Corporate decision-makers have long known that thwarting threats before they do damage to personnel, equipment or infrastructure is essential to avoid major financial loss. As famed Chrysler CEO Lee Iacocca once said, “Even a correct decision is wrong when it was taken too late.” In the past decade, high-tech tools such as web portals, dashcams and telematics have become critical strategies for companies that want to remain competitive in their industries and proactively deal with risk.
As the digitalized components of this industry evolve, how can businesses take these tools to the next level and integrate them into their overall policy creation? Risk management technology is the answer. It helps streamline incident reports and claims processing and enables managers to mitigate problems before they snowball. The coupling of high-tech and proactive policy writing (such as commercial captives) means maximizing insurance through technology and risk management.
A national leader in this field is eMaxx. eMaxx risk management technology + insurance have been a success since their inception. In their first year, the two group captives saw a 46% decrease in frequency and a huge effect on the level of claim outcomes, namely in its original transportation and towing sectors. A driving force behind this success is the marriage of alternative coverage and high-tech, such as eMaxx’s risk management activity and claims oversight system. This innovative solution uses a database to track audits, warranty activity, phone calls, onsite visits, hours of work and billables, as well as safety needs. It even offers an online platform with the ability to review individual claims and adjuster notes.
As eMaxx has grown through the years, it has branched out to deliver solutions to members in other sectors, including construction, waste, recycling, utilities, energy and, most recently, crane and rigging. By taking control of their own destiny with their own safety and loss prevention goals, members reduce operation costs, control their policy costs when they have favorable loss experience and insulate their businesses from large premium swings, keeping losses to a minimum. Members have adopted risk management technology tactics such as dash cams, telematics and online training.
With an innovative insurance approach and state-of-the-art technology, risk management is a wise solution for corporate return on investment and a smart choice for workplace safety and employee morale. It’s also a helpful tool to comply with government regulations for health and human safety. For example, tech doesn’t only boost productivity; it helps employees feel more connected to their responsibilities. This includes interactive and ongoing training with 24/7 portal access. This may also include dashcams and telematics for monitoring driver safety with simultaneous workplace certification programs that are automatically logged into a driver’s profile. Helping workers feel more protected and valued may be a lesser emphasized but equally important value of these sophisticated tech tools.
Make the correct decision beforehand to avoid problems afterward. Innovate your risk management commercial program. Contact eMaxx today.