(October 22, 2018 – Toronto, ON)
Risk Control Technologies Inc. (RCT), the leading provider of loss control software to the insurance industry, today announced that Markel Corporation has successfully deployed RCT’s loss control software solution. Headquartered in Richmond, Virginia and founded in 1930, Markel Corporation is a diverse financial holding company serving a variety of niche and specialty markets.
After completing a detailed analysis of market options, Markel elected to proceed with RCT. “The out-of-the-box solution was a major factor in our selection of RCT, as we avoided the need to build a custom system from scratch,” explained Kim Coonrod, Director, Loss Control at Markel. “After speaking with a few of RCT’s existing clients and learning of their satisfaction with the team’s availability and customer service, we were confident this was the right decision for our organization”.
Markel expects to receive significant benefits from the RCT system in the form of workflow efficiencies and analytical capabilities, two areas which previously required a significant amount of manual work.
Additionally, the RCT system will allow Markel to:
- Better manage loss control service delivery and planning.
- Automate assessment and service related processes to reduce manual tasks.
- Enable more effective recommendation management and follow-up.
- Develop metrics for internal staff performance using built in management reporting tools.
- Track and manage all safety related interactions with policyholders.
- Improve the quality and consistency of loss control service reports delivered to key stakeholders.
- Provide underwriters with high quality, timely data in support of decision making.
- Enhance data mining and reporting capabilities.
Markel will initially roll out the RCT system to their businessowners policy (BOP) unit, with the intention of bringing several additional units onto the system in the near future. Markel will be hosting on RCT’s SOC 2 compliant cloud infrastructure to maximize performance and support capabilities.
“We are extremely excited to have Markel on board,” stated Sean Banikin, Chief Operating Officer at RCT. “Their organization places a large emphasis on providing innovative products and high quality customer service, and we look forward to further enabling these objectives through the use of our technology”.
About Markel Corporation
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products. In each of the Company’s businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. For more information, visit markelcorp.com.
About Risk Control Technologies Inc.
Risk Control Technologies Inc. provides insurance carriers with a unique combination of high tech loss control software and industry expertise. This powerful combination allows teams to achieve their overall risk management objectives through the use of both technology and industry best practices. Today, Risk Control Technologies’ community of loss control leaders includes over 85 of the most progressive loss control focused carriers in the world. For more information, visit www.riskcontroltech.com.