Zurich increasing analysis to cut risk
05 May 2010
Zurich is developing plans to increase the use of data its insurance division collects to help its risk management clients mitigate the chance of future accidents.
"Traditionally, companies are just looking to minimise the cost of a claim, but our argument is that we want to stop it happening," said Andrew Price, practice leader, motor fleet. "There are so many possible reasons. We're trying to develop an insight into what possible causes could occur and compare their collisions with our portfolio."
"It's always been reactive," said Zurich's senior motor underwriter Steve Stock. "We're saying we know what's happening, we've got the data and can say how to stop a claim that hasn't happened yet."
Cope said that as well as having an effect on a company's insurance premium, better managing of claims will have a big impact on uninsured losses, including staff absenteeism and missed meetings. "The cost of uninsured losses is phenomenal" said Price.