Risk Management

Looking at the past performance of the market, more specifically man-made cat losses, we believe most, if not all of these losses could have been avoided if sound Risk Management principles and procedures were to be adopted from the outset. In light of this, it is imperative that IUM’s Risk Management strategy and Underwriting approach to Excess of Loss Business mirrors that of our Primary layer participation, this is to ensure the profitability as well as the sustainability of this facility.

Internal Surveying Department
Bespoke Risk Management Software
Advanced Risk Mitigation Technology
Internal Surveying Department
Bespoke Risk Management Software
Advanced Risk Mitigation Technology

IUM started its own internal surveying department in 2017. Since then, the department has grown to fifteen full-time surveyors.
This dedicated resource has enabled IUM to survey each and every risk location (not only target locations) including risk locations where IUM is a co-insurer or follow line. This further ensures that IUM maintains control of the full underwriting process, mitigates risk and gives IUM an edge in a market that lacks credible surveying resources.

Traditional underwriting methods which involve the outsourcing of surveying to third party service providers have come under the spotlight revealing the following risks, which if left unattended will have a serious negative impact on insurers:

  • untrustworthy and inconsistent survey data.
  • no centralised view of the underwriter’s risk portfolio.
  • cumbersome manual processes.
  • archaic systems with risk data held on multiple disparate systems hindering the achievement of objectives.
  • increased regulatory compliance obligations.

All IUM surveyors have extensive training 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 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)
  • use of thermal imaging equipment which is being used on every survey

IUM has developed its own bespoke survey management software platform known as “In-syte”, enabling IUM to actively manage its policyholders’ risk surveys and risk requirements. The full life cycle from a survey request to the completion of the last risk requirement is managed in an active workflow environment with built in triggers and reminders, ensuring the client, broker and underwriter are kept abreast of due dates and timelines thereby improving underwriting profitability through risk prevention. This software provides a single view of a client’s risk profile and facilitates the analysis of the whole portfolio. With easy-to-use functionality, it streamlines the endto- 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, Insyte is a solution that equips IUM with the intelligence and control essential to competing in today’s market. In-syte enables IUM’s surveyors to actively control their process workflow and includes:

  • live risk data capture.
  • managing surveyor workloads.
  • automated risk scoring and recommendations.
  • using live mobile devices to reduce duplication of reporting, resulting in reduced report compilation time.
  • ensuring surveying consistency resulting in reliable and accurate data.
  • auto-generated requirements for risk improvements.

The insight received by using In-syte includes:

  • its ability to be used on site at point of quote, post inception, prerenewal and post loss.
  • its ability to score individual answers and responses according to scale, ratings and weightings.
  • its ability to track and update risk requirements as they are completed.
  • its ability to automatically followup recommendations using email or SMS.
  • its ability to actively implement risk requirements by engaging directly with policyholders.
  • enabling the underwriter to benchmark and analyse risks, allowing for powerful risk selection.

We believe to truly understand our clients and our insured risk exposures, being proactive and unlocking the potential which technology has to offer is an absolute necessity within our business.

For this reason, IUM has formed a key partnership with Southern Mapping Company. SMC have over 150 years of Industry experience and are specialists in Lidar Surveying, Geospatial Information Systems, Satellite as well as Hyperspectral imagery.
Through this partnership, SMC will be developing a Geospatial Information Management System for IUM which will included but is not limited to the following:

  • ongoing Geo-coding of Insured Clients including customized geospatial data layering
  • satellite based fire break analysis including remote monitoring services
  • UAV Surveys including 3D modelling of insured structures
  • In addition to the ongoing development, SMC will continue to enhance the existing system functionality which will allow IUM to extract valuable statistical information from our data sets, ensuring an intrinsic understanding of our business. Phase 2 development which will commence in 2021 will include the development of Automated Crack Detection Technology.
    This technology makes use of mathematical algorithms to highlight and predict structural damage and abnormalities which may occur on our larger insured risks.

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 partnered on an exclusive basis with Livegenic – a digital video and real-time collaboration platform which allows IUM to assist clients to decrease the inconvenience of dealing with a claim.

This initiative, which was launched in The application allows IUM to connect with the client via their smartphone and digitally capture and assess the loss via a live video stream. This provides an improved claims experience for customers by taking control of claim cycle times, collecting all critical loss information at first customer contact, and eliminating unnecessary costs due to claim bottlenecks. This initiative has reduced the need for clients to obtain damage quotations and for the use of assessment centres. This platform has now been successfully rolled out in out non-motor claims department.