Time and money being lost by re-keying risk data and sourcing it from multiple locations
Research conducted by MSM Risk Management has highlighted that 84% of risk professionals are losing time and money by re-keying risk data and sourcing it from multiple locations and people.
The research ‘Managing insurable risk data in 2013’ collated the views of 100 risk engineers, underwriters, risk managers and surveyors across UK insurance companies, on how insurable risk information is managed, last month.
The statistic is an indication of how archaic systems are not keeping up with the times, leaving risk professionals exposed to lack of quality information, the inability to spot risk trends and, in some cases, non-compliance with regulation, MSM said.
MSM Risk Management chief executive Thomas Coles, said: “It is a shockingly high percentage of professionals that are experiencing problems with sharing insurable risk information. In this day and age where everything is at the tip of your fingers, it is astounding to find that in such any important area of business, organisations are making decisions based on only partial facts.”
To address these issues, MSM Risk Management has developed Risk Solved, an online portal to all the information an underwriter, broker, risk manager and consultant might need. The tool, which provides a real-time risk insight with access to reports and risk profiles, was demonstrated at Airmic’s 2013 annual conference.
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