A1 Enterprise seeks to expand a customer by converting a single-module insurance policy implementation into a full ERM for real estate asset and incident management software. With this implementation of A1 Tracker, executive leadership will gain visibility to risks across the company. Additionally, staff’s workload improves with a means to report incidents from both workstations and mobile devices.
A1 Enterprise presented A1 Tracker ERM to a real estate asset management company with an asset base upward of $25B. The current asset incident management process involves manual handling of incidents. These include claims, repairs, vendors, and insurance for thousands of residential and commercial real estate assets across the US.
The Current Scenario
Currently, asset, incident, and insurance data is stored across various information silos. These consist of different systems and offline worksheets. There are additional information silos with third parties. It’s difficult for insurance and risk managers to generate real-time reports that tie assets, incidents, and claims together. With no centralized database with claims, incidents, assets, and insurance, they face challenges reporting current and past incidents to insurance carriers, brokers, and TPAs. These challenges lead to:
- Rising insurance premiums
- Under or over-reporting claims and incidents
- Compliance issues
- Operational and customer-service inefficiencies
- Redundancies in communication and data administration
As a consequence, real-time incident reporting becomes critical. This is especially the case during severe weather events. Incident reporting supports property restoration, tenant placement, and mitigating insurance premium increases. This poses a problem as weather events increase across all seasons with fires, floods, and wind events.
The Proposed ERM Solution
The proposed solution of A1 Tracker ERM integrates strategic risk management modules that allow risk and insurance managers to report real-time risk, incident, and claim data. These reports support various objectives that impact the entire organization and other parties involved.
- Insurance renewals
- Corporate governance
- Investment and divestment strategy
- Customer confidence
- Investor relations
With more presentations to follow, A1 Enterprise will tailor subsequent presentations for a highly-scalable solution that integrates across organizational investment and market segments. Our collaborative Mission with this customer will serve to address known risks and uncover hidden liabilities.
