If 2020 has taught us one thing… it’s that technology can enable us to be more efficient and effective in how we operate our businesses and our lives.
Mitig8 launched in 2020. An Insuretech app that very simply connects a whole lot of previously disjointed parts in the risk survey report process.
Every single commercial property risk in South Africa needs a risk survey report completed for the underwriter. SO this is hundreds or even thousands of reports a week. Traditionally, an underwriter will have a relationship with a few independent risk surveyors around the country, or alternatively have an internal team of surveyors who travel around and complete these surveys. The surveys are completed and a PDF report is supplied to the underwriter. The report will vary from company to company or surveyor to surveyor. Risk mitigating requirements are indicated in the report and generally it is the brokers job to ensure that these requirements are met by the client. The report is filed until the following year’s renewal and so it goes. Research tells us that many times the risk requirements requested in the survey are never completed, which adversely affects loss ratios.
Mitig8 allows underwriters, brokers and surveyors from across the country to all meet in one place, kind of like Uber connecting pedestrians needing a lift to drivers wanting to drive them. A survey request is submitted and a team of 60+ geographically spread surveyors can blind quote for the job. Being geographically well spread the cost of these surveys generally comes significantly down as you are not paying for transport and accommodation for your surveyors to travel.
Mitig8 will transform pages and pages of absolute golden data stored in PDFs on some server somewhere into intelligent data that can really inform underwriters how to cost risks, how to manage risks, how to effectively reduce the amount of avoidable claims. The result is happier clients, and more profitable loss ratios. Plus you are getting your surveys done quickly, efficiently and uniformly, often at a fraction of the cost.
As an industry we have been banging on about putting risk management on the right side of the underwriting process for at least a decade already, and if we are honest, we still aren’t getting it right. Mitig8 does change this. Your risk management will now inform your underwriting.
There really is no downside to this.
Get in touch with Mike today and book a 40 minute slot for him to take you through the system.