RISK MANAGEMENT SERVICES
Risk management and understanding risk is key to any insurance underwriting. At ITOO we work closely with brokers and policyholders to ensure we understand the underlying risks throughout the insurance lifecycle.
We are proud to offer dedicated liability and crime risk surveys across all of our product lines. Through detailed reviews and analysis of business aspects and historical data, we are able identify areas of regular exposure as well as any negative influences on the insured businesses. This translates into a business relationship between client, broker and insurer.
Surveys are undertaken pre-inception stage, or during the policy period if there are material changes to the exposures. If any material findings are identified, we work with the insured and the broker to ensure that these are addressed and suitable processes, controls and procedures are put in place to remedy the findings.
We also carry out surveys after a claim has been paid to review the remedial actions implemented by the insured.
Full transparency is guaranteed throughout the process. All reports, surveys and recommendations are shared openly with both brokers and clients at all times.
The survey may include all aspects of the business, or just specific high-risk areas of the insured’s operations, including:
- Review of the overall nature of the business – what does the client do?
- Internal risk management
- Review of stock controls
- Review of financial controls and procedures
- Segregation of duties (commercial crime exposures)
- Training and work performance (professional indemnity exposures)
- Security exposures
- Slip and trip exposures (general liability exposures)
- Risk surveys can be conducted throughout South Africa at no cost to the insured