MS Amlin’s risk management toolkits – reducing claims by thinking differently
MS Amlin’s risk management toolkits – reducing claims by thinking differently.
MS Amlin is an insurer that has seen a number of claims where minor changes in policyholder behaviour may have prevented an incident in the first place or provided a more robust claims defence when making a decision about where liability rests.
MS Amlin believe that their risk management toolkits are a proven way to minimise exposures, reduce losses and keep future premiums as low as possible for clients and their broker partners.
These toolkits started out as a cutting-edge concept back in 2014 and were developed specifically to provide innovative and practical risk management solutions to help manage a range of issues around the most common causes of claims.
Mandy Maris, an MS Amlin risk engineer, said: “The first one, our slips, trips and falls (STF) toolkit, proved very successful. We recorded a 23 per cent reduction in STF claims among casualty policyholders who attended the workshop. Since then we have rolled out new toolkits each year in response to client need which include manual handling, conflict management, challenging behaviour, flood and, this year, our claims defence toolkit.”
Not only does the new claims defence toolkit help companies with what happens after an incident at work, how they look after the person and how robust the clients’ processes are, but also recommends how to separate false claims from the genuine ones. The Association of British Insurers has published findings that in 2016, insurers detected 125,000 dishonest insurance claims valued at £1.3bn. This claims defence toolkit could be an extremely valuable resource for clients facing such challenges.
So how does it work?
Mandy added: “Practical IP protected tools allow us to look at root cause analysis of incidents and our interactive PDF annual review tool centres around pulling together our expert knowledge and that of our partners into an easy to undertake audit and succinct best practice guides - cutting out all the confusing jargon you often see in technical documents.”
“I think that the most impressive thing about it is that it really works. We come in as problem solvers and focus on working collaboratively with underwriting and claims to identify areas of risk. We can then implement tailored, innovative risk engineering programmes that really complement our client’s corporate strategy. I was discussing a risk management issue with a new client and he said: ‘I’ve never had this from previous insurers.”
“We conducted a survey and more than 98 per cent of clients said that our risk engineering capabilities were the best they had ever experienced. We receive a lot of positive feedback and I think that shows that what we are doing is often above and beyond some client expectations.”
Mandy has a number of examples that prove that MS Amlin’s risk engineering programmes really work to prevent big losses.
“Some good examples come from the property side. They recommended that one of our clients should build a firewall and that prevented a fire spreading and a multi-million pound loss from occurring,” she said.
“Another property risk engineer found that goods were stored too close to a halogen light and recommended that they be moved. When they shifted them they found scorch marks on some of the packaging crates – it was an incident waiting to happen and, again, a potential serious loss had been prevented.”
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MS Amlin is a leading global specialty commercial insurer and reinsurer with operations in the Lloyd’s, UK, Continental European and Bermudian markets.
Comprising Mitsui Sumitomo’s London and Bermuda-based operations and the historic Amlin businesses, MS Amlin specialises in providing insurance cover for a wide range of risks to commercial enterprises and reinsurance protection to other insurers around the world.
It is wholly owned and fully supported by the financial strength and scale of MS&AD of Japan, the eighth largest non-life insurer in the world. To learn more, visit www.msamlin.com.
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