys – See it with your own eyes :)

See risk with your own eyes.

The powerful video survey software provides a view of a client’s risk exposure and makes analysis of the whole portfolio easy.
See risk with your own eyes… The next generation of digitalised risk information gathering and delivery could be at your fingertips.

Through live video technology, it allows the customer to feedback digitally about their operations. An underwriter or risk engineer can verify the live data and gain the analysis they need to better understand the risk quality.

Risk Solved’s applications automate the risk submission process, insurers can review reports, spot and process data inaccuracies and then remediate issues via video survey.

The software collates and displays all the information in a digestible and easily exportable manner.

We estimate 50-75% of resurvey visits can be done remotely using simple to use, low-cost technology. This can provide a much richer insight to your risk portfolio, save you money on expensive resurvey visits, reduce your overall carbon footprint, and maintain productive engagement with customers in uncertain times.

Arm your team to be competitive by delivering them the data that they need.

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Risk Solved Limited – MBO

Risk Solved Limited has secured private investment to pave the way for a management buy-out of the founding shareholder, as well as support for future growth plans.

Risk Solved Limited was founded by Thomas Coles. Thomas collaborated with Richard Thomas, a chemical engineer, chartered engineer and IRM member with 20 years Global experience in the insurance market. 

Richard Thomas said, “When I came up with the concept, I wanted a technology solution for my team which went beyond “report writing”, something that provided unique data insights from the risk consulting practice, delivering value for pricing and exposure management for our underwriters and customers. Working closely with the team over the last three years has been a pleasure and we have seen substantial benefits. The technology gives far deeper portfolio penetration so insurers can gather risk insights on a much larger percentage of their risks. They’ll never get 100% risk insight but with digitalised site surveys, online customer risk assessments and remote survey capabilities we are pushing the boundaries for risk profiling.”

Jason Moseley, Managing Director says “We have transformed the initial project Richard conceived, into a market leading platform. In the last year, we have continued to evolve our product offering, move into new territories across the globe and secure more contracts than in our entire previous trading history. We are now grabbing the attention of some serious market players in the insurance space as insurers look to improve their customer engagement and digitise their propositions across the globe. We strengthened our management team in 2019 with the introduction of Debbie, which combined with our strong and rich product offering has enabled us to achieve this.”

Debbie Baker, Global Sales and Marketing Director comments “This is a very exciting time for us. Our solution addresses one of the ‘Holy Grail’ challenges capacity providers have…namely, improving customer engagement. Our Customer Portal and mobile capability has generated a groundswell of interest, now more than ever, due to the worldwide events that are we witnessing caused by the Covid-19 crisis. The additional investment we have secured will enable us to fully promote our capabilities to the market.”

About Risk Solved: Launched in 2016, Risk Solved is a market leading SaaS solution, used by insurers across the globe to drive efficiencies for their risk consultancy practices, delivering new insights for underwriting and improving customer engagement. Customers include: – RSA, Ecclesiastical, Aegis, IUM and RADD consulting.

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RSA rolls out risk assessment platform

RSA has launched a risk assessment platform for commercial insurance customers and brokers.

The new online tool, designed to help businesses manage their risks, was developed in partnership with digital risk management software provider Risk Solved. It provides an immediate snapshot of users’ risk environment and a view of risk improvements that could be made.

Martin Turner, risk consulting director at RSA, said the platform is part of the insurance group’s drive to continuously enhance and expand the suite of risk management services it offers. The data captured by the portal will also enable RSA to offer improved insight and guidance around risks that may require further support.

“Now we have launched, we are looking forward to showcasing the platform and highlighting the benefits and efficiencies that can be gained from utilising it,” commented Turner. “We have been working alongside Risk Solved for over six months and we are delighted with the solution we have both created.”

Risk Solved global sales and marketing director Debbie Baker, meanwhile, is keen on collaborating with the insurer over the coming years. Baker added that they made sure the platform can improve customer engagement as well as deliver the right information to the underwriting stakeholders.

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IUM selects Risk Solved digital platform to improve risk management and deliver insights …. live in less than 100 days!

IUM is the largest independently owned underwriting manager in Southern Africa, offering brokers and their clients insurance solutions that are comprehensive and cost-effective. Their solid financial backing, years of insurance experience and advanced integrated software systems ensures IUM remains at the forefront of this highly competitive industry.

Antonio Iozzo CEO of IUM says “We are passionate about delivering advanced insurance solutions to our customers. Having reviewed our processes, we identified “risk management” as an area having opportunity for improvement. Whilst we have always been early adopters of technology, we required a smarter way to engage with customers. Partnering with our customers to reduce risk, improve technical underwriting and improve their loss ratios is to everyone’s advantage.

I tasked my team with sourcing potential partners. One stood out head and shoulders above the rest – Risk Solved. Why? Their people-highly responsive and knowledgeable, their solution-a true SaaS platform which is configurable by the business subject matter experts, not dependant on scarce and expensive developers and finally the company is proven-used by industry leaders.

Following the initial implementation and training my team have been building out questionnaires. We have gone live with the first line of business in less than three months from selecting a solution which is eyewatering and probably record breaking for an insurance IT project!”

