Enhanced Analysis of Risk Management Data produces and drives additional value for your organization, when you can mine hidden patterns and trends which to reveal actionable strategies. Underwriting, Loss Control and Marketing will each be better informed by the insights gained for RiskMap® analysis.
For Example: In a case where a client had acquired and merged a different sort of industrial service operation into its portfolio, the new operation’s frequency and severity patters were obscured by being pooled into the aggregate. Only when we able to apply RiskMap’s® unique multiple iterative analysis were we able to understand and deal with the otherwise conflicting trends and educate the underwriters to appropriate it (instead of penalizing the overall risk as before).
Information is Key – the more relevant, meaningful data you have available, the more likely you can take positive steps to better manage your potential risks. With our decades of experience, we can transform your data. Far too often, we encounter “cookie-cutter” “solutions” to complex risk rating. RiskMap® makes it possible to reasonably deal with otherwise overly opaque analytic challenges.
For example, working with risk managers to aggregate and then dis-aggregate different segments of their overall data, we have been able to provide them a path to options that benefit their company’s operations and improve the bottom line.
The Risk Management Paradox: Ironically, it is still rare for otherwise well-managed companies, public entities and not-for-profits to do all they can and should do to optimally manage their risks. For example, they often don’t have available Loss Development Factors based on their own data and experience. Nor do they often do recurring Loss Forecasting Analyses. One of the benefits of these RiskMap® analyses is that they allow management to routinely perform hypothesis-testing across various aspects of its operations, in an extremely cost-effective manner, often revealing otherwise hidden patterns and actionable insights.