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News

Turning data into action: GE insurance solutions unveils new technology

AZDEL : 18 September, 2007  (New Product)
Heinze ought to know. His company listens to risk managers and creates customized solutions for them. He noted that a growing number of companies have increased their investment in risk management products but are still challenged to get the most value out of those investments.
'Data is useless unless risk managers can turn it into actionable information,' said Heinze, who is product and field operations leader for GE Insurance Solutions' Global Asset Protection unit.

He continued: 'The challenge for risk managers today is how to get a handle on risks and where to allocate capital in a way that will give them the highest returns and focus on the most important risks. Risk managers tell us they need information that is available 24/7, updated in real time in a format they can understand, which outlines the key issues quickly and helps them make decisions.'

MyAnalysis was developed to help companies manage their property loss prevention information, quantify exposures with a standard methodology, set strategies aimed at minimizing exposures and demonstrate to insurers their organization places a high value on property protection.

Heinze unveiled two new releases of MyAnalysis at RIMS:

The first is a Historical Account view, which allows a risk manager to view improvements to their risk profile over time. Risk managers can choose the timeframe they want to analyze and view snapshots of their account.

The second is modeling capability on the Risk Quality Rating. This will allow a risk manager to conduct a 'what-if' analysis on completion of recommendations. Risk managers will be able to see the impact of completing a recommendation on their overall Risk Quality Rating.

Together, these two new capabilities will allow a risk manager to quickly and easily demonstrate to the insurance market both past and planned improvements to their risk profile, thus putting them in better standing during insurance renewal time. What's more, plant managers will be able to see the effects of the investment in loss prevention activities.
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