Citing severe weather among other risk AXA XL launches digital property risk assessment tool
AXA XL Risk Consulting recently announced that it is rolling out its Risk Scanning risk assessment service in the US and Canada.
In a press release, the insurer stated that this is to help companies see the “big risk picture”, and pinpoint potential property exposures across their business locations.
Risk Scanning combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments across multiple physical locations.
The tool also allows risk managers to generate assessments of their company’s sites by region, country, or peril, to better understand their exposures and to implement risk management strategies and risk transfer measures accordingly.
Through a digital application, AXA XL will ask risk managers, facility managers or others on-site about the possibilities of fire and explosion, intrusion and theft, natural hazards, and more.
In a press release it states that by using external data, AXA XL then analyses each location, weighting different risk variables and the probability of risk occurrence, and proposes actions and protection recommendations to mitigate the risks.
Scott Ewing, Head of the Americas’ Risk Consulting team, commented: “Traveling to all of a business’ locations to assess property risks is time-consuming, costly, and therefore, not typically done. Usually, such risk assessments focus on a company’s primary locations. Smaller sites are overlooked, but that also means potential risk exposures are overlooked too.
“By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more thorough, cost-effective assessment across all of a business’ properties in a fraction of the time.”
Recent enhancements to the platform include the ability to screen and score exposures by risk grade, vulnerability, and business interruption likelihood. The platform also contains a feature that provides economical solutions to supply chain and natural catastrophe risks based on the information received.
In addition, there is also greater flexibility in allowing an independent or multi-level framework approach to risk assessments.
Ewing added: “For businesses like retailers, grocery chains, pharmaceutical companies, and so many others with many facilities spread out across a geography, Risk Scanning empowers risk managers, along with facility managers, to take a more active part in pinpointing and control risks across their whole enterprise.”
Jonathan Salter, AXA XL’s Head of Risk Consulting, commented: “Throughout the global pandemic, we learned to do a lot of things differently. Given the technology and data that we can currently access, digitalizing our risk assessments capabilities allows us to give our clients a better understanding of their exposure to natural hazards and to continuously evaluate their prevention strategies, allowing them to optimize their loss prevention measures and investments.”
Michele Sansone, Chief Underwriting Officer for Property insurance in North America, said: “Especially given the severe weather we continue to see, companies of all sizes and across industries can benefit by taking the extra step to boost their property protections using Risk Scanning’s risk scores, recommendations and decision-making tools to build more inclusive, complete loss prevention plans.
“With more comprehensive site assessment, as property insurance underwriters, we can offer coverage that is optimally suited to their exposures.”
Source: Reinsurance News, AXA XL launching property risk assessment tool in North America - Reinsurance News