2015 ICTA Nomination. Technology by Risk Control Technologies Inc.
Farm Mutual Reinsurance Plan implemented the Risk Control Technologies solution initially for use by internal loss prevention field consultants but had a broader vision to leverage the solution to provide a modern loss control platform for all of its member companies to facilitate their field risk surveys.
After the initial deployment, FMRP piloted the system with four of its member mutual insurers – this included the use of the online system for requesting and managing survey requests as well as the iPad field app for their loss control field representatives. Field loss control representatives are equipped with iPad devices, loaded with the RC Inspection field app in order to capture risk data, photos and recommendations in the field, even in rural locations without mobile broadband connections.
Once uploaded back to the online system, the process of letter and report creation is automated, saving significant time and effort, which allows the field consultants to spend more time in the field and less time at their desks.
Following the initial pilot, FMRP plans to roll out at least 14 additional member mutual companies over the next 12 months.
FMRP increased the number of completed risk assessments by 84%, reduced their report delivery time following a risk assessment by 27% and have decreased the number of typographical errors and mistakes through the use of standardized recommendations. The overall quality and speed of the reporting process at FMRP has improved significantly since the software was implemented. The use of a data quality review report in the system enables the loss control specialists to receive immediate feedback on the quality of the information contained within their reports.
Farm Mutual Reinsurance Plan Inc. is Canada’s first completely Canadian-owned reinsurance company. Located in Cambridge, Ontario, FMRP was formed in 1959 by Mutual Insurance Companies from across Ontario, who provide their members with Farm, Personal and Commercial insurance products.
By pooling their resources in the Farm Mutual Reinsurance Plan, small regional insurers operating in rural areas Canada-wide can participate on an equal footing with much larger players in the insurance industry.
The relationship between the FMRP and its members is unique. Cost-sharing offers access to a wide range of benefits that would not normally be available to the members as individual companies.
Involvement in the member-owned and member-directed organization provides increased capacity and allows these small insurers to respond to the needs and demands of their insureds with innovative products and services in a very cost-effective manner.
The FMRP employs a full-time staff knowledgeable in the areas of underwriting, claims, loss control, and provides this expertise to members on an ongoing basis. FMRP also complies with government reporting requirements on behalf of it’s members.
Group representation on government and industry organizations provides members with a unified and powerful voice on issues affecting them.
Source: Farm Mutual Reinsurance Plan