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Loss Control, Premium Audit Systems Critical to Customer Experience, Celent Finds

More than half of property/casualty insurers using a stand-alone loss control and premium audit system say the primary reason for purchase is to improve the customer experience, with improving process efficiencies the next most common reason, followed by improved underwriting and better transparency and control of the process, according to a new report by Celent.

Celent, a global research and advisory firm focused on technology for financial institutions, released a study of vended loss control and premium audit solutions in a report called Property Casualty Loss Control and Premium Audit Systems – North America: 2021 Spectrum Report: Powered by VendorMatch

The report was designed to help insurers define their core requirements for loss control and premium audit systems, and can be used as a first step toward creating a short list of vendors for evaluation. Expanded loss control and premium audit functionality and improved technology mean that insurers continue to have a spectrum of systems and vendors to consider when they are looking for a solution to fit their needs. Celent research subscribers can leverage their access to the author through analyst access calls to learn more about the vendors.

Celent asked firms that provide loss control and premium audit systems to enter information about their company and products into a Celent’s free digital catalog, VendorMatch ( This report presents certain extracts of that information. Additional details about each product are available in VendorMatch, subject to VendorMatch’s terms of use. 

This report provides an overview of the loss control and premium audit systems available in North America for property and casualty insurance carriers. It also includes data from a recent snap poll of members of the Celent Executive Research Panel on their use of loss control and premium audit solutions.

“The role of loss control and premium audit are shifting from pure inspection and rating basis validation toward playing a broader role in the customer experience,” said Karlyn Carnahan, head of Celent’s North American property casualty practice and author of the report. “Insurers are looking for ways to not only improve that experience, but also reduce costs, streamline the processes, and use the resulting data more effectively.”

The report profiles four loss control systems and three premium audit solutions, providing an overview of their functionality, customer base, lines of business supported, technology, implementation, pricing, and support. The loss control products profiled are AuSuM Systems™: Survey and Risk Assessment (SaRA™); Origami Risk: Origami Risk - Insurance Loss Control; Risk Control Technologies Inc: Risk Control Technologies; and Majesco: Loss Control 360. The premium audit products profiled are AuSuM Systems: Premium Audit Manager (PAM); Majesco: Loss Control 360 Premium Audit; and Origami Risk: Origami Risk - Insurance Premium Audit.

​Other findings include:

  • Vendors continue to make significant investments in loss control and premium audit solutions, which are delivering more functionality, improving configuration tools, and are more connected, with APIs and RESTful web services becoming the de facto standard. The use of data to drive benchmarking or predictive analytics is an area that most vendors are investing in. Although these trends are all very good news for insurers, they make the competitive challenges facing vendors that much more daunting.
  • Insurers are looking for several key capabilities when they determine whether to invest in a new loss control and premium solution:
    • Improved customer experience. Customer experience improvements often come from the ability to launch self-service tools for both premium audit and loss control. Other aspects that impact customer experience include enhanced abilities to manage ongoing service plans, better follow-up tools for recommendation management, embedded communication and collaboration tools, and risk management information disbursement.
    • Operational efficiency. A wide variety of tools are available to help the consultants and auditors manage their workload more efficiently including workflow tools, standardized templates for reports and audits, and robust recommendation management capabilities. 
    • Increased use of analytics. These solutions are increasingly differentiating based on the analytics capabilities provided within the solutions. Celent sees four major categories of analytics that are being provided:
      • Operational benchmarking—allow insurers to compare their operational performance to their own standards or to other insurers if their vendor offers contributory data.
      • Risk benchmarking—compare an individual risk to similar risks.
      • Account level underwriting support—help underwriters interpret the information coming back and plan for the appropriate level of service.
  • Portfolio level analytics—the data within the loss control reports and audits can be used to manage the overall book of business, especially when an insurer can query data inside a loss control report or audit.

About Celent

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh McLennan Companies. For more information, visit Follow Celent on Twitter @Celent_Research.


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