The insurance industry relies on software to automate and streamline various aspects of its operations. Risk consulting software helps capture, visualise and manage data to analyse and assess potential risks. By identifying potential threats, insurance companies can better manage and mitigate them, reducing the likelihood of financial losses.
The six main capabilities of risk consulting software:
1: Risk Assessment
The software can analyse and check data related to claims, historic trends and other factors to give a 360-degree view of everything.
2: Risk Management
The software can help to develop and implement risk management strategies to reduce the impact of risk to a business. This may involve monitoring risk exposure over a period of time.
3: Predictive Analytics
The software uses predictive analytics to help anticipate future risks and take proactive measures to minimise them.
4: Compliance Management
This ensures that they comply with relevant regulations and standards by monitoring risk management practices and identifying areas where they may be at risk of non-compliance.
5: Reporting and Analytics
Providing insurers with detailed reports and analytics to help understand their exposure to risk, monitor risk management practices in place and identify opportunities for improvement.
6: Fraud Detection
Analysing data related to claims and other transactions to identify potential cases of fraud. This helps insurance companies to mitigate their exposure to fraudulent activity.
The key benefits of risk consulting software:
- The software can use advanced analytics to identify patterns, trends, and potential risks, allowing insurers to make more informed decisions and improve risk assessment.
- The use of risk consulting software can enhance efficiency to help automate many of the manual tasks involved, freeing up time to focus on more strategic tasks.
- By automating tasks and providing more accurate risk assessments, risk consulting software can help insurers reduce their costs.
- Can help insurers Provide better customer service by delivering more accurate and timely risk assessments resulting in customer loyalty.
- Ensure that the insurer is compliant with regulations and standards. This can be particularly important in the heavily regulated insurance industry, where non-compliance can result in significant penalties and legal risks.
- Can be customised to meet the specific needs of insurers, allowing greater flexibility and agility in responding to changing market conditions and customer needs.
How we’ve helped insurance companies
A long-standing client of ours since 2016. Our team work closely on various development projects including a system we developed (being used by over 8,000 people) that allows its users to access both the ‘big picture’ view of risk management and also to dig right into the most granular sets of data. This information is conveyed through graphical reports and charts and enables decision-makers to keep up-to-date with ever-changing risks wherever they are in the world. The tools and analytics services are customisable to meet every user’s needs, which helps them to prioritise key risk-reducing actions, thereby minimising any potential loss from property damage or business interruption
The completion of the web-based app used for on-site surveys will see Software Solved having supported both the UK and Global sides of RSA’s risk management business. We have worked on the systems created from the assigning and completing of the risk surveys through to the client viewing the data via the Customer Portal. Software Solved are a key player in supporting several major areas of RSA’s business.
Working with Software Solved enabled QBE to move from manual processes with duplicated and inconsistent data across different lines of business to a global solution which supports a single, accurate view of client risk. Flexible data capture methods include customised self-service questionnaires and complex on-site surveys. These feed a consistent reporting and analytics engine that provides the automated insights that allow QBE and their clients to better manage and reduce risk. The Change Manager at QBE who led the procurement, described Software Solved as “The world subject matter experts” and clearly deserving of the contract.
We’ve been working within risk consultancy for 25 years and our whole mantra is to help insurance organisations deliver a risk consulting solution that is on time and on budget. Contact us today to discuss your requirements.