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Royal Sundaram General Insurance Co. is the first private sector general insurance company in India to be licensed in October 2000.

Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialized insurance products in fire, marine, engineering, liability and business interruption risks to commercial customers.

Previously decisions in insurance could be made easily using heuristics or “gut level feel” based on experience, however in this advanced age of technology and technological advancements, tools are required to have accurate and risk relevant information. Nature of risks and the industries are ever evolving and warrants development of new risk management techniques and products in response to risks derived from innovations and sophistication.

The management of risk in commercial lines of insurance is essentially to have inherent

understanding of the risk per se and strategize for surviving and thriving in this volatile, uncertain, complex, and ambiguous competitive market by having the right mix of risks.

Royal Sundaram’s Risk Management Services have developed a tool for evaluating commercial property risks which further provides a score card for each unit visited. All the concerned parties, i.e. client, risk engineers and underwriters will have systemic understanding of the unit under evaluation.

The tool is a mobile based interface allowing the field engineers to dynamically capture and record data by identifying and simultaneously accessing the inherent hazards and various mitigation systems available in these respective units. The fields in the tool responds dynamically to the nature of the occupancy being captured.

Developed into three different modules, the tool further identifies complexities of the risk reflecting the asset value of the unit being visited.

As such, this tool for smaller risk values has been simplified to allows the user to be on the forefront in the arena of risk management. The complexity and the severity increases with the nature of occupancy and the asset value under assessment. The field engineer’s drives the tool rather the tool driving the field engineer.

With the ability to keep continuously enhance (at the backend) and the ability to make changes dynamically, this tool is developed to get the best of risk management. An important advantage of this tool is also to capture images or video in real time and provide verification of the data being captured to the end consumer of the result. Risk Assessment Sheet, the final output to the analysis can be made available immediately along with the location coordinates.

Based on the tool findings Royal Sundaram’s RMS department can discuss various options with their clientele to provide cost effective and required solutions to reduce the residual risk manageable for both the client and the company.

All the inherent hazards/risks cannot be eliminated, but the tool will effectively provide risk score for the underwriters to bench mark their units with respect to their current portfolio.

“In risks lies opportunities”.