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.

A current perspective on the reinsurance market

A hard reinsurance market refers to a market condition in which the supply of reinsurance coverage is limited, and prices for such coverage are higher. This occurs when reinsurers are more selective in the risks they assume, and demand for reinsurance increases due to factors such as increased frequency or severity of natural disasters or loss events. In a hard market, reinsurers may also tighten underwriting standards and reduce the amount of capacity available for new business

One way to approach a hard reinsurer market is to focus on risk management and loss prevention. Working effectively with risk management and be able to get the message across to the market will give advantages when securing necessary reinsurance coverage.

How to make it happen:

• Improved risk management practices can provide more accurate and detailed information about a company's risks, which can help reinsurers make informed decisions about the risks they assume. Stay up-to-date with the latest industry best practices and regulations, and consider adopting new technologies or methods to improve your loss prevention work.
• Improve the quality of information shared with reinsurers: Improved risk management will help provide more complete and accurate information to reinsurers, which can help to build trust and strengthen the relationship between the two entities.
• Showcasing a commitment to managing risk. Companies that have invested in effective risk management demonstrate a commitment to managing risk and protecting their business, which can make them more attractive to reinsurers.
• Encourage a culture of safety and risk management throughout your organization. Provide training and resources to help employees understand their role in preventing losses and encourage them to report any potential risks they identify
• Regularly monitor and review your loss prevention measures to ensure they are effective and identify any areas for improvement.
• Structure the information for easy sharing and maintaining of data. Avoid having the information spread in several systems. Make sure the information can be fetched and stored in a way that secures data accuracy and confidentiality.

iFACTS 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.