The evaluation of potential risks is now enhanced by new abilities to summarize and compare loss data
NEW YORK – April 29, 2014 – Advisen Ltd., the single source solution for insurance intelligence, today announced the launch of its Loss Insight Benchmarking analytics in Q2 2014. Loss Insight Benchmarking provides insight into loss and exposure data on existing, new, and emerging risks.
Loss Insight Benchmarking enables Risk Professionals to master high volumes of loss data and advance their expertise while becoming a trusted advisor to the C-Suite and the entire organization. Loss data is classified by risk type, insurance coverage, and other key identifiers. This data supports LOBs related to coverage groups such as Management Liability, Casualty, Cyber, and Business Interruption, and is searchable by geography, company size, company type, sub-industry, coverage type, and other characteristics.
Loss Insight Benchmarking can be used to:
Loss Insight Benchmarking users will be able to highlight missing or inadequate lines of cover, pinpoint risks from loss history, and identify potential exposures and risks from their industry’s experience. Peer comparisons will provide insight into a firm’s performance on loss frequency, severity, and composition of losses. Risk professionals will be able to engage with management on issues related to major loss events, risks of the growth and profit strategies being pursued, impact of losses on financial performance, and risk profile versus competitors. In addition, users quickly become proactive claims advocates by understanding the severity probability of an individual loss based on impacts to competitors and peer precedents.
Advisen CEO Thomas P. Ruggieri commented:
Loss Insight Benchmarking effectively transforms our critical mass of over 200,000 loss events and more than 20 million corporate litigations from 5 million dockets by leveraging Advisen’s ability as the premier insurance program benchmarking source. For questions like ‘How much cover do I need?’ and “How extensive is the loss history for this scenario?’ and ‘How much loss can be predicted based upon peer experiences?’ and more, Loss Insight Benchmarking distills $7 trillion in loss value to provide straight-forward answers.
Learn more about Loss Insight Benchmarking.
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