A few years back, the Harvard Business Review published a study on the dangers of categorical thinking, especially as it relates to the field of risk management. It referred to this mindset as a siloed approach where everything related to commercial loss and prevention was neatly squared away into different categories without bringing together different tools, strategies and innovative approaches. This ‘old-school’ perspective doesn’t push corporate decision-makers to stretch their limits and try new things. In the commercial insurance industry, such a narrow view can be a huge deficit.
However, companies that partner with industry leader eMaxx—a nationally respected provider of captive insurance—never need to worry about falling behind the curve. eMaxx understands the advantages of what experts call integrated risk management, which uses a multitude of cutting-edge tools to keep companies ahead of the pack, help them take control of their financial destiny and welcome them as true partners and members of their own policy creation and claims management process. The benefits, according to the Harvard study, include: increased awareness of their company’s financial status, enhanced capability to analyze data continuously, access to claim audits to aid in decision-making and ongoing and regular meetings with risk management partners.
Once companies realize that this comprehensive approach is critical to their success, they can then reap the benefits of a variety of risk management strategies. With eMaxx, the options are exciting, particularly for niche markets which often have difficulty finding coverage and programs that are customized to fit their specific needs. Experts at eMaxx combine technology, safety and loss prevention and claims mitigation. They use state-of-the-art telematics and 24/7 web-based software for easy-to-use learning platforms. And partners can view claims processing anytime with ease.
eMaxx risk management technology uses agnostic software (which interfaces with just about any existing platforms) called telematics exchange. This provides clients with cloud-based solutions that use third-party data and analytics to make optimal claims decisions. The tech-enabled programs also provide dashboards for garaging, radius territory, speeding, fleet footprint, venue data and accident or injury reports, which are all especially important for the transportation and towing industries. Moreover, access to over 50 telematics service providers helps clients monitor drivers and their behaviors.
The answer to the question, what is risk management, may be more complex than it was a generation ago; however, it doesn’t have to be overwhelming to a small, mid-sized or large company that needs protection and peace of mind. A holistic strategy combines: corporate governance (which is a hallmark of a captive insurance relationship), a digital component, streamlined claims processing and enterprise-wide transparency that partners the insured with the insurer.
Take advantage of a tech-enabled approach to risk that understands the importance of a comprehensive plan. Contact eMaxx today.