Loss control services for risk management and improved underwriting efficiency

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Mindtree provides Loss control as a service offering to drive Underwriting efficiency and also operationally identify and prevent loss events.

Underwriters would need a unified solution to have a holistic view of risk in order to evaluate loss exposures, select and price risks whilst handling client submission requests for any complex commercial and specialty lines of business. The more accurate and granular the level of risk information, it would be easier for underwriters to make informed decisions to accept or decline a risk.

Mindtree's Loss control service for commercial insurers is offered through a holistic approach which integrates survey assessment, 360 degree view of risk, Risk Exposure analysis and Loss control solutions to manage end-to-end life cycle of handling submissions to quote and bind process. The Underwriting offering is aimed at optimizing risk selection and exposure thus minimizing the loss experience.

Loss control caters to varied range of processes such as request for survey initiation, assignment, survey assessment, Integration with CAT modelling and other types of loss information, loss estimation using third party and internal loss models, , tracking and publishing of information across different stakeholders covering brokers, underwriters, risk managers, risk teams and risk adjusters. The solution enables underwriters and risk adjusters achieve better collaboration, process / data standardization, visibility and operational efficiency.

We address loss prevention needs through our IoT focussed industry solutions serving connected buildings/homes/industries as well as driver behavior safety monitoring to identify potential loss events and prevent them before they could occur. Additionally we utilize technology to minimize losses such as safely evacuating occupants from a building in case of fire through indoor navigation.

Key Features

Mindtree’s unified underwriting and Loss control service offering provides following features :

• A web-based integrated platform comprising of Underwriting workbench, Risk Exposure management , Loss control solution and decision making system.

• An efficient workflow management that allows tracking the lifecycle of a submission such as new, endorsements and renewals.

• Transparency with real time dashboards to track each survey request.

• Ability to capture information from multiple sources (i.e. user input, interfaces with other systems, 3rd party industry data sources and CAT modelling tools)

• The insurable risks with combined risk / property exposure, location hazard and loss inspection data are stored in a centralized location and is easily accessible to risk managers and other stakeholders for risk analysis and loss control.

• Improved CAT rating considering accurate Loss Estimate values (i.e. Flood Loss Exposure, EQ Loss Exposure, Wind Loss Exposure and so on..) and location risk rating scores from Loss control platform.

• Configurable rules for LOB, loss estimate and risk score generation

• Capability to upload document and photograph during loss inspection

• Analytics capability offers Intelligent recommendations to improve inspection quality

• Seamless mobility capability with access on mobile, tablets, laptops and desktops

• Offline data capture to enable data entry at remote locations

• A flexible, interactive and configurable loss control reporting capability (e.g. Fire Pump Graph, Risk Improvement charts, Loss Estimates charts, Loss prevention report etc.)

Key Benefits

The service offering provides the following benefits:

• Unified underwriting & loss control solution that improves the Submission to Quote turn around time by 30%

• Seamless end-to-end workflow that drives process efficiency – directly translating to much lower operational costs.

• Improved efficiencies in underwriting process driving Underwriting profitability.

• Risk managers and underwriters are provided with real time analytics and can view data across different site locations and insurable objects. This enables them to grade, measure and monitor exposures, analyze trends, price and ascertain probable maximum losses

• Greater consistency in decision-making and strong governance of the underwriting process


Case Studies

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