How Can Software for Risk Management Solve 3 Big Property Risk Problems?
The biggest question that faces many organisations globally and in the UAE is the risk in their existing property program. Is there a better way to manage the organisation’s assets, balance sheet and growth by reducing high premiums, or are they underinsured? Organisations are stumped by critical yet common problems that only robust property risk management software can effectively solve. A quick look at three big property risk problems and the solutions offered by software for risk management is in order.
1# Inconsistent property values
The biggest challenge is that similar properties of similar purposes have values that vary widely. The biggest hurdle is to determine which value is accurate. When property values differ so widely, there is no way of ensuring that we are getting the right amount of insurance at the correct rates.
With robust reporting, property risk management software allows an organisation to easily report on and analyse principal values. Sturdy software allows a drill down to view data on the individual property features that might cause a particular property to be valued differently from another. The property history capabilities enable recording changes made to the information of values over time. This feature makes it easy to compare and contrast. Risk management software enables holistic property assessment, allowing proper room to take care of any red flag inconsistencies.
2# Lack of Data Integrity Across Multiple Systems
Working across multiple, siloed systems maintained by different individuals is likely to make information inconsistent. Staff turnover, individual operating characteristics of data managers and fields of the same name containing very different data types may result in incorrect and inconsistent data.
Property risk management software ties all the property data into one unified system. Updated information flows throughout the system, available to anyone with the right permissions. User permissions ensure greater authorisation and greater consistency.
3# Missing Workflows to Approve Property Changes
Organisations need to build accountability for updating information in the property data processes. The property data management process is a constant struggle with checks and balances and both documentation.
A permissions-based risk management software system allows assigning user roles and parameters for these roles. The approval workflow is built into its functionality. Effective communication becomes possible, and the automatic documentation of all updates and correspondence increases accountability.
Property risk management problems can be solved with robust and configurable property risk management software. Data Direct can help you solve your property risk management problems in the UAE with very effective risk management software.