June 12, 2020

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 streaming 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.