Windsor, United Kingdom —Responding to the ever-increasing risk management challenges facing its clients, commercial property insurer FM Global has launched a new version of its RiskMark™ analytics tool, which enables risk managers to more precisely understand the risk of major property loss at each of their organisation's facilities, the potential business impact and the best solutions to address such vulnerabilities. Armed with that data, users can better prioritise their risk management efforts and budgets, as well as measure each facility's progress in lowering its risks.
The next generation Web-based product, which is based on client feedback, now allows users to run "what-if" scenarios for each facility and provides a proven RiskMark score indicating how ‘at risk' each site may be to four overall causes: fire, natural disaster, equipment breakdown and people. The tool also shows the quality of property protection at each facility, based on site evaluations by FM Global's engineers, and now better reflects the impact of risk improvements made. Studies show facilities with the lowest RiskMark scores have losses eight times larger and four times more often than those with the highest scores.
Users also can benchmark themselves to other facilities within their organisation, industry peers within FM Global's client base and thousands of other FM Global insured locations. The data then can be sliced to obtain facility-specific recommendations, based on FM Global's engineering advice, including expected costs.
"As a mutual company owned by its policyholders, clients turn to us to help them drive risk improvement at their facilities," said Jon Hall, executive vice president, FM Global. "The latest enhancements to RiskMark can help them better quantify and improve the risk health of their organisations in the most cost-effective manner."
For more information, visit www.fmglobal.com/riskmark.