What Property and Casualty Companies can expect from a
Loss Control Survey Management System
In a Loss Control Survey Management Platform selection process, one of the first things to determine is:
“What do you need the system to do?”
Setting and managing system expectations help all involved parties know what needs to be accomplished and what solutions can be expected.
There are typically several reasons why an insurance carrier shows an interest in selecting a Loss Control system:
For example, it could be in response to a large loss, improving a poor loss ratio, managing staff more effectively, cost-cutting initiatives, or maybe even offering the same consultative risk management services as your competition.
Based upon our experience having built multiple loss control systems (our founder built multiple systems before launching LC360), we have outlined below some of the most common strategic advantages a P&C insurance company can expect to gain from deploying a loss control system.
Knowing what to expect can go a long way in deciding if purchasing a Loss Control system is the right move for your company.
Access to Advanced AI and Machine Learning
Advanced AI and Machine Learning are allowing carriers to review more policies in their book of business and take action on survey data in real-time to reduce losses. Using our state-of-the-art computer vision systems, LC360 has leveraged its
database of over 200 million photos to train its machine learning platform to help its users take action by:
- Automatically identifying and tagging imagery from photos and videos (sprinklers, fire extinguishers, ventilation hoods, etc.)
- Generating real-time AI hazard detections (missing sprinklers and railings, trip and fall hazards, etc.) from photos and videos
- Automatically identifying equipment recalls using real-time text extraction
- Identifying the most appropriate survey type (virtual, self-survey, video-guided, onsite) based on a policy’s level of risk and its complexity
Gain Efficiencies to Review More of your Book of Business
P&C companies often want to reduce report writing, travel, or administration time to free up staff so they can utilize their expertise to review more policies.
A Loss Control system such as Loss Control 360 (LC360) can do all the following:
- Produce a professional report in 20 to 30 minutes, compared to manually produced reports that can take 2.5 to 3.5 hours to write
- Reduce loss costs by reviewing more of your book of business via Self-Surveys and video-guided surveys (Guide Stream 360)
- Maximize travel time by using route planning features to schedule multiple surveys in a particular area
- Eliminate manual and redundant data entry by automatically tagging photos, generating recommendations, issuing forms, and asking follow up questions as survey data is collected
Loss Control information needs to be shared with underwriting, claims, vendors, producers, and insureds. Streamlined and automated features such as LC360’s client portal, client-reports, automated emailed alerts, integrated vendor network, and interfaces to producer systems are the right solution. Keeping underwriting, loss control, vendor partners, and producers constantly up to date can help carriers to proactively address issues and reduce losses.
Improved Service Time and Turnaround
Studies from insurance carriers being serviced by a Loss Control system such as LC360 showed that a fast turnaround between a visit and recommendation summary leads to higher compliance with recommendations. This is why LC360 is leveraging advanced AI and machine learning to analyze survey data as its being collected and generating real-time recommendations. Users can also leverage robust Service Cycle features to set reminders to follow up with policyholders to ensure compliance with these recommendations.
Data mining can show trends in Loss Control, such as the growth of terrorism exposure, distribution of catastrophic peril exposures, and similar trends. LC360’s ad hoc reporting, ad hoc graphing, and the use of a third-party tool such as Tableau will help satisfy a data-minded carrier. A Loss Control system gives impressive capabilities to build reports, dashboards, and graphs.
Management of Staff
A Loss Control system such as LC360 gives carriers visibility into overdue/outstanding work, production by staff, and similar metrics. The difficulty in managing a field staff should not be underestimated. When you can’t interact with your employees daily, a system is the most effective tool to measure work productivity and consistency. Carriers can also benefit from quality review features, which can consist of internal reviews (by management) and external reviews (i.e., by the insured).
Loss Control Staff Development
For expanding loss control departments, a Loss Control system like LC360 provides a great way to help get new employees on board, even if they’ve had previous experience with other companies. For example, using our Risk Insights tool, surveys can be routed based on a staff member’s level of expertise, and our Guide Stream 360 surveys can be used as a training tool to help new team members get up to speed on how to perform different types of surveys. Furthermore, LC360’s Learning platform also offers a full complement of help screens, loss control materials, and other tools to assist newly hired reps to find answers to various loss control and underwriting questions.
Service plans help with the retention of clients. However, for carriers with large risks, service planning can get complicated because they can extend over many years, have limited service budgets, and require a variety of deliverables. LC360’s service planning can take a tedious task and automate it by designing, customizing, and assigning the service plan in minutes rather than hours. In addition, LC360’s platform can also ensure action item assignment will go out on schedule and on time to help clients improve their operations and boost customer retention.
Customers Gain Better Loss Control
Imagine that — but this is rarely the primary reason the Loss Control department needs a system.
Ironically, large losses and/or a poor loss ratio usually fall back on underwriting, not loss control.
How will a Loss Control system like LC360 help to reduce losses?
Better analysis of risks
Better identification of controls for given exposures
Better and more complete recommendations
Better rating of the risk
Better recommendation follow-up
Recommendations offer the potential to improve risk quality. Tracking, alerting the insured to do something, planning the remediation, budgeting, recommending vendors, and following up all help improve compliance ratios.
As Loss Control system technologies progress, smarter systems like LC360 are building out AI and machine learning capabilities to proactively identify risks and prevent losses by analyzing survey data as it’s being captured. As more underwriting type decisions migrate to loss control this real-time data analysis will become a Loss Control system expectation for carriers in the future.