Role
Corporate insurance
What do you not know about your insurance cover until a loss happens? Usually that the sum insured comes from a valuation five years old.
Intro call
Four questions we would start with
What do you not know about your cover until you report a loss?
Most often: that the item lost was not covered, or that the sum is lower than the reinstatement value.
Where does information about new assets go?
If a new machine or a new location does not reach the insurer, the cover relates to the company of a year ago.
Who decides the scope of a policy?
If the answer is "the broker proposes, we sign", then the scope matches the offer rather than your risk.
When is the renewal decision made?
If it is in the last week of the term, there is no negotiation and the terms are simply extended.
We take over the records and the chasing, you keep the decisions about cover
Maintaining the picture of the assets, setting out the policies' scope, watching dates and handling claims can be taken off the desk. The decision about the scope of cover stays with the specialist.
- The assets and the risks are set out before the conversation about a policy. - Not after a loss and not from the engineering department's memory.
- A gap in cover is visible. - An asset with no policy assigned, or a counterparty's requirement with no cover, is pointed out before it becomes a problem.
- A renewal starts earlier. - Dates flagged in advance turn an extension into a negotiation.
Scope
What can be taken off insurance administration
Twenty-one example tasks. Each one has a human approval point. Below is a selection, and the scope we fit to your insurance programme.
The picture of assets and risks
- Assets covered and not covered set out
- Linking an asset to a policy
- A signal about a new asset with no cover assigned
- The locations and their characteristics
- Pointing out items where the sum clearly departs from the reinstatement value (assessment: the specialist)
Policies and their scope
- A register of policies with scope, exclusions and sums
- The exclusions common across the programme
- Pointing out risks with no cover (assessment: the specialist)
- Comparing the scope with the previous period
Renewals and negotiations
- A calendar of renewal dates with lead time
- Material for a request for quotation
- The offers set out by scope and premium (decision: the specialist)
- The claims history for the conversation about the premium
Claims and their handling
- One route for reporting a loss from any department
- Assembling the documentation required when reporting
- Watching the deadlines in the claims process
- A register of claims with status and amount
- Claims summarised by type and location
Counterparties' requirements
- A register of insurance requirements from contracts
- A signal about a requirement with no cover in the policies held
- Assembling requests for confirmation of cover for counterparties
A day's work
Today
- You collect the assets to be insured before a renewal, by asking the departments
- You learn about a new machine after the fact or not at all
- You compare the policies' scope by hand, document by document
- You watch renewal dates in a calendar
- Losses are reported by email, and you assemble the documentation by phone
- You discover insurance requirements from contracts when a counterparty asks for a certificate
With AI assistance
- The picture of the assets updates along with the asset register
- A new asset with no cover is pointed out
- You have the policies' scope set out, and the differences are visible
- Renewal dates are flagged in advance
- A loss has one reporting route and a list of the documents required
- The requirements from contracts are in a register and compared with the policies held
- Adequate sums insured
fewer losses settled below value
the sums are compared against the asset register
- Renewals on time
a renewal becomes a negotiation rather than an extension
the date is flagged in advance
- Time to settle a claim
fewer reports held up by a missing document
the documentation is assembled when the loss is reported
- Gaps in cover
fewer risks discovered after a loss
an asset with no policy is pointed out
We start with the picture of the assets, because every conversation about scope depends on it.
- Step 1
Assets against policies
The assets set out with their policies assigned and the gaps pointed out.
- Step 2
A register of policies and contractual requirements
Scopes, exclusions, sums and counterparties' requirements in one place.
- Step 3
Dates and renewals
Signals in advance and material for a request for quotation.
- Step 4
Claims
One reporting route and watching the claims process. Last, because it needs the policy register.
Common questions
Questions that come up at the first meeting
How is this different from risk management?
Risk deals with what can happen and how to limit it. Insurance deals with who pays if it happens anyway. A risk register is a good way into the conversation about a policy's scope, but the decisions are of a completely different kind.
Are fewer people enough for insurance?
In most companies insurance is an addition to another function, and that is why the programme lives its own life between renewals. Taking over the picture of the assets, the dates and the claims does not remove a post - it means somebody has a grip on the whole at all. The negotiations and the decisions about scope stay where they were.
Does this fall under the AI Act?
Corporate insurance administration is not a high-risk use - unlike risk assessment and pricing in life and health insurance for individuals, which the regulations treat separately. Here the party is a company, and the summaries are material for a human decision.
Still have a question that is not here? Book a call
Next step
Which of your assets have no policy assigned today?
We will show you what insurance administration looks like when a gap in cover is visible and a renewal starts in advance.