PROPERTY – Why updating your Risk Report?

In this changing world, the client’s risks and Underwriter’s guidelines are also changing continuously. New hazards and concerns are coming to play and more commitment from insurers towards clients has become a constant demand. The insurance industry has moved ahead so fast, and clients’ companies are in a constant move that underwriters are required to gather more data than ever before. Fire hazards have changed, and so have locally recognized standards. The insurers have new models to predict specific hazards, where most of the modellers’ data is delivered by the engineers. The modelling people, the underwriters and the actuaries all want data quality from the qualified engineer.

While the position of a risk engineer within an insurance company is the same or similar, the type of data and in particular the granularity they collect has changed dramatically. There is a constant need for new forms to aggregate and structure it faster and better to satisfy all parties and remain competitive. The impact is inevitable, that the paper and data work for risk engineers has increased substantially.

Over the years, clients have become more knowledgeable about managing their own risk, but not every company has a dedicated risk manager who understands in-depth how to manage their internal risks in front of an insurer. A proficient risk engineer can provide added value to the client as well and so to the underwriters who ultimately decide to accept or decline a risk. The point is, how their KPIs are defined?

In the current market cycle, having a good relationship with the insurer may not be sufficient anymore to assure continuity. That means, that all is coming down to risk information and the clients’ commitment with its risk and follow-up on recommendations issued. Brokers are encouraging clients to convince insurers of their business continuity and show compliance, as well as a commitment to loss prevention and safety. They need to prove to insurers they have a stake in the game because it’s a lot harder to get coverage today than ever before.

At Andawrite, we look at risk engineering as an essential part of our task. While our insurers require the best possible risk data for each risk we accept, we understand that the risk management aspect of a client is constantly evolving as his business and so hazards. Likewise the commitment towards our insurers, it is also our obligation towards our clients to provide the best possible service and follow-up, helping them to achieve higher business resilience. Then, both parties have the same objective, avoiding incidents.

Andawrite Risk Engineering KPIs are defined in three categories: (i) in-depth understanding of our client’s risk to obtain superior risk data quality; (ii) capturing relevant risk scenarios and follow-up on recommendations, and (iii) creating tangible value about risk improvements when visiting our customers on site.

Andawrite works strategically with CRITERIA (www.criteria.com.es), a reputational risk engineering company with an extensive network ready to service our clients. Strategically means, that CRITERIA understands and follows our KPI’s and supports us actively to deliver the superior Andawrite experience, then finally, the better-updated information we can obtain, the higher is the chance for a satisfactory output for the client.

Fulvio Cimino
Partner and Co-Founder of Andawrite