{"id":65425,"date":"2021-02-11T12:22:00","date_gmt":"2021-02-11T17:22:00","guid":{"rendered":"https:\/\/staging.majesco.com\/?p=65425"},"modified":"2022-11-20T21:38:18","modified_gmt":"2022-11-21T02:38:18","slug":"how-to-reduce-your-loss-ratio-using-risk-insights","status":"publish","type":"post","link":"https:\/\/staging.majesco.com\/?p=65425","title":{"rendered":"How to Reduce Your Loss Ratio Using Risk Insights"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Loss control surveys play a vital role in helping underwriters to assess and price risk by generating insights about potential risk exposure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, while these surveys provide valuable information,&nbsp;<strong>most carriers are only able to look at 5% \u2013 10%<\/strong>&nbsp;of their policies due to budget and workflow constraints. In many instances, these surveys are often ordered based on an underwriter\u2019s gut feeling or after suffering losses of a certain type.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Majesco is focusing on integrating AI, machine learning, and data analytics into all aspects of loss control. A great example of this would be our breakthrough Risk Insights tool, part of Majesco Loss Control 360, which enables carriers to&nbsp;<strong><em><u>cost-effectively<\/u><\/em>&nbsp;<\/strong>and<strong>&nbsp;<em><u>efficiently&nbsp;<\/u><\/em><\/strong>review more new business and renewals by answering two vital questions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Does this property require an inspection?<\/li>\n\n\n\n<li>If so, what type of survey should be performed?<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" width=\"1024\" height=\"485\" src=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-1024x485.jpg\" alt=\"\" class=\"wp-image-65428\" srcset=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-1024x485.jpg 1024w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-300x142.jpg 300w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-768x364.jpg 768w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-1536x727.jpg 1536w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-1080x511.jpg 1080w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-400x189.jpg 400w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights-460x218.jpg 460w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/Key-benefits-add-risk-insights.jpg 1641w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Risk Insights can answer these questions by taking your underwriting guidelines and factoring in external data sources (e.g. natural hazard data, aerial imagery, etc.) to recommend the most efficient survey methods based on a tiered risk profile.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" width=\"1024\" height=\"357\" src=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-1024x357.jpg\" alt=\"\" class=\"wp-image-65429\" srcset=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-1024x357.jpg 1024w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-300x105.jpg 300w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-768x268.jpg 768w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-1536x536.jpg 1536w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-1080x377.jpg 1080w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-400x140.jpg 400w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow-460x161.jpg 460w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/risk-insight-data-flow.jpg 1656w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">If a survey is required, Risk Insights will recommend one of the following survey types based on a the policy\u2019s&nbsp;<strong><em><u>level of risk&nbsp;<\/u><\/em><\/strong>and its&nbsp;<strong><em><u>complexity<\/u><\/em><\/strong>:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Virtual\/Data Only <\/li>\n\n\n\n<li>Self-Survey Video&nbsp;<\/li>\n\n\n\n<li>Guided Survey <\/li>\n\n\n\n<li>Onsite Survey<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Users may also dig deeper by combining survey types. For example, if there are potential issues identified during a self-survey, carriers may order an onsite survey to investigate further. Along with determining the type of survey, Loss Control 360 workflow can also be customized within its&nbsp;<a href=\"https:\/\/www.losscontrol360.com\/core-platform\/\"><strong>P&amp;C survey management platform<\/strong><\/a>&nbsp;to route surveys based on a staff member\u2019s level of expertise. By automatically identifying policies that require a survey along with recommending the most efficient survey type, Risk Insights can help carriers to review more risks and drive down losses by creating more efficient workflows like the ones below.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sample Workflow: Virtual\/Desktop Survey<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" width=\"1024\" height=\"417\" src=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-1024x417.jpg\" alt=\"\" class=\"wp-image-65430\" srcset=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-1024x417.jpg 1024w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-300x122.jpg 300w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-768x313.jpg 768w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-1080x440.jpg 1080w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-400x163.jpg 400w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop-460x187.jpg 460w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-virtual-desktop.jpg 1427w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sample Workflow: Policyholder or Agent Self-Survey<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" width=\"1024\" height=\"541\" src=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-1024x541.jpg\" alt=\"\" class=\"wp-image-65431\" srcset=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-1024x541.jpg 1024w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-300x159.jpg 300w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-768x406.jpg 768w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-1080x571.jpg 1080w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-400x211.jpg 400w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder-460x243.jpg 460w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-policyholder.jpg 1423w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sample Workflow: Physical Survey<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img decoding=\"async\" width=\"1024\" height=\"516\" src=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-1024x516.jpg\" alt=\"\" class=\"wp-image-65432\" srcset=\"https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-1024x516.jpg 1024w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-300x151.jpg 300w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-768x387.jpg 768w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-1080x544.jpg 1080w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-400x202.jpg 400w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey-460x232.jpg 460w, https:\/\/staging.majesco.com\/wp-content\/uploads\/2021\/09\/sample-workflow-physical-survey.jpg 1427w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Along with creating a more efficient workflow, some of the other benefits of Risk Insights include its ability to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Improve carriers\u2019 loss ratios by gathering information on a broader range of policies<\/li>\n\n\n\n<li>Stretch loss control budgets by pinpointing where onsite surveys are needed most<\/li>\n\n\n\n<li>Reduce redundant data entry by pre-filling vital underwriting information<\/li>\n\n\n\n<li>Proactively identify and mitigate potential issues in residential and commercial properties via AI photo labeling (e.g. Electrical Panels, Sprinklers, Sump Pump, etc.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Risk Insights is just one example of how Majesco is integrating AI, machine learning, and data analytics into all aspects of loss control and why 6 out of the top 10 carriers worldwide use&nbsp;<a href=\"https:\/\/staging.majesco.com\/loss-control-360\/\"><strong>Loss Control 360<\/strong><\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Loss control surveys play a vital role in helping underwriters to assess and price risk by generating insights about potential risk exposure. However, while these surveys provide valuable information,&nbsp;most carriers are only able to look at 5% \u2013 10%&nbsp;of their policies due to budget and workflow constraints. In many instances, these surveys are often ordered&hellip;<\/p>\n<div class=\"wp-block-button is-style-transparent-arrow\"><a class=\"wp-block-button__link majesco-2022-read-more-link\" href=\"https:\/\/staging.majesco.com\/?p=65425\">View Full Resource <\/a><\/div>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88],"tags":[],"solution":[15,19,249],"customers":[],"partners":[],"solution-categories":[],"segment":[],"hot-topics":[],"topics":[],"class_list":["post-65425","post","type-post","status-publish","format-standard","hentry","category-future-of-insurance","solution-data-analytics","solution-digital","solution-loss-control"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Reduce Your Loss Ratio Using Risk Insights | 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