Embedded Risk Management for Insurers
Connect with your policyholders to improve underwriting decisions.
Database tools are helpful but don’t deliver the full picture.
SpotRisk was formed by a loss control director and a software developer who saw a better way of doing things. Vertical integration is the key to improving underwriting efficiency, customer experience and profitability.
The typical risk management process involves endless email chains with multiple vendors who outsource every part of their operation which results in low productivity, reputation risk, and inaccurate underwriting data.
Connecting directly with the insured to help them develop a culture of safety improves the policyholder experience, improves loss ratios, reduces premium leakage and boosts the brand of the carrier by being seen as a helpful partner.
The SpotRisk Process
Step 1: Automated Onboarding
Upon binding a new policy the insured automatically receives an email inviting them to login to their risk management portal which is populated with content according to their class-code.
Step 2: Policyholder Education
The insured receives employee safety training courses composed of short video modules along with written safety program and a document library tailored to their line of business.
Step 3: Exposure Verification
A variety of self-inspection surveys, exposure questionnaires along with virtual premium audit forms are delivered to the policyholder and tailored specifically to their business operations.
Step 4: Holistic Risk Management
SpotRisk helps the policyholder build a culture of safety while further improving underwriting by analyzing usage data and tracking the policyholder’s exposures as they change over time.