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 is rewarded with insurance premium discount.

The general process of Loss prevention can be described as:

• An independent inspector visits the Facility and performs an inspection, also called survey. A checklist is used representing best practice for this type of facility. Can include areas such as responsibility, fire safety, maintenance, audit. Common output is a risk mark 0-100% and a colored bar representing all the checklist questions indicating the result 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 EML (Estimated Maximum Loss) value is calculated and described in detail.
• An underwrite report is produced, including all the Facility information, and sent to the insurance company.
• The Facility manager is responsible to handle the recommendations within the time frame and to report 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 and other equipment or buildings.

iFACTS supports the Loss prevention process. Examples of modules used:

• The Asset module to document and create the Facility portal.
• The GAP module to build web questionnaires/checklists used for inspection.
• The Calculation module for EML calculation.
• The Report generator to customize the Survey report or the Underwrite report.

iFACTS is the single point of entry for organizational data connecting for example Facilities with business process, IT-systems or risk events - providing the platform for business continuity, supply chain control and management reporting.

More information about the product iFACTS Facility.