Antonio continues “The Artificial Intelligence in the platform enables us to have informed customer discussions plus consuming third-party data sources, eventually we will be empowered with unique data insights which will enhance our underwriting further.”

Debbie Baker Sales and Marketing Director of Risk Solved said “South Africa is a new territory for Risk Solved and culturally, IUM is a great partner to work with, top down the team are highly engaged and keen to make a difference. Our application is a great fit for the team as they can work offline and online according to preferences/connectivity availability delivering data consistency. Importantly, IUM can have a better customer engagement which should lead to overall improvements in combined operating ratios across lines of business and portfolios.

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RADD and RSL partner, delivering global digital risk assessment and risk management platform

Paul Mayles Founder and Technical Director of RADD Engineering Analytics and Consulting said “We provide fast turn-around account summary reviews for global commercial and industrial property accounts through the use of smart risk engineering and analytics. RADD needed a software platform that efficiently digitized client account information and to provide a customizable visualization and profile of their risks and exposures, whilst maintaining data security, flexibility and availability. With #RiskSolved, RADD is able to provide client’s real-time data aggregations across accounts or books of business with ease of updating as accounts change. Using #Risksolved our risk engineering analysts and engineers are able to process, analyse and summarise large volumes of risk engineering data into extremely decision-friendly and customisable reports from account level to detailed site survey. We provide significant data quality and efficiency improvements to our clients’ risk engineering and underwriting processes.

We spent several months reviewing potential #insurtech partners who could deliver services that met our needs. With RSL, we talked the same language with regards to driving efficiency and underwriting profitability. Their platform allows us to upload, analyse and aggregate multiple data sources such as geo-coding, value information, risk improvement recommendations and supply chain data. It is easy for our team of risk engineering analysts to use and we format for a client’s specific data needs with occupancy specific data sets and rating tools. Accessibility to this platform via the RADD app and on-line client portal are excellent.

RSL have a been a knowledgeable, flexible and pragmatic partner listening to our needs and being highly responsive. 

Debbie Baker Sales and Marketing Director of Risk Solved said “RADD is a great partner for Risk Solved. We have worked closely with their team over the last few months extending our core offering and enhancing the Artificial Intelligence capability.  This partnership extends our geographic footprint into the Asia Pacific region and demonstrates our capabilities to deliver in the global consultancy space”.

About RADD

RADD operations combine both risk engineering analytics for the global insurance and corporate market, as well as site based consulting in Asia and the Middle East. RADD Engineering Analytics delivers smart risk data analytics to Underwriters, Risk Engineering Managers, Brokers and Corporates on a fast turnaround basis for commercial and industrial property accounts. RADD Consulting provides location level risk analysis by experienced risk professionals.  

RADD uses its experience of the region to identify and quantify risks at industrial and commercial locations, mitigating project risks and assists in developing and mitigating loss prevention and risk management strategies. For further information see https://www.raddanalytics.com/

About Risk Solved

Risk Solved was launched to the insurance market in 2016 to provide a global digital risk management platform. The RSL platform has inbuilt AI, helping our customers to improve their risk assessment and recommendations, delivering unique insights and profitability across schemes classes and full portfolios. Providing a true cross class platform, accessible from Phone, Tablet, Laptop or Desktop device. Our customers include a number of Tier 1 Insurers, MGAs, Brokers and Consultants providing services to UK and global markets.  For further information see www.risksolved.com or email marketing@risksolved.com.

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Risk Solved invests for Growth with Board restructure and recruiting Debbie Baker as Sales & Marketing Director

Jason Moseley, newly appointed Managing Director of Risk Solved said “We have invested heavily in re-engineering our Self-assessment and Survey modules over the last 18 months now is the time to invest in taking the product to market. Debbie has the both the pedigree and experience to help us achieve this with her many years of experience in the Insurtech sector and also joining at a time when we have successfully secured the long term commitment of a tier 1 insurer and consultancy practice at the end of 2018”

Debbie comments “Risk Solved’s digital risk management platform enables insurers brokers and MGAs to manage their exposure to policyholders’ transferred risks. Our customers have not only seen on average a 10% improvement on underwriting profitability, they are also gleaning unique data insights. As we all know, data is the new ‘oil’. I have been working with Jason and the team over the last couple of months and I am delighted to join the board.”

The appointment of Debbie follows a restructure of the team at Risk Solved with Chris Rhodes changing his role of non-exec director to become Chairman and Thomas Coles moving to become a non-executive director of Risk Solved.

Risk Solved was launched to the insurance market in 2016 to provide a global digital risk management platform enabling carriers to improve their portfolio profitability. Our customers include a number of Tier 1 insurers, MGAs, Brokers and Consultants providing services to UK and global markets.  For more information and insight go to www.risksolved.com or email marketing@risksolved.com.

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Risk Solved Hosting Architecture Upgrade

As part of our continued investment in technology and to support our core product roadmap strategy Risk Solved has upgraded our core product hosting platform to the latest cloud based architecture. This investment by Risk Solved demonstrates to our customers the desire to ensure that service availability, replication and disaster recovery facilities are in line with customer expectations.

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