Karen Clark & Company Launches RiskRover™ Mobile Inspection Technology
BOSTON, February 10, 2009
Karen Clark & Company, independent experts in catastrophe risk, catastrophe models, and using model results to manage risk, today announced the launch of RiskRover™, a new software product that helps insurance companies collect and analyze data from property inspections. The application helps insurers obtain better information about the properties they insure, while increasing the efficiency of inspectors and underwriters
The RiskRover software is designed for field inspectors and loss control specialists and intended to be installed on a "smartphone" or similar handheld device for use in the field. With RiskRover, an inspector can capture detailed property attributes using customizable data fields, photos and videos with tags, and handwritten notes and sketches. The application can also record the address and coordinates of the property using the device’s GPS system.
The information collected during the inspection is instantly transmitted to an online database for immediate accessibility. The included RiskInsight® interface allows underwriters and other staff to easily query and view the data and photos captured by RiskRover.
"Access to detailed information about insured properties is the basis for estimating loss potential," said Glen Daraskevich, Senior Vice President, Karen Clark & Company. "RiskRover dramatically improves the quality and ease of access to data for underwriting and risk analysis, allowing companies to make quicker and more informed decisions about their risk."
RiskRover gives companies a competitive advantage by dramatically decreasing the time it takes underwriters to receive the information they need to make underwriting decisions and to give binding quotes back to agents and brokers. By capturing inspection data electronically, RiskRover relieves inspectors of the additional step of transcribing observations into a report. The application also maintains a record of data input and notifies inspectors of any missing data while they are still onsite. The RiskInsight® interface facilitates easy data extraction into catastrophe models, pricing systems, and other risk analyses.
"Because RiskRover improves the quality of company data while reducing costs, companies see huge productivity gains within weeks of implementing this new technology," said Karen Clark, President and CEO of Karen Clark & Company. "We are pleased to be working with insurers to implement technology that not only brings efficiency gains but also enhances risk selection, pricing and catastrophe risk management."
More information on RiskRover can be accessed on the company’s website, www.karenclarkandco.com.