At the heart of all insurance is risk: how much an insurer is willing to accept, and what premium it will charge for that risk.
But assessing risk, especially for customers with smaller sums insured, can come at an expensive cost and so many insurers simply dispense with it – in effect, they take a “chance” on the risk. Surely there must be a better way …
At Hollard Insure, we’ve found it: we call it RiskMen
How it works
If you have a business or property which has a sum insured of between R3-million and R20-million, and are a client with Hollard Insure, then RiskMen is for you.
Simply contact your Hollard Broker partner, to arrange an appointment with Hollard for RiskMen to visit your customer’s premises and conduct a survey.
Soon after a RiskMen representative will arrive – on a specially branded scooter – at the customer’s premises, armed with one very important piece of equipment: a smartphone.
Loaded on the phone is an intelligent app, developed specially by Hollard Insure, that replaces all of the equipment normally employed by a qualified risk consultant, such as a laptop, a camera, a GPS device and so forth.
The RiskMen rep then uses the app to fully survey the customer’s premises, capturing all of the required information quickly and easily. This is then collated in a comprehensive survey report by the RiskMen app, which clearly depicts the risk profile and associated risk mitigation. The report is immediately available to the underwriting staff back at the office.
The benefits
Quite apart from the ease and convenience of RiskMen, and the substantial savings around conducting risk surveys, Hollard Insure is able to better assess an individual client’s risk.
And because we’re able to get a much more accurate snapshot of customers whose risk has in the past not been consistently surveyed (those with a sum insured of less than R20-million), we’re in a position to better assess their risk generally – and highlight appropriate risk mitigation in an attempt to make the business or property more resilient. That may mean that we could offer commensurate premiums overall, too.
The RiskMen
The beauty of RiskMen, over and above the innovation that it brings to assessing and pricing risk, is the RiskMen (including women) themselves.
Our RiskMen initiative speaks squarely to Hollard’s business purpose, Better Futures, which calls on all Hollardites to create and secure better futures for more people in everything we do – and, importantly, how we do it.
The RiskMen are comprised of unemployed, previously disadvantaged young people, whom we train to a semi-skilled level to perform risk surveys using the aforementioned app.
Over time, as they become more experienced and more exposed to the work of risk assessment, we will provide them with more formalised training so that they can become competent professional risk consultants.
That’s Better Futures at work: providing opportunities to those who might not otherwise have had them, all while providing a better risk management service to our broker partners and our policyholders.
At Hollard Insure, we often speak of achieving the win-win-win for our broker partners, our customers and, of course, ourselves. With RiskMen, we can add yet another “win” to that –for young people, in a time when jobs and opportunities to build a better life are scarcer than ever.
To find out more about RiskMen, and how they can assist your customers to manage their risk and insurance costs better than ever before, please contact your nearest Branch.