Learning lessons from large loss essential to effective risk management

Soudeur
Collectively at RSA, we are focused on being a trusted insurance partner for you and your clients. That’s why we implemented an enhanced risk management practice in our Global Specialty Lines business to help both our large commercial and mid-market customers manage loss effectively.
 
“At the heart of claims management is a need to understand losses and learn from them, which in turn should help prevent them from happening,” explains Dom Lopes, AVP, First Party Underwriting, RSA Canada. “Since taking steps to improve our claims management and risk control approach, we’ve been able to identify effective risk mitigation measures to help clients reduce operations-related losses.”
 

Risk control guidance

Through careful, regular claims reviews and investigations, we are producing detailed and specific risk control guidance based on lessons learnt from large losses. The following examples provide a snapshot of the type of opportunities we’ve uncovered to help reduce operations-related losses. 
 
  • Hot-work guidelines: Our comprehensive review of common hot-work claims resulted in the development of new guidelines to help customers control hot work (e.g. welding and cutting). You can download these guidelines to share with your clients.
     
  • Sprinkler system requirements: Given the type of large fire claims we’ve seen, it’s now a requirement that customers have a centrally-monitored station for all sprinkler-protected facilities, as well as maintain a well-documented sprinkler system maintenance program. Our large loss reviews exposed that a number of sprinkler systems were either being shut off or not adequately maintained, resulting in more extensive damage. 
     
  • Water damage mitigation self-assessment: Equipment breakdowns caused by water damage continues to be one of the biggest sources of claims we see. To help customers mitigate these risks, we've prepared a comprehensive water damage self-assessment to help your clients identify exposures and mitigate potential water damage.
If you have any questions about our risk control and claims services, please contact any of the following individuals:
 
Dom Lopes, AVP, First Party Underwriting
Al Bruno, Director, Risk Control Services

Claims Relationship Managers

Ryan Jones – National 
Petra Blundell - Eastern Region
Richard Andronowich – Western Region