Risk Mitigation Measure Management for the Insurance Industry
The insurance industry revolves around business rules and principles long established. However, today the challenges facing the insurance industry mean that dealing with claims has become much more complex.
In particular, the number and nature of insurance claims has grown considerably.
This has obvious ramifications for the industry in terms of more settlements, higher premiums, longer investigations and competition for custom.
The end result is lower profits.
This has led to an interest in exploring how claims can be reduced by helping customers avoid incidents in the first place.
In particular, the number and nature of insurance claims has grown considerably.
This has led to an interest in exploring how claims can be reduced by helping customers avoid incidents in the first place.
Risk mitigation measures can help people and organisations adjust behaviour and deploy new practices that avoid incidents in the first place. However, there is an argument that insurance companies should promote the use of risk mitigation measures and help to get customers to take a more structured and pre-emptory approach to risk and how to not only prevent incidents but how to manage incidents when they do occur.
CLIO can be used by insurance companies to manage incidents internally whether those that may affect business directly or significant claim processing.