New York, NY (Apr. 7, 2022) – To help companies see the ‘big risk picture’ and pinpoint potential property exposures across their business locations, AXA XL Risk Consulting is rolling out its Risk Scanning risk assessment service in the US and Canada.
According to Scott Ewing, Head of the Americas’ Risk Consulting team, “Traveling to all of a business’ locations to assess property risks is time-consuming, costly, and therefore, not typically done. Usually, such risk assessments focus on a company’s primary locations. Smaller sites are overlooked, but that also means potential risk exposures are overlooked too. By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more thorough, cost-effective assessment across all of a business’ properties in a fraction of the time.”
Through a digital application, AXA XL tailors a risk survey of closed questions asked to risk managers, facility managers or others on-site, covering a variety of risks including fire and explosion, intrusion and theft, natural hazards, environment, health, and safety, cyber, storage and vehicle fleets. Using external data, AXA XL then analyzes each location, weighting different risk variables and the probability of risk occurrence, and proposes actions and protection recommendations to mitigate the risks.
Recent enhancements to the platform include:
- The ability to screen and score exposures by risk grade, vulnerability, and business interruption likelihood
- A feature to provide a pragmatic, economical solution based on achievable information and tailored to address supply chain and natural catastrophe risks
- The flexibility to allow for an independent or multi-level framework approach to risk assessments
- “For businesses like retailers, grocery chains, pharmaceutical companies, and so many others with many facilities spread out across a geography, Risk Scanning empowers risk managers, along with facility managers, to take a more active part in pinpointing and control risks across their whole enterprise,” added Mr. Ewing.
Available globally, Risk Scanning combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments across multiple physical locations. The tool allows risk managers to generate assessments of their company’s sites by region, country, or peril to better understand their exposures and to implement risk management strategies and risk transfer measures accordingly. Risk Scanning provides a fast overview of a business’ exposure by region, country, or peril.
“Throughout the global pandemic, we learned to do a lot of things differently,” said Jonathan Salter, AXA XL’s Head of Risk Consulting. “Given the technology and data that we can currently access, digitalizing our risk assessments capabilities allows us to give our clients a better understanding of their exposure to natural hazards and to continuously evaluate their prevention strategies, allowing them to optimize their loss prevention measures and investments.”
“Especially given the severe weather we continue to see, companies of all sizes and across industries can benefit by taking the extra step to boost their property protections using Risk Scanning’s risk scores, recommendations and decision-making tools to build more inclusive, complete loss prevention plans,” said Michele Sansone, Chief Underwriting Officer for Property insurance in North America. “With more comprehensive site assessment, as property insurance underwriters, we can offer coverage that is optimally suited to their exposures.”
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. For more information, visit www.axaxl.com.
About AXA XL Risk Consulting
AXA XL Risk Consulting delivers a comprehensive range of risk management solutions and consulting services. Our global network of professionals helps identify current and future risks, while providing practical and realistic solutions to optimize and mitigate them. We empower our clients to improve business results and protect brand value. We partner with those who move the world forward. For more information, visit www.axaxl.com.
About XA XL Insurance
AXA XL Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. For more information, visit www.axaxl.com.
About AXA Group
The AXA Group is a worldwide leader in insurance and asset management, with 153,000 employees serving 105 million clients in 54 countries. In 2020, IFRS revenues amounted to Euro 96.7 billion and underlying earnings to Euro 4.3 billion. AXA had Euro 1,032 billion in assets under management as of December 31, 2020.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.
For more information, visit axa.com.
SOURCE: AXATags: AXA, launch, Property Inspection