Insuranceciooutlook
eDriving:  UBI “Nextgen” – Risk Managed Insurance, RMI

Top 10 Risk Management Solution Companies - 2019

With growing market competition, the insurance companies are finding it difficult to differentiate in the areas of product innovation and customer experience. It goes without saying that the road to success for an insurer is through risk management. Operating under the ever-changing and stringent regulatory environment, the insurance companies need to ace risk management to meet the evolving customer demands and compliance mandates. Risk management teams in different companies strive to streamline their approach toward underwriting, credit, market, operational, and liquidity. They need to implement effective programs built on a foundation of standardized risk assessments that allows them to prioritize risks based on their potential impact.

The ongoing technology disruption has opened a world of opportunities for the insurance industry. There are several ‘connected’ risk management information systems available in the market that allow an insurer to consolidate information and generate reports automatically, paving the way for enhanced process efficiency. The increasing digitalization of business processes as part of the transformation roadmap has led to the adoption of technologies such as robotics process automation, artificial intelligence (AI), machine learning, and blockchain in the industry. There is an increased importance on building data channels between industry participants to share the data for maximum transparency and improved workflow across the board. The focus also has been on the security side of information and IT systems to win the trust of the market and the customers.

In this edition of Insurance CIO Outlook, we are pleased to bring the story of eDriving, a driving risk management solutions provider that offers research-validated closed-loop risk management program for the safety of the driver, fleet, and the road. The stories of companies such as Green Light Verify, Origami Risk, Threat Sketch, and WeGoLook are equally engaging. We hope the value offered by these companies in the risk management side of the insurance perfectly aligns with your unique business needs.

We bring to you Insurance CIO Outlook’s “Top 10 Risk Management Solution Providers 2019.”

Top Risk Management Solution Companies

eDriving helps organizations to reduce collisions, injuries, license violations and Total Cost of Ownership through a patented closed-loop driver risk management program. Mentor by eDriving’s comprehensive system provides behavioural insights and actionable intelligence to help organizations build a total view of driver risk within a company-wide crash-free culture to ensure that drivers return home safely to their loved ones at the end of each day. Mentor uses smartphone-based telematics to identify risky driving behavior (e.g., phone use, speeding) and predict future risk levels

www.edriving.com

Green Light Verify provides critical compliance measures to companies that operate in, and with the cannabis industry. The company’s suite of services focuses on independent, third party verification, real time monitoring, site inspections, compliance audits, financial audits, and fraud and loss investigations specifically for the insurance industry, banking industries, and government agencies. Green Light Verify offers the experts and software the industry needs to provide an effective compliance that transcends the current self-reporting model. The firm is head-quartered in Sacramento, California

greenlightverify.com

Origami Risk is the most popular company for providing software to the risk and insurance industry. The company with their highly secure and scalable solutions as well as evolved platform empowers and connects risk managers, insurance brokers, third party administrators, and carriers. Apart from the regular risk management, flexible audit technologies, and automation functionalities are also being offered to the clients

www.origamirisk.com

A cybersecurity data and analytics company from Winston-Salem, North Carolina, Threat Sketch offers strategic cyber risk assessment solutions for small and medium businesses. The company developed cyber risk management tools that help board members and executives manage cyber risk, a service that is valuable to insurance companies that are exposed to this class of risk. Threat Sketch is also piloting a legal database that goes beyond simple breach notification. The database, ‘ts jurisdiction’, maps several dimensions of conventional law across all federal and state laws to help organizations of all sizes identify data exposures and develop strategies for reducing liability

threatsketch.com

Offers an online platform of 40,000 plus “lookers” nationwide to carry out on-demand field services, including inspections and risk assessments

wegolook.com

Cape Analytics

Cape Analytics

Cape Analytics utilizes profound education and geospatial imagery to provide houses throughout the United States with immediate estate intelligence. Cape Analytics was founded in 2014 with the support of major entrepreneurs and computer vision and risk analysis professionals. Cape Analytics offers data to organizations protecting and funding households and companies so as to comprehend ownership danger and value better. The organization’s precision and detail that are traditionally necessary for on-site inspection, but with the velocity and coverage of estate record pre-paying, allows insurers and other estate parties to gain access to precious asset characteristics during underwriting

Digital Matrix Systems

Digital Matrix Systems

Digital Matrix Systems (DMS) was founded in 1982 and is an essential supplier of risk management solutions that enable customers to leverage information authority to create company choices better informed. DMS provides access to both the consumer and business credit offices and specialist information suppliers in a safe way. As trusted partners, DMS enables major businesses in various sectors, such as financial services, insurance, and courier facilities, to forecast and handle danger. The DMS product suite offers simple access not only to loan bureau but also to a host of fresh information source products that support all phases of the digital client life cycle

Duck Creek Technologies

Duck Creek Technologies

Duck Creek is the leading SaaS provider to the insurance industry. The organization offers insurers’ property & security a real potential route through state-of-the-art innovation that reacts to each carrier's distinctive needs, based on centuries of knowledge and influenced by human behavior. Duck Creek enables insurance companies to switch from costly, strict heritage schemes to versatile, simple-to-configure technology that converts their job, allows them to sell more and better goods quicker, and enables them to provide their clients with the intuitive digital experience. The organization works on the goal of transforming the intimidating and complex into simple experiences that move the business forward

Gallagher Bassett

Gallagher Bassett

Gallagher Bassett is an international insurance brokerage firm based in Rolling Meadows, Illinois, with operations in over 30 different countries and providing customer-service skills across 140 countries worldwide through a network of brokers and consultants. Gallagher offers a wide variety of retail and wholesale property and risk transfer facilities as well as corporate advantages, consulting and actuarial facilities. Gallagher also provides data management and demands, consulting and assessment facilities for threat control. The organization enables customers all over the world tackle risks, safeguard their property and rebound from losses

YorkRisk

YorkRisk

YorkRisk was founded in 1962 with its headquarters in Jersey City. YorkRisk is working to reduce risk and drive high-level outcomes for organizations, the insurance industry, and public entities. The company provides integral and tailored risk alternatives, including complaints leadership, absence management, managed care, and risk administration. YorkRisk can fulfill the task to minimize risks and to get individuals and organizations back to health, work, and efficiency using proprietary predictive analysis and strategic strategy. YorkRisk is committed to recruit, educate, and retain people who represent the values and believers in the mission of the organization