What Are Examples of Proactive Risk Management Helping Clients Avoid Significant Losses?
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What Are Examples of Proactive Risk Management Helping Clients Avoid Significant Losses?
In the world of risk management, the foresight of insurance professionals can be the key to dodging financial disasters. Through their perspectives, we explore how proactive measures can be a game-changer. Read on to discover how defensive driving courses can reduce claims and how something as simple as water sensors can avert home damage, among other valuable experiences from our experts.
- Defensive Driving Course Reduces Claims
- Cybersecurity Measures Avert Costly Attack
- Security Review Reveals Process Weakness
- Water Sensors Prevent Extensive Damage
Defensive Driving Course Reduces Claims
We started hosting a defensive driving course for senior drivers. In return for completing the course, we offer a discount on premiums. It's impossible to pinpoint the exact individuals who would have gotten into a crash but didn't; however, the statistics indicate that it happened.
The reason we can confidently offer a discount for a defensive driving course is that drivers who complete the course are statistically less likely to file a claim than drivers who don't take the course. It's better for us to pay fewer claims, and it's better for our customers to stay safe and avoid the risks of an accident. So, it's a win-win for everyone.
Cybersecurity Measures Avert Costly Attack
Insurance companies must focus on preventing risks, not just reacting to them. We helped a client do just that by recommending strong cybersecurity measures like regular audits and employee training on phishing scams. Their proactive approach paid off—they stopped a ransomware attack that could have cost millions! This proves how important it is to manage risks before they become disasters.
Security Review Reveals Process Weakness
A manufacturing client recently benefited from our security expertise. We recommended a thorough review of their systems, similar to a health check. This uncovered a major weakness in their supplier-vetting process. By following our advice, they improved how they assess suppliers and prevented a major disruption. This could have cost them over $1 million in lost production and fines! They definitely dodged a bullet there.
Water Sensors Prevent Extensive Damage
At Blue Insurance, we once advised a client to install water sensors in their home as part of their flood insurance package. The client was initially hesitant, as he considered it an unnecessary expense. However, after explaining the benefits, they agreed. Just a few months later, these sensors detected early signs of a leaky pipe that could have led to severe water damage. Thanks to the early detection, the issue was resolved with minimal repairs. This proactive measure saved the client from a potential major flood and loss, and helped avoid the hassle and emotional stress associated with extensive home repairs. This experience reinforced the value of proactive risk management in protecting our clients' assets.
