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A natural disaster is approaching, and a company's CEO asks the risk manager for an assessment of the threats the disaster will pose to the company's operations.
If that risk manager has access to FM Global's MyRisk website, that assessment can be delivered in real-time, even if the risk manager is not sitting at his or her desk.
MyRisk, a Business Insurance 2016 Innovation Award winner, provides risk managers a comprehensive overview of their entire property profiles — information that can be downloaded via a mobile application by on-the-go risk managers.
For time-crunched or resource-challenged risk managers, the product gives them the ability to compartmentalize a great deal of information and data in a user-friendly format to help them make quick decisions, said Bret Ahnell, FM Global's Johnston, Rhode Island-based executive vice president and manager of staff operations who led development of the product.
“They can find out most anything they want to know about their property-related risks all around the world so they can really manage those threats they may be exposed to,” he said. “They can access all their policy information (and) claims information to really be able to do all the things they would be able do if they were sitting at their desks, wherever their corporate headquarters are.”
For example, the MyRisk Map Center allows risk managers to assess the impact of natural hazards on their locations in real time, allowing them to examine specific details about their facilities such as critical engineering documents and the facilities' RiskMark scores, which are generated via a 100-point risk quality scale where high scores represent high-quality, well-managed risk with a lower chance of loss.
The website contains information on more than 490,000 FM Global client locations worldwide, some of which is gathered by the company's 1,200-plus field engineers making site visits, Mr. Ahnell said. Risk managers have access to more than 355,000 recommendations that identify and mitigate risk, more than 200,000 of which have been implemented since the website debuted in October.
These recommendations help risk managers decide where they should be focusing their risk-improvement investment dollars, Mr. Ahnell said.
“It gives them that ability to look across all those locations and then to make informed decisions based on the importance of those facilities to their business and to their clients, and also to look at the current quality of those locations,” he said.
“They can run "what if' scenarios. They can look at some of their critical locations and say, "If I do these recommendations, how will that improve my overall RiskMark score?' which gives them more confidence that that location is going to fare better if exposed to a natural disaster, a fire risk or explosion or anything else.”
Alastair Malcolm, founder and CEO of Faversham, England-based XS Reserve Ltd., is no stranger to innovation, having been at the forefront of the development of excess-of-loss credit insurance coverage some 30 years ago.