Insurance Coverage Explorer™
Published: 12-Aug- 2011 | Comments: 0
Accessing and deciphering current and historical insurance assets can be difficult, particularly if hundreds of policies issued by multiple insurers are involved. It is even more difficult when merger and acquisition activity results in inheriting multiple insurance programs. If a company maintains its historical insurance policies only in paper form, it not only risks losing its only evidence of coverage, but also may find itself searching through boxes of policies to locate a single item. Even if policies are imaged, it may still be difficult to locate the appropriate ones.
Companies may incur delays, costs, and errors attempting to locate and understand policies. When policies are not found, businesses can be exposed to significant losses that otherwise would have been insured.
The Insurance Coverage Explorer™ Solution
Insurance Coverage Explorer (ICE) is an innovative solution that enables organizations to capture and access insurance policies, supporting documents, and important coverage details. It is available as a secure, internet-accessible application that is delivered and supported in real time by insurance experts from Marsh Risk Consulting’s (MRC) Complex Liability Consulting Practice.
ICE can help protect organizations from the risk of important policy documents being lost or destroyed. ICE allows critical policy information to be examined by users utilizing user-defined search criteria methods. Advanced searches of policy images and data enable locating the “needle in a haystack” out of thousands of policies.
ICE creates color-coded, interactive coverage charts for decision support purposes. The coverage charts can depict insurers, exclusions or policy provisions, insurer solvency, and the nature of policy documentation, as well as policy exhaustion or erosion. Policy documentation and details for coverage shown on these charts can be accessed by clicking on the policy.
Other features of MRC’s ICE solution include:
- corporate history, including divestitures and liability retention;
- advice regarding data collection appropriate for your requirements; and
- quality extraction and capture of key data and documents by our experts.
ICE enables an organization to utilize the value of its insurance portfolio and maximize the ability of its insurance program to respond to current and future liabilities. For example, organizations faced with legacy liabilities, retrospective premium adjustments, insurer insolvencies, or London market schemes of arrangement, can locate applicable policies in seconds. ICE provides easy access to the applicable insurance in the immediate aftermath of a major business event.
The ICE solution is much more than a database. ICE assists in maintaining an essential best practice from a corporate governance standpoint. ICE reduces inefficiency and uncertainty from your operations. It acts as an important support tool for all insurance-related challenges.
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