Overview
OnRisk, is a purpose built patented Graphical User Interface software that converts the digital insurance information into a 2-D model. The 2-D picture enables the user to visualize and structure insurance policies to cover each complex risk including terms and conditions. The 2-D picture also enables the user to analyze changes in available limits due to claims or other insurance policy specific terms over time.
Why OnRisk?
Better Communication
Buyers, brokers and underwriters use spreadsheets to communicate complex insurance towers. Spreadsheets focus on a single insurance tower providing a one-dimensional fragmented view of the buyers full insurance coverages. Each spreadsheet is different due to input bias and the lack of specific aggregate terms that make them poor structures for comparative analysis.
Reduced Costs
OnRisk is purposefully built to hold all of a buyers’ insurance tower details, including policy terms and aggregates in one graphic presentation. OnRisk holds current and prior period insurance towers into a single perpetual file enabling detailed analysis of insurance structures over multiple periods. OnRisk includes claims to analyze changes to limit. Users can use OnRisk to pressure test claim assumptions to assure the Buyer that coverage is adequate.
Perpetual Record for Analysis
OnRisk gives users the ability to look at the whole insurance coverage picture, including all insurance programs in one source. Outcomes include better decisions, understanding and lower insurance expense. OnRisk leads to better use of Buyer capital because OnRisk provides and ability to compare prior period provider, expense, claim and limit ultimately resulting in lower insurance expense.
Build a Tower
OnRisk software provides the user with the opportunity to build an insurance tower displaying each insurer layer with its specific terms and conditions. The software captures premium paid by the insured entity to each insurer. We believe that building an insurance tower is similar to putting together a puzzle. OnRisk software transforms the commercial insurance process into a graphic, intuitive and visually accurate representation for brokers, buyers and underwriters.
How It Works:
OnRisk enables a broker to consistently assemble quote details received from any underwriter, into a comparable format for analysis and selection of the best quote. Systematically collecting data on competitive quotes gives the broker an ability to efficiently present all quotes to buyers and build a database for further analysis. Some brokers may desire to use OnRisk’s risk sharding power to design complex subscription programs, broaden the addressable market or compare quotes to better understand underwriters risk tolerance and price.
OnRisk is a perpetual tool. Brokers and buyers can analyze a tower against assumed claim experience to determine policy risk effectiveness. Brokers and buyers can also maintain a record of actual claims against placed policies, improving required limit level evaluation at renewal and protecting against limit depletion intra-term.
Brokers and buyers will appreciate having multiple years of data for evaluation at renewal including premium comparison. OnRisk’s flexible report writing capability simplifies communication on available limit and policy terms.
OnRisk is building a tool that allows buyers to outline the specific types of insurance coverage they require. This tool can be sent to brokers and be used to compare offered or placed policies against the buyers checklist.
Claim Impact
OnRisk functionality includes claim data application that can be used for analysis of real time and prospective limit impact from a claim. After entering actual claim data inputs into OnRisk, the user will see the claim’s impact on available coverage, after calculating the effects of policy details such as sideways aggregates.
OnRisk also provides users with an ability to analyze policy limits and sideways aggregates against potential claims. This functionality is useful for stress testing insurance tower structures prior to renewal or with potential changes to risk. For example, the user is building a new production facility and wants to analyze the limit including the new asset.
Know the Underwriter
Brokers and buyers want to know what underwriter holds the risk on their policy and in the case of multiple brokers working on a tower, the broker that placed the risk. OnRisk enables users to see how different portions of risk towers are placed, through one or more Brokers, or with multiple insurance or reinsurance carriers. OnRisk makes deal distribution clearer and enables discussions on alternative placement strategies without the need for email chains or pages of spreadsheets.
OnRisk also provides a geographic snapshot of risk location and the global distribution network used to place complex risk. This application highlights the location of each insured, risk and market jurisdiction.
