March 19, 2020

March 19, 2020 | Broker News

A better picture of business risks for your customers


Did you know that Zurich Risk Advisor (ZRA) app has even more advanced features that you may not be aware of yet?

We’ve read about getting started on the app and risk management in 60 seconds, as well as how ZRA’s insights and collaboration features make it the ideal risk management companion but we haven’t even scratched the surface.

There are more features which can enable you to gain a deeper understanding of risks across your customers’ businesses.

Firstly, the risk scenarios function - where you can record your customers’ risk gradings across a broad spread of property, cyber and liability risks. There are two ways to get these gradings – they can either be allocated by a Zurich Risk Engineer following a business visit, or you can complete them yourself with the help of the risk definitions set out in the app (which are based on the factors our Risk Engineers would be looking at when grading the risk).

With this information recorded, you can then manipulate an intuitive set of sliders to explore any number of ‘what if?’ scenarios and see what would happen to the overall risk grading if your customer carried out improvements in specific areas (and don’t forget that you can always refer back to the risk snapshots for risk improvement ideas). Not all risks are equal in terms of likelihood and impact, so knowing where to suggest resource allocation for the best results can be tricky. With the help of risk scenarios, you can quickly and easily identify the areas with the largest gains available and advise your customers where to focus their risk efforts and budgets.

Importantly, you’ll find that ZRA presents the risk grading information in a visual and intuitive way, giving you an at-a-glance impression of the business’s risk profile and how it can be improved.

The second feature is Zurich Hazard Analysis – a tool for those who want to make a significant commitment to gaining an in-depth understanding of their customers risks.

Zurich Hazard Analysis involves identifying and putting together a team of relevant experts from within your customer’s business to map out potential risk scenarios, identify probability as well as severity levels. From this, current overall risk profiles vs its risk tolerance can be established, and then create detailed action plans for your customer to address any differences. It’s a process that requires a significant undertaking, but which offers valuable rewards for your customers in terms of establishing a holistic picture of risk that enables more effective future planning.

While you cannot carry out the process itself solely using the app – Zurich Risk Engineering will work with you to provide the training and ongoing support necessary to apply to your customers – Zurich Risk Advisor does enable you to record the results of your Zurich Hazard Analysis, ensuring that you can access all of these risk insights in one place.

Zurich Hazard Analysis may not be for every broker, but Zurich Risk Advisor definitely is, you can see why through Anthony Hatherell’s blog series over the past months. Whoever your customers, Zurich Risk Advisor offers straightforward, practical tools to help identify, analyse and manage the risks they face every day.

Download it for free from your app store and see how you can use it to help make your customers businesses safer. Lookout for more exciting news about imminent new features relating to Motor Fleet!