Modern Platforms Enhance Loss Control Capabilities

Carriers are transforming the traditional back-office loss control function by coupling emerging technologies with modern platforms. IoT devices, wearable technologies, and tools that leverage images are enabling real-time risk management and insight. Traditional loss control platforms are also beginning to take advantage of third-party data and analytics.

Traditional solutions address several key areas, including report creation, recommendation management, and scheduling functions (like time tracking and analytics). Analytics and third-party data are being used in more advanced solutions to provide streamlined workflow for loss control engineers. Some solutions also provide the ability to track recommendations and customer follow-up actions through a portal or other integrated workflows.

Unlike traditional loss control solutions, emerging tech solutions tend to focus on a specific aspect of the risk management process. These platforms enable carriers and customers to assess and mitigate different elements of risk as well as to deliver worker safety programs. Major classes of emerging tech solutions include:

• Imagery. Digital solutions enable carriers to perform virtual inspections of buildings, farms, machinery, and other physical risks with drones or other types of imagery technology. Carriers are using these solutions for commercial property, specialized risks like oil and gas, and farm programs.
• Data and Analytics. These solution providers leverage a variety of IoT and third-party data sources to provide carriers with a comprehensive risk profile.
• IoT/Wearables. Vendors are leveraging sensors, wearable cameras, and smartphone apps to provide real-time risk monitoring. Alerts to risks are provided through the devices directly or through platforms that risk professionals use.

While emerging tech solutions do not fully replace the capabilities of more traditional loss control systems, organizations can combine the two to enhance functionality and broaden the reach of traditional systems. Carriers have an opportunity to leverage both types of solution to improve outcomes for customers. More information is available in Novarica’s recent brief, Loss Control: Overview and Prominent Providers.