Risk Management Software For Insurance

Risk Management Software for Insurance

Industry Challenges

The insurance industry is faced with difficult challenges that result from regulatory developments, market volatility, reputational risk, operational risk, and other emerging risks. Risk management is a necessary component of keeping your businesses safe and thriving. Since the National Association of Insurance Commissioners passed the Own Risk and Solvency Assessment Model Act (ORSA), insurance companies are now required to assess the effectiveness of their risk management programs, monitoring current and future risk through self-managed assessments.

Our Solution

Our risk assessment platform is designed to meet all the needs of construction companies. Easily assess physical security, cybersecurity, compliance with regulations and policies, and even your suppliers. RiskWatch makes it easy for construction firms to meet OSHA, CSI, BSSC, or any other requirements to mature your risk management program. Save time requesting, analyzing, remediating, and reporting on your data, which allows staff to focus more on reducing risk and meeting compliance. Store all contract documents and permits in a central location.

You can tell RiskWatch has experience and expertise in risk management by looking at how SecureWatch is put together. The system combines ERM and compliance in a way both can be performed at the most efficient way possible. Its automation combines well with the maturity of data available in most of our assessment programs.

American Express

Key Benifits

Real-time risk profiles and scores that update as changes occur.
Minimize labor risk with automated management to ensure training and promote productivity.
Meet compliance requirements such as with OSHA, CSI, BSSC or any other regulations, standards, or even custom policies.
Use customizable reports to provide high-level staff updates on objectives and progress on assessments.
Provides a comprehensive view of organizational compliance. Recommendations are automatically offered to identify and mitigate gaps and vulnerabilities.

Additional Benifits

Standardize and automate data collection, analysis, and remediation.
Store all documentation such as worker documentation, completed forms, licenses, permits, proof of training, etc.
Develop controls and tasks to mitigate all critical risks and work down as resources allow.
Creates a road map for evaluating vulnerabilities, identifying opportunities for security enhancements, and tracking progress.
Save time communicating with team members on assessment tasks with automated email reminders, recommended tasks, and activity logs.

Can You Afford Non-compliance?

Insurance industry call out

In 2019, Mercury Insurance Company was fined $27.6 million for charging illegal fees to customers, a violation of Proposition 103. The original fine goes back to 2015, when Mercury charged “discriminatory rates” despite repeated warnings. The company was also guilty of illegally labeling their agents as “brokers.” While both agents and brokers are intermediaries, a broker represents the insurance buyer and an agent represents an insurance company. For more information, click here.

Try any of our products, for free.

Riskwatch products are easy to use, free to try, and can be customized to fit your business needs.

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