At Process-Smart, our team focuses on providing valuable support to our clients through high-level quality analysis of loss control insurance inspections. After receiving a request for an inspection, we assign an inspector to complete a thorough assessment of the facility. Our QA team then completes a full review of the results, delivering a complete survey back to our client generally within 24 hours. By doing so, Process-Smart is able to drive efficiency while simplifying the loss control inspection process for your business.
Who Are Our Clients?
Process-Smart collaborates with multiple businesses, offering insurance inspection services to both commercial and personal lines. Our VIITA (Virtual Insurance Inspection Training Academy) certification has allowed our team to become experts in helping clients to avoid the probability of loss by using our backend support. The completed survey you receive to provide to your insurance underwriter is detailed and systematic, allowing for a comprehensive analysis.
The Process-Smart Process
When a client reaches out through email to order a loss control or physical loss control inspection, we log the request in our system. Our team is fully trained in LC360 (Loss Control 360), which is used to create orders that include all details requested using PDF documentation sent by our clients.
Additionally, we are well-versed in RAKEIO, AmTrust and SKYWARD. These programs allow us to review the inspection details at the time of order creation, as well as upload finished reports after quality assurance is completed.
Once an order is logged into our system, an inspector is assigned to complete the loss control survey. The order creation date and due date are clearly noted on the script for the inspector to view.
During a loss control survey, the inspector is required to:
- Meet with a knowledgeable individual (e.g. a manager or risk manager) who is required to be present for the inspection
- Walk through all buildings, including manufacturing facilities, storage areas, etc. when necessary
- Provide images of the interior and exterior of the facility
- Answer questions regarding safety measures and the scope of any construction or extraction activities.
Once the survey results are returned, the Process-Smart team will verify the inspector’s report and complete a Quality Analysis (QA). The QA comprises the company guidelines related to the inspection, the call requirements along with the opinion of risk, and transparent feedback on potential hazards with recommendations for modifications to prevent significant loss and/or claims.
After the QA process is complete, the results are sent to the underwriter to evaluate the report and the risks involved. The underwriter then grants the insurance, rejects it, or grants it with modifications.
What are Common Challenges Faced by the Insurance Underwriting Industry?
Insurance underwriters are being challenged to reevaluate their present strategy and operating models due to evolving market trends and consumer behavior, digital disruption, regulatory uncertainty, and a competitive market.
Some of the common challenges for insurance underwriters involve the following:
- Advances in Technology – Enhancing operational efficiency and lowering risk exposures require investing in digital platforms and solutions.
- Infrastructure with Outdated Technology – Insurance underwriting companies have the opportunity to optimize developments in technology as they relate to key operations by outsourcing to companies like Process-Smart.
- Increasing Operations Costs – The rising cost of operations continues to negatively impact the insurance sector.
- Competitive Analysis – Proper management of data can provide a competitive advantage.
- Customer Interactions – Reevaluate business strategy with a stronger focus on the customer experience and a tailored value proposition driven by an ever-evolving digital world.
How Process-Smart Can Help Your Business?
At Process-Smart, we are extremely aware of the importance of aiding underwriting in determining policyholder exposures and risk acceptability. To reduce the likelihood of mishaps, injuries, and property loss, we collaborate with experts in the insurance field to ensure all needs are met.
Our extensive knowledge helps clients gain important insight into incidents that can cause claims as well as necessary recommendations for preventing them. Loss Control Services can customize reports to support corporate loss by working with the carrier or policyholder.
Process-Smart works by restructuring processes to allow for maximum output and efficiency of insurance loss control inspections. By providing daily reports to our clients, we can ensure that our team of professionals with market-specific experience provide high-quality reporting and QA services without discrepancy, all while adhering to industry policies and procedures. We will help to increase your profit growth by collaborating with your business to build out best practices in a streamlined process. Reach out to us today to learn more about how we can help drive your expansion and growth.