Loss prevention typically involves inspection of vital facilities (Building, Plant, Factory, Warehouse etc.) and recommendations how to manage the operation to minimize the effect of unwanted incidents such as fire, malfunction, or natural disaster. Often this is a mandatory requirement from the Insurance Provider.
By internally controlling this process and the data, an important independence is achieved. A position where there’s a free choice who to work with, for example, insurance provider, reinsurer, inspector, loss adjuster or claims management. All these parties are invited to work in your controlled database. For example, the external risk engineers are invited to report the inspections directly into the system.
Often this type of information is scattered in several IT solutions or in manually held files, creating inefficiency and frustration. Common tasks such as calculating EML, reporting reserves or following up on claims become unnecessary difficult when the information is unstructured in different sources.
Common activities within Loss prevention: facility registration, ownership, responsibilities, classification, requirement handling, document handling, inspections, surveys, recommendation handling, risk assessment.
The iFACTS software is designed to internally control and handle all the aspects of Loss prevention providing freedom of choice.
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