Intelligence &
Risk Management
Making complex simple.
Risk Maps
Inherent Risks' approach to Risk Maps is unique. We proactively identify specific complex problems our clients' are facing, and leverage real-time and human-verified intelligence, combined with proprietary technologies and in-depth analysis, to develop agile and interactive maps that provide instant understanding of geographical risks.
Inherent Risks is a force multiplier for your organisation.
CASE STUDY
Ukraine Risk Map enables Lloyd's underwriters to quickly assess risks and establish pricing
Problem
As thousands of Ukrainians were fleeing the country in fear of their lives, global media agencies were entering the country to report on the conflict, and NGOs to assist with evacuations and humanitarian operations. As a result, we were receiving requests for insurance coverage at a rapid rate. The problem that insurers were facing was that conflicting media reports blurred the lines of where active combat operations were taking place. In addition, both the organisations requesting insurance, and the insurers themselves, were not overly familiar with the country's geography, or able to pronounce the names of towns and cities.
Solution
Inherent Risks developed the Ukraine Risk Map, in partnership with Lloyd's insurers, to provide an interactive and easy-to-use Risk Matrix that designates risks into Red, Orange and Green Zones, and enables underwriters to quickly price individual and group risks for medical & security evacuation insurance cover. It has since been adopted by brokers and insurers across the globe to assess travel risks and determine rates in low, medium and high-risk regions. It is also widely used by foreign governments, multinational corporations and international non-governmental organisations as a trusted travel risk management and journey planning tool.
Intelligence-led and data-driven.
Our products, in conjunction with policy wordings developed by our insurance risk management specialists, enables brokers and underwriters to set expectations with policyholders, and in-turn better enables policyholders to plan for, and respond to, risks should the Risk Rating increase significantly to justify a policy triggered event.
Ukraine Incident Register / Heat Map
Since February 2022, when Russia invaded Ukraine, Inherent Risks has kept an Incident Register of all insured and uninsured incidents where an international or local, employee or volunteer of a foreign company or organisation was either injured or killed. In addition, we have kept a Register of all people insured through our Underwriters who have travelled within the Green and Orange Zones. From that data we have developed a live Heat Map, integrated with real-time global intelligence and claims cost data, which enables us to better inform clients' of increased risk locations and activities, and better enables underwriters' to price location and industry specific risks across Ukraine.
Global Response Risk Map
We have developed a first-of-its-kind Global Response Risk Map and integrated Risk Matrix used by the insurance industry for Accident & Health and Special Risks pricing, in both benign and challenging regions. Through a choice of dynamic layers, insurers can view live cost data associated with providing medical assistance and security response in each country, calculated using several factors, including political, security, health and seasonal climate risks, geographical considerations where assistance is more complex, healthcare costs, and known insurance fraud hotspots where cost containment rackets are prevalent.