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Snap Poll of PC Insurers on Usage of Loss Control and Premium Audit Systems

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7 March 2021
Karlyn Carnahan

Available Only for Members of the NA Celent Insurance Research Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Research Panel. This question came about from a member who is considering the purchase of a stand alone loss control system. They were was trying to get a sense of whether other insurers use these kinds of systems and the benefits from doing so. This snap poll was conducted on March4-5, 2021. 26 Insurers responded to this survey over the course of 24 hours.

The question that was posed was:

Background:

This insurer is in the process of assessing whether or not it makes sense for them to invest in a standalone loss control system. They’re interested in how other insurers think about this space, why - or why not - others have invested in this kind of system, and the kinds of benefits they’ve accrued. They have to create a CBA and justification to their team and are looking for insights from others as they think through their decision.

Questions:

Do you have your own loss control department in house? Or do you outsource? Or both?

Have you invested in a standalone loss control system? If not, are you considering investing in one? If not, why not?

If you are currently using a loss control system, which product (s) are you currently using or considering? (e.g. Utilant, RCT, AuSuM etc.) How long did it take to implement?

Are you using a loss control solution for commercial lines? Personal lines? If both - is it the same system?

Some of these solutions include premium audit functionality. Are you using that functionality or have you invested in a standalone premium audit system? If not, are you considering investing in one? If not, why not?

If you’re currently using a loss control solution, are you considering changing vendor/products? If so, why?

What do you see as the main drivers to make this kind of investment? If you have a solution, have you achieved these benefits?

o Reduced costs

o Improved data/reporting capabilities

o More control and transparency over outside inspection services

o Improved efficiencies through process-oriented workflow improvements,

o Underwriting improvements

o Improved customer experience

o Modernization of technology

o Other - please describe

What kind of pricing model are you using?

o Term license

o Annual subscription

o Based on the number of inspections/transactions

o Other

About Celent’s Research Panel

The Celent Research Panel is a free knowledge sharing resource for senior technology and operations executives at insurers in North America.It provides an easy way for executives to share information, obtain quantitative data, and learn from each otherthrough regular ongoing surveys, snap polls, round tables, and webinars.If you are interested in joining the Celent research panel, you can reach out to Karlyn Carnahan kcarnahan@celent.comor Dan McCoach dmccoach@celent.com

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Insight details

Industry
Property & Casualty Insurance
Subscription(s) required to access this Insight:
Insurance
Insight Format
Reports
Geographic Focus
North America