It is crucial to demonstrate to the insurance market your organisation’s commitment to risk management. This is achieved by identifying where improvement is required and implementing action plans to demonstrate this continual improvement. RiskTech will provide Risk Improvement Proposals (otherwise referred to in the insurance industry as recommendations) with all their underwriting reports. The insurance industry expects us to identify where improvement is needed during the process of assessing the risk and collecting the underwriting information.
RiskTech can also work with clients to implement risk improvement plans. This may involve:
- Prioritising recommendations to ensure the most cost effective use of capital invested in risk improvement;
- Develop systems that can be introduced across a number of sites to address procedural issues;
- Reviewing the recommendations made by insurers to ensure thet are relevant, warranted, and that there are not more cost effective solutions to a potential risk.
It is also important that the continual improvement is tracked. RiskTech can work with clients to record progress on risk improvement by tracking the status of recommendations and producing summary reports for the insurance market.