iSCADA: Mitigating Risk for Insurers                        [ Show me how  ]

The Insurance industry can harness the technology behind DevicesWorld’s iSCADA to reduce the risk of policies underwritten and to ensure better compliance of safety and operational procedures by their clients. 

Premiums are typically based on risk assessments conducted before underwriting a particular policy, and this takes into account safety and security systems installed at the insured premises. However, insurers are not able to ascertain that these systems continue to function or are being used in the prescribed manner after the initial inspections. 

Monitoring these assets using iSCADA gives the insured a useful tool to help maintain their assets and provides useful statistics to the insurer regarding the state of their maintenance.

A historical record of maintenance, faults and equipment status stored in the database is a powerful tool for re-accessing risks and computation of premiums for during policy renewals. This can be done objectively rather than subjectively. Historical records may also be relied on to verify clients’ compliance of policy terms in the event of claims. The screen below illustrates the historical record of safety equipment downtime at various clients' premises. 

iSCADA brings all the insured premises to the insurers’ desktops in real time. This powerful set of information may be used by insurers and their re-insurers enabling all parties to better access the risk factors involved in a particular policy. 

Insurers may choose to make available selected categories of information to their clients as a value added service. This improves the general efficiency of the clients’ maintenance management, thereby reducing operational costs besides reducing overall risk. 

Well-maintained equipment and premises not only help to reduce risk of property loss but also contributes towards risk reduction pertaining to the loss of life.