Property module

Risk managers often face the challenge of effectively managing the risks associated with a large and diverse property/asset portfolio. Many hours are often spent collecting and consolidating basic information at renewal, involving the use of ad-hoc spreadsheets with multiple consolidated versions. This can often result in a less than ideal quality of underwriting data and errors.

With RiskConsole, you can keep track of all of your assets and ensure you have accurate information for your entire portfolio. The ability to push data collection into the organisation enables the local users to update their location information at any time. For the risk manager, having a global view to track and monitor this data is key.

Key benefits

Strengthen your negotiating position. With complete risk profiles of each property, you can provide your underwriter the quality data they need to secure the best property premium rates. You are able to show the current risk profile of each subsidiary, zones of maximum loss and how the profile has changed from previous years.

Ensuring the right level of cover. With accurate property values, the right sums insured limits can be purchased and over or under insurance avoided.

Reduce administration costs. Instead of trying to gather, validate and interpret data from a variety of independent sources, push property data collection to field users who can make updates throughout the year as updates are justified.

Transparent view of property portfolio. Achieve complete, accurate visibility of what you own, what you lease, where it is located, how it is being used, how it is valued and how it is insured. This is invaluable for the risk manager to be able to quickly assess which assets may be impacted by a major natural disaster (eg hurricane or earthquake).

Key features

Property module
Feature	Detail
Comprehensive property management	The property module is designed to contain all COPE (construction, occupancy, protection, exposure) information and tracks detailed property values (material damage and business interruption components) about each location, giving you a single repository for all your property related information.
Full audit trail of changes	RiskConsole keeps a full audit of changes, including property values, which allows trend and movement reports to see how your property portfolio is changing.
Document and contact management	RiskConsole allows you to attach documents, images, videos and spreadsheets to a property record, creating a complete file that may contain leases, contracts, certificates of insurance, property plans and so on. In addition, relevant contacts for each property can be maintained, including management, security and other key contacts.
Alerts	The property module can be configured to alert risk management and require a user to document any value entered that experiences a significant swing from the previous year’s value.
Mass update information	By using the spreadsheet update tool, you can quickly update property values and add supplementary information to existing records. Simply make updates in Microsoft Excel and then load the spreadsheet into RiskConsole.
Extensive standard report library	The standard reports were created with the help of some of the most prominent property underwriters and brokers in the company, with the goal of creating the perfect property underwriting submission. The standard property reports package can include: property abstract property schedule property values summary by location earthquake exposure summary by location

CLIENT SUCCESS
The client had previously been unable to obtain the best property rates due to the quality of information provided to the underwriters. Using RiskConsole, the client was able to significantly improve the quality and extent of the property data collected. This significantly helped them in the renewal negotiations in securing the best rates. In addition, by analysing the value bands of their properties they were also able to better structure their insurance programme and remove many of their smaller assets, delivering further premium savings.