AXA XL Risk Consulting has unveiled its Risk Scanning risk assessment service in the US and Canada to help clients gauge their exposure to risk across their business locations.
AXA XL, the property & casualty and speciality risk division of insurance and reinsurance firm AXA, collects risk data from risk managers, facility managers or others on-site through a digital application.
It covers a wide range of risks such as fire, explosion, intrusion, theft, natural hazard, health, cyber, safety, and the environment.
Using the data, AXA XL analyses locations by weighting different risk variables and the probability of risk occurrence to provide recommendations and de-risking strategies.
AXA XL head of the Americas’ risk consulting team Scott Ewing said: “By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more thorough, cost-effective assessment across all of a business’ properties in a fraction of the time.”
AXA XL’s risk assessment tool leverages the expertise of risk consultants, data mining capabilities and probabilistic algorithms to assess the impact of risks across multiple physical locations.
Risk managers can use the tool to assess their businesses’ risk exposure based on region, country, or peril and gain access to risk management strategies and risk transfer plans.
AXA XL head of risk consulting Jonathan Salter said: “Given the technology and data that we can currently access, digitalising our risk assessments capabilities allows us to give our clients a better understanding of their exposure to natural hazards and to continuously evaluate their prevention strategies, allowing them to optimise their loss prevention measures and investments.”
Recently, AXA XL’s North America Environmental insurance business launched an Environmental Ecosystem technology in North America.