Software may be the answer to self-help in a hardening market and we have seen that those that adopt technology have been better placed to deal with it than those that have not. This may be because they have already embraced remote working, utilising hosted systems, or implementing software to help standardise processes.
During this critical time, effective cost control and smart spending are key, and this is just as applicable to insurance as it is to anything else. There is no benefit to over-insuring as it will only cost you more money. Whether it is due to inability to collate historic data efficiently, or difficulty in aligning data from across your organisation to understand exactly what you need. ClaimControl allows data about your fleet and property portfolio to be linked into your insurance claims as well as your incident management process so you always have the most up to date data.
Having a single source of truth that maintains a record of everything from a near-miss to a claim means that you can help yourself by tweaking excess levels and policy limits come renewal time to find the optimal coverage for your organisation.
However, lots of data without a good way to interpret it just makes another problem. We have all had data rich spreadsheets passed to us which conceptually should be helpful, but without the expertise to manipulate them the insight the data can provide continues to be hidden from us. Even with the right expertise, if the data took a month to compile then the result is out of date before you even get to see it and use it to make decisions. Access to real-time reporting with ClaimControl means that you can have the best picture of what is going on in your organisation. This can enable you to work on driving down the outstanding claims ahead of your renewal and better analyse to prevent future claims.
Saving money by ensuring you do not over-insure and get exactly what you need is the easiest way to improve financial performance of the insurance department, especially as the market hardens.