Defying Covid – 19 by Remote Risk Management

The property risk assessment survey has traditionally been used to protect the capital assets of the ongoing business of the insured and also to limit the exposure of the insurers, as in the event of an unforeseen incident both will face financial losses. 

Risk management has been defined as a process of identifying possible risks, problems or disasters before they happen. This allows business owners to set up procedures to avoid the risk, minimize its impact, or at the very least help cope with its impact.

Majorly, Risk assessment, a part of underwriting, is the methodology used by insurers for evaluating and assessing the risks associated with an insurance policy. The same helps the underwriters in visualising the exposure, suggesting the client and intermediaries on the various mitigation measures.  However, due to the Covid-19 pandemic conducting risk inspections for insurer are not possible due to restrictions on travel to sites & the safety concerns of the clients as well as engineers. 

As per the discussion held with Mr. Ashish Goyal, who serves as the Head of Corporate Broker Business and Risk Management Department of Shriram General Insurance Co., “In response to COVID-19 some clothing manufacturers have started to manufacture masks, alcoholic beverage producers are making hand sanitizer while some domestic appliance manufacturers are making medical devices,” “These changes to operations and output bring about new risks.

Remote Risk Inspection allows us to continue to interpret clients’ data and assess any potential new risks,” Identifying, managing and mitigating these risks is the key and we are proud to be standing alongside with our clients to support them in adapting and innovating in these challenging times. He also shared about how Shriram General Insurance along with its dedicated team is working round the clock to meet the requirements of all their channels partners & clients related to Property Survey/Risk inspection during these covid restrictions.

SGICL has launched a virtual-based, property insurance risk inspection service for channel partners amid the COVID-19 pandemic that restricts the travel to do on-site inspections at factories and warehouses. Businesses are adapting to changing conditions and the need for safe, flexible and efficient solutions. Their team of risk assessors can deliver remote risk inspections to provide real-time insight on the exposure. Through virtual inspection they look at objects and materials at a distance.

Using data captured from telephone calls, web tools and existing reports, Virtual Risk Inspection enables SGICL risk engineers to perform remote analysis not seen in traditional loss prevention programs and provide underwriters and channel partners with an up-to-date view of a client’s risks.  The service is available to clients pan India. Using Virtual technology, real-time collaboration during remote inspection is now possible wherever and whenever you need. Photo and video captured at risk location helps risk assessors to assess premises and to evaluate potential damage from surrounding exposure. Whether it is evaluating potential damage from wildfires around a property or reviewing exposures in a warehouse, it can all be done easily – in a snap!

SGICL Virtual Risk Management Inspection takes a holistic look at the organisation with an emphasis on property insurance loss prevention. Their advice is based on research and their experience with occupancies that are similar in nature. They take learning from past losses and industry best practice to assist the clients in addressing some of the risks that their organisation may face.

The inspection is normally carried out in conjunction with one or more members of the staff who are familiar with the organisation or property being inspected. Much of the inspection is technical in nature and it is advisable for someone to be available who is comfortable answering these types of questions. A member (or members) of the senior management team may also like to attend the entry or exit remote meetings to gain appreciation of the nature of the inspection and the type of information risk engineers are looking for.

Business organisations which are able to effectively manage risk have been demonstrated to achieve more sustainable profit over the long term than those who do not.  The concept of Remote Risk Management is an opportunity to collaboratively work together to help mutually understand and mitigate, hazards to which the organisation might be exposed.