The year 2023 marked the highest number of billion-dollar disasters in a calendar year for the U.S., with 28 separate weather and climate disasters costing at least 1 billion dollars.
Exposure to environmental risks like fires, floods, and earthquakes are inevitable, but there are ways to prepare your organization for risks like natural disasters. One such tool is property risk management software.
“To me, Centurisk software has so much potential. When you think of its role in what we’re doing as far as insuring state properties and political subdivisions, it has so much potential to save cost and be a dynamic risk tool to the insurance industry.”
-Jeff Bitz, Program Director, North Dakota State Fire and Tornado Fund
So, how can property risk management software help you? No two solutions are the same, but here are three major benefits your organization should recognize with the right property risk management software solution.
Data Confidence
As organizations grow and regulations change, the amount of property data being tracked continues to increase. For organizations utilizing spreadsheets to manage property data, this can lead to an increased number of errors. By moving to a sophisticated database, your organization can significantly reduce these errors and maintain critical property data information in a clean, organized way.
RiskStar Property Risk Management Software from Centurisk safeguards all of your property information—including details related to buildings and structures, property-in-the-open, fixed assets, licensed vehicles, and primary and secondary C.O.P.E. characteristics.
With hundreds of users, AMP provides organizations and risk pools with a convenient, efficient, and secure method of tracking data used for loss control, proof-of-loss documentation, catastrophe modeling, annual updating of values, and property marketing and placement.
RiskStar also helps streamline data communication processes by maintaining all information in one sophisticated database, accessible by everyone in real-time. And with various levels of user access, approval processes, and a complete audit trail, your organization can be confident in the integrity of your property data—no matter how many users you have in the system.
Time Savings
As a risk manager, you juggle a lot—from risk assessment to insurance policy management, your hands are full. Property risk management software can save you and your organization a significant amount of time on report preparation, renewal processes, and more.
Preparing Reports
If your organization is currently using spreadsheets, you’re probably spending countless hours (or even days) creating reports. With real-time access to property data at your fingertips, property risk management software can significantly decrease the amount of time you spend creating and managing reports.
RiskStar’s dynamic reporting tool offers a wide range of standard reports, as well as the ability to create and save custom reports as needed.
Renewal Processes
For risk pools, property risk management software can also help to minimize the amount of time spent on annual renewal processes. RiskStar provides risk pool administrators with the ability to track multiple organizations under one entity, providing immediate access to their member’s property data information. The user-friendly platform also makes it easy and convenient to export property data, add buildings, and make and approve changes.
A robust property risk management software solution can help your organization streamline many processes, aside from reporting and renewals. With automated workflow processes for adding new properties, modifying/approving changes to existing properties, and more, you’ll reclaim more hours from your day!
Better Insurance Rates
Despite your best efforts (and software), situations may arise in which it’s impossible to avoid property damage. Of course, that’s where insurance comes in.
Property insurance rates are a reflection of the accuracy and completeness of your property data. Organizations utilizing property risk management software can experience greater leverage in the insurance market with respect to coverage and premiums as a result of submitting accurate data and a detailed risk model.
Having accurate, up-to-date insurable values for all buildings and structures on your property schedule is a good start to understanding your organization’s exposure to property risk. While this can help ensure your property is accurately ensured to value, maintaining detailed building data like C.O.P.E. and secondary C.O.P.E. data will help you secure the best rates. Learn more about secondary COPE data..
About RiskStar Property Risk Management Software
RiskStar Property Risk Management Software from Centurisk takes a proactive approach to risk management, focusing on prevention rather than reaction. To speak with an expert in more detail, or to find out more about how our solutions can help, contact us. We look forward to hearing from you!