A new report from Novarica offers an overview of loss control solutions currently available to U.S.-based property/casualty insurers.
The report authors outline six critical elements of loss control systems for property/casualty insurers:
1. Reporting Functionality. The solution must include a forms repository that accommodates multiple types of reports, like desk surveys, inspections, service plans or stewardship reports.
2. Recommendation Management. Improving the ability to track and manage recommendations is one of the typical reasons a carrier decides to implement a loss control solution.
3. Workflow Management Tools. These are usually built into a loss control solution and provide the ability for a supervisor to assign and track work to consultants based on workload and geography.
4. Reporting and Analytics. The reporting capability covers utilization and workflow metrics to support the supervisor in managing the inventory of loss control reports, e.g., drilling down by location, product, insured, producer, line of business, location, etc.
5. Mobile Capabilities. These tools should enable loss control consultants to work while offline and synchronize the data at a later time.
6. Specialized Tools. Solutions should support premium audit services as well as loss control—using the scheduling, calendaring, and report generation functions in a manner tailored to the specialized work that auditors perform.
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