Sophisticated Risk Management and Prevention Programs Lead to Lower Losses

In the same way that preventive medicine can lead to fewer illnesses, risk management tools can lead to lower losses from catastrophes, higher profits for underwriters, lower premiums and happier clients. Many losses can be prevented or reduced through increased levels of inspection; improved construction and design; and better maintenance and safety practices. For example, employers have long recognized that better safety programs and employee education in the workplace will lead to reduced workers’ compensation claims. The same logic applies across a broad range of insured businesses. As corporate clients around the world have become more focused on expense control as a result of the recent recession, insurance firms have a distinct opportunity to gain new clients by offering value-added services that help manage overall risks, while reducing downtime due to accidents along with total costs of insurance.

Business insurance underwriters now offer extensive newsletters, online sites and personal representatives to assist their clients in identifying and reducing risks. The publication of brochures and web sites means that best practices information can be pushed out to even the smallest insurance customers. The reduction of workers compensation insurance claims is a prime focus of such programs.

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