Loss Prevention

Loss prevention work involves inspection of important facilities (buildings, factories, warehouses, etc.) followed by operational recommendations to minimize the effect of unwanted incidents such as fire, power outages or natural disasters. This is often a mandatory requirement from the insurer.

By internally controlling this work and data, an important independence is achieved. A position  where you can choose who to work with, for example insurer, reinsurer, risk engineer, claims adjuster or claims manager. All these stakeholders are invited to work in your database. For example, external risk engineers are invited to report inspections directly into your system.

This type of information is often spread in several IT solutions or in manual documents, which often creates inefficiency and frustration. Common tasks such as calculating EML, reporting reserves or following up claims become unnecessarily complicated when information is unstructured and scattered.

Common activities in loss prevention work: registration of facility, ownership, responsibility, classification, requirements handling, document management, inspections, surveys, recommendations, risk management.

iFACTS software is designed to internally control and manage all aspects of the loss prevention work on the way to increased independence and freedom of choice.