Risk Management

Over the past 3 years, IUM has successfully developed and implemented technological resources to improve customer service and create sustainable underwriting processes which, together with IUM’s investment in staff, has resulted in improved underwriting results.

Internal Surveying Department
Bespoke Risk Management Software
Live Logik
Internal Surveying Department
Bespoke Risk Management Software
Live Logik

IUM started its own internal surveying department in 2017 which has now grown to twelve full-time surveyors. This has enabled IUM to ensure that every risk is surveyed including risks where IUM is a non-lead co-insurer. This enables IUM to maintain control of the full underwriting process thereby mitigating risk and it also gives IUM an edge in a market that generally lacks credible underwriting resources. IUM is committed to increasing the size of its survey department as and when needed in order to maintain existing service levels as the business grows.

Traditional underwriting practices which involve the outsourcing of surveying to third party service providers have been coming under the spotlight revealing many risks, which if left unattended will have a serious impact for insurers. IUM’s internal survey department provides for:

  • trustworthy and consistent survey data
  • a centralised view of the underwriter’s risk portfolio
  • streamlined processes
  • modern systems with risk data held on a bespoke platform enabling the achievement of underwriting objectives
  • increased regulatory compliance

All our surveyors have extensive training and are proficient in the following areas:

  • determining structural integrity of shelving and racking systems
  • assessing the integrity of, and determining the type of cold storage paneling used in cold storage facilities
  • use of thermal imaging equipment which is being used on every survey
  • use of drones when surveying risks enabling the surveyor to reach areas of the risk which are generally out of reach (all surveyors are qualified commercial drone pilots)

IUM has developed its own bespoke risk management platform known as “Risk Solved”. Risk Solved enables IUM to actively manage its policyholders’ risks thereby improving underwriting profitability through risk prevention. This software provides a single view of a client’s risk profile and facilitates with the analysis of whole portfolios. With easy-to-use functionality, Risk Solved streamlines the end- to-end risk management process, thus providing superior insight for strategic decision-making across all classes of business with customized portals for broker and client. Designed with underwriting profitability in mind, Risk Solved is a solution that equips IUM with the intelligence and control essential for competing in today’s market. Risk Solved enables IUM’s surveyors to actively control their process workflow and includes:

  • live risk data capture
  • automated risk scoring
  • surveyor workload management
  • reduced duplication of reporting, resulting in speedy reporting

The benefits of using Risk Solved includes and is not limited to:

  • the ability to be used on site for quoting, post inception, pre-renewal and post loss
  • the scoring of all input fields and responses according to a standard scale and appropriate weightings
  • efficient automated implementation, tracking and management of risk requirements with the broker and the policyholder
  • improved risk analysis allowing for better risk selection and benchmarking for underwriters

In 2019 IUM implemented the use of Swiss Re’s CatNet® software, which provides a helicopter view of natural hazard exposures worldwide. IUM makes use of Swiss Re’s range of proprietary geo-risk tools designed to provide swift overviews and assessments of natural hazard exposures. IUM uses CatNet® in every location to assess the risk, from individual locations to entire portfolios, by combining hazard, loss, exposure and insurance information with selected background maps and satellite imagery, making use of maps and data about climate change, catastrophic event impact, population density and more to support underwriting decisions.

IUM has developed a geocoding solution that enables underwriters to identify any risk currently insured or risks being quoted on that could potentially communicate with each other.

Risks within a 50m, 100m, 150m or 200m radius of the policy being worked on are flagged on a geo- coded map with a Google Earth viewing option, enabling underwriters to, in addition to identifying possible combined exposures, also identify risks that could be exposed to other perils such as flooding, subsidence and landslip, veld fires, high crime areas, just to name a few.

IUM has partnered on an exclusive basis with LiveLogik – a digital video and real-time collaboration platform. LiveLogik allows IUM to connect with the client via their smartphone and digitally capture and assess their risk via a live video stream. This provides an improved experience for small industrial and retail customers by allowing them to collect and share all critical risk information in their own time.

This initiative, which was launched in February 2019, has reduced the need for surveyors to visit every small risk but still allows a surveyor “sight” of the risk. The surveyor who reviews the LiveLogik submission will then determine if a site visit by an IUM surveyor is still required.