Better Loss Control Blog by Risk Control Technologies

The Role of Risk Service Plans in Insurance

dpittman@riskcontroltech.com (David Pittman) — Tue, 27 Aug 2024 19:47:06 GMT

In today’s rapidly evolving insurance landscape, addressing the human side of risk has become increasingly critical. Insurance is no longer just about policies and claims; it's about fostering a safety culture, building trust, and enhancing collaboration between insurers and their insureds. A service plan that focuses on solving the human side of risk can deliver significant benefits to both parties, creating a win-win situation.

Improving Insured’s safety culture

Surveys to Service Plans: Improving Policyholder Experience

Jeremy Fisher — Wed, 21 Aug 2024 18:51:00 GMT

A significant shift is underway, as insurance carriers are increasingly expanding upon the traditional loss control survey and adopting service-oriented approaches driven by the growing recognition of loss control’s impact on customer relationship and retention. Historically, workers' compensation insurance carriers have leveraged service plans to manage risks effectively and support injured employees. This approach includes a broad spectrum of services, such as safety training, ergonomic assessments, and health management programs. These initiatives not only reduce the frequency and severity of claims but also foster a culture of safety and well-being among employees.

In contrast, commercial property & casualty insurance carriers have traditionally relied heavily on surveys and inspections to evaluate potential hazards and mitigate risks. While this method is effective in identifying and addressing structural and environmental vulnerabilities, it often lacks the proactive engagement that characterizes service plans.

However, the insurance industry is realizing that a proactive service-based approach can significantly enhance customer satisfaction and retention. By offering value-added services at regular intervals, property & casualty insurers can better meet the evolving needs of their clients and differentiate themselves in a competitive market.

Benefits of a Service Plan

Client Retention: Service plans have a direct and positive impact on policyholder retention. One of RCT’s customers’ internal analyses demonstrated that when clients are engaged with three loss control touchpoints, the average retention rate grew by 25%. Regular interaction and personalized support are key to relationship-building and retaining clients in a competitive market.

Claims Reduction: Service plans enable insurers to gain deeper insights into policyholder’s risk factors and uncover hidden risks early in the process. By helping policyholders manage those risks proactively through multiple, and varying service touch points, insurers can reduce the likelihood of costly claims.

Premium Optimization: Offering tailored premiums based on individual risk assessments through your service plans helps ensure that policyholders receive the right coverage, and improves the flexibility to competitively price policies.

In a nutshell, by adopting a service plan approach, Underwriting and Loss Control can significantly impact the bottom line. The benefits of a service plan are not limited to the carrier side only, but additionally helps build a collaborative relationship with the policyholder with numerous benefits.

Service plan’s appeal to the Policy Holders

Business Continuity: By working with policyholders to proactively manage risk, insurers can help clients reduce the likelihood of an incident that might impact business operations.

Financial Benefits: Better understanding the client’s business and helping to improve their risk profile provides the opportunity for policyholders to benefit from insurance offerings that are tailored to their business needs.

The evolution of the traditional survey into a service plan focused approach greatly impacts the policyholder experience. With a service plan, policyholders are not merely purchasing insurance coverage; they are entering into a partnership focused on mutual success and well-being. This shift in perspective transforms the insurance relationship from transactional to collaborative, enhancing customer satisfaction and loyalty.

The Evolution of Risk Data – A Loss Control Discussion

sales@riskcontroltech.com (Risk Control Technologies News) — Mon, 25 Mar 2024 15:21:46 GMT

RCT recently had the pleasure of hosting an insightful webinar on the evolving landscape of risk data in the insurance industry. The session featured Celent Head of North America Insurance, Karlyn Carnahan – AF Group Sr. Loss Control Compliance & Audit Specialist, Ryan Allen – and Risk Control Technologies (RCT) CEO, David Da Costa. The session brought to light the significant role that data plays in enhancing risk management practices and driving positive outcomes for insurance organizations. This blog recaps key insights from the discussion.

Datos Insights: The Big Value of Loss Control & Why it Should Be Your Next Function to Modernize

sales@riskcontroltech.com (Risk Control Technologies News) — Thu, 28 Sep 2023 17:19:07 GMT

Recently Datos Insights, formerly known as Aite-Novarica, hosted a panel discussing the ‘new insurance core ecosystem’. Datos Insight’s Head of P/C Insurance Martina Conlon was joined by Risk Control Technologies Inc. (RCT) CEO, David Da Costa, and Skyward Specialty Insurance’s VP Loss Control, John Greco.

2023 Loss Control Summit – Bringing Together Insurance Innovators

wwoermke@riskcontroltech.com (Warren Woermke) — Tue, 12 Sep 2023 14:19:50 GMT

The 2023 Loss Control Summit, hosted by Risk Control Technologies, took place in late August at the Hotel X in Toronto. Focused on the themes of innovation, collaboration, and education, the fifth Loss Control Summit was a resounding success, providing a unique opportunity for the gathering of leaders in loss control.

Loss Control Summit Day 1 Highlights: Insights, Innovation & Networking

sales@riskcontroltech.com (Risk Control Technologies News) — Wed, 23 Aug 2023 13:37:07 GMT

The first day of the Loss Control Summit was a dynamic blend of inspiration, education, and networking opportunities. The day kicked off with an engaging keynote address by Allan James Moore who uniquely combined humor and experience to inspire leaders in the realms of Leadership and Safety. Moore's innovative approach resonated with attendees, setting a vibrant tone for the summit.

Doug Alexander from A Brilliant Outcome, delved into the intricacies of building a culture of continuous innovation for improved risk management. Participants gained valuable insights into leveraging innovation within their teams and organizations, touching upon topics ranging from AI to practical steps towards fostering innovation.

The Value of Risk data analytics powered by a Centralized Risk Data Platform

wwoermke@riskcontroltech.com (Warren Woermke) — Fri, 21 Jul 2023 20:49:51 GMT

In today's dynamic insurance landscape, risk data analytics and a centralized risk data repository have become the driving forces behind transformative change in underwriting departments. The ability to capture all risk data in one single data lake empowers insurance carriers to harness the full potential of data analytics, leading to more nuanced decision-making, proactive risk management, and enhanced customer engagements. In this blog, we delve into the growing importance of building a single risk data platform for your business, in conjunction with an integrated data analytics suite, and how this combination is reshaping underwriting departments in insurance carriers.

Loss Control Summit 2023 - Bringing Together Industry Leaders

Beck Aniballi — Wed, 31 May 2023 19:11:00 GMT

Innovation, collaboration, and education are at the forefront of the insurance industry’s drive to adapt and thrive in an ever-changing landscape. Recognizing the importance of these themes, the Loss Control Summit was established as a platform for risk control leaders to congregate, learn from their peers, exchange ideas, and shape the future of their profession.

InsurTech – Cutting Through Insurance Industry Hype to Realize Results

wwoermke@riskcontroltech.com (Warren Woermke) — Wed, 23 Nov 2022 17:05:38 GMT

The insurance industry is evolving, and much of that change is being enabled and driven by InsurTechs. According to McKinsey & Company investments in InsurTechs worldwide grew from $1 billion in 2004, to $7.2 billion in 2019, to $14.6 billion in 2021.

Redefining Risk Management Using Technology - A Loss Control Panel Discussion

wwoermke@riskcontroltech.com (Warren Woermke) — Thu, 30 Jul 2020 19:10:08 GMT

Risk Control Technologies’ Director of Customer Experience, Ryan Nagy, recently sat down with four RCT customers to explore loss control’s value, data usage, and how technology has helped redefine risk management and safety practices.