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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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AXA XL Launches New Multiperil Risk Assessment Service, Risk Scanning

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November 13, 2020

AXA XL Risk Consulting has launched a new globally available risk assessment service, Risk Scanning, to carry out multiperil assessments of companies' physical locations.

The new solution combines the expertise of AXA XL risk consultants with data mining capabilities and probabilistic algorithms.

In a statement, AXA XL said Risk Scanning allows risk managers to generate assessments of their company's sites by region, country, or peril to better understand their exposures and to implement risk management and risk transfer measures that accurately match their needs.

"Traditional loss prevention programs usually focus on a company's primary locations. They can neglect the risks associated with smaller sites that are rarely visited by risk engineers, despite being where losses most often occur," Maxime Ambourg, risk consulting manager for innovation and business development at AXA XL Risk Consulting, said in a statement. "By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more exhaustive and therefore precise assessment."

"This launch is part of a broader strategy to further digitalize our offering and better serve risk managers," Jonathan Salter, head of risk consulting at AXA XL, said in a statement. "In the last year, we have launched a suite of digital services to help our clients better understand their exposure to natural hazards and, more recently, to continue evaluating loss prevention amid COVID-19 restrictions."

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