iFACTS on – Loss prevention
Loss prevention is the terminology used referring to the activities to avoid, or reduce the effects of - incidents at buildings, plants, factories etc., that can cause monetary loss.
Most often there are mandatory requirements from insurance companies to work with loss prevention in a systematic manner. A good loss history and proof of systematic loss prevention can be rewarded with an insurance premium discount.
The general process of Loss prevention can be described as below:
- An independent inspector visits the Facility and performs an inspection, also called a survey. A checklist is used representing best practice for this type of facility. Can include areas such as responsibility, fire safety, maintenance, control. Common output is a risk mark 0-100% and a colored bar representing all the checklist questions and their results for example red=not approved, green=approved.
- The inspector summarizes all deviations in a "recommendation list". These recommendations need to be handled within a specified time frame.
- The inspector documents the Facility in terms of type of equipment, buildings and machinery. An Estimated Maximum Loss (EML) value is calculated and described in detail.
- An underwrite report is produced, including all the Facility information, and is distributed to the insurance company.
- The Facility manager is responsible for handling the recommendations within the time frame and for reporting the current status.
Large organizations often have many facilities and it can be challenging administration to keep track of them all, especially to monitor the handling of recommendations, changes in machinery, values and other equipment or buildings.
iFACTS supports the Loss prevention process with iFACTS modules and functionality below:
- The Facility module for documentation, responsibilities, information.
- The Check & Control module to build web questionnaires/checklists used for inspection.
- The Calculation function for EML.
- The Report generator to customize the Survey report or the Underwrite report.
iFACTS is the single point of entry for organizational information connecting for example Facilities with business process, IT-systems or risk events - providing the platform for business continuity, supply chain control and management reporting.