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The best run businesses in the world rely on knowing exactly what level of risks they face and how new products, initiatives and acquisitions can affect their risk profile. Enterprise and small-medium insurance companies are critical partners by offering claim and risk assessment, loss control and prevention services for underwriting.
Traditional risk assessment methods, involving little more than paper, pen and camera, are not as nimble and are hard to adjust to real-time events. They’re oriented to data collection, not analysis and can take up to 20 percent longer than automated methods.
With the increasing wealth of data and the maturation of mobile technologies, a new approach to risk evaluation, field underwriting and loss control is available: Cognizant’s Mobile Risk Assessment solution.
Cognizant’s Mobile Risk Assessment solution is designed to deliver critical business benefits, including greater productivity for risk evaluation, field underwriting and loss control with increased efficiency. It is geared to reduce turnaround time for end-to-end survey process by up to 20 percent, allow 20-30 percent more completed inspections in same period and simplify process to allow greater focus on analysis rather than data capture.
The solution facilitates efficient and accurate data capture with comprehensive modules and tools like dynamic survey checklists, speech-to-text and audio/video capture. It also includes integrated calculators and graphing to complete analysis—such as fire pump test calculations and water supply analysis—during the survey, rather than back in the home office.
The solution enables near real-time information sharing between agents, underwriters, carriers and their clients by providing a video library, which is a powerful tool to support recommendations to client risk managers. It enhances customer interactions with real-time survey results by providing recommendation modules to support exit meetings.
The tool eliminates the need for teams to carry paper checklists and clipboards, stacks of engineering diagrams, hazard maps, reference manuals and reports, cameras, laptops and calculators, replacing them with one convenient, powerful tool.
Read more to learn how Cognizant’s Mobile Risk Assessment solution improves collaboration between carriers, agents, clients and underwriters by increasing throughput and cost-effectiveness, while reducing turnaround time from data capture to reporting.
As a lightweight mobile app, the Cognizant Mobile Risk Assessment solution provides pre-built, configurable site inspection modules, and a comprehensive set of features while delivering:
According to Michael Sansone, President, North American Property, XL Group, “With risks becoming more complex every day, XL’s partnership with Cognizant combines best-in-class mobile technology with industry-leading expertise to stay ahead in the competitive global risk consulting industry”.