An effective Property Risk Management System is about more than the property appraisal data that you pour into it. (Though collecting property data is still a critical part of the process.) It’s also about the robust level of information you can get out of your system.
The ideal property risk management system should help you form a foundation for better, fact-based decision-making. It should allow you to slice and dice that data in a myriad of useful ways. It should let you drill down to view high risk features of your properties, so you can make the updates that mitigate risk. And it should be user-friendly enough so it’s quick and easy to generate the reports you need — reports that are both clear and professional.
So what type of reports should your property risk management system be able to generate?
Canned reports can be vital when you need to meet regular data reporting requirements fast.
Most risk management software systems come with a certain number of canned reports. Their developers recognize that you’re busy and shouldn’t have to recreate the wheel when it comes to report generation for certain common risk management tasks. Some helpful canned reports to look for when choosing risk management software include:
- Member and building summaries– Member or building data boiled down into short, simple overview information
- Building details– The nitty gritty, detailed listing of each building in your system
- Change reports– A list of the changes made to assets or to a property’s risk history, for quick reference
- Insurance summaries– Overviews of previous, active and pending values, replacement costs, exclusions, and insurable values for the properties in your system
- Catastrophe modeling reports– Export the data required for your properties to be run through a catastrophe modeling program.
Custom reports are invaluable for digging into data and making informed valuation decisions.
No canned report set is going to meet all your needs all the time. Sometimes you need a report tailored specifically to your organization and its processes. And that’s why an effective property risk management software system will allow you to build custom reports. With a robust system, all data should be searchable and reportable, whether you need a report by member, site, building, property in the open, risk assets or any other variables, large or small. If you can enter the data into the system, you should be able to report on it. For example, if your property insurance broker or underwriter requires specific data elements in a defined format, a custom report can be created and run each time the data is requested.
Saved custom reports can reduce your report generation time down the road.
A well-planned risk management software system should allow you to build custom reports and then save them for the future. Generating your favorite custom reports shouldn’t be a question of perpetual recreation each time reporting needs comes around. The right system will let you create your search once and then save it, to be reused later. You can even distribute it to different users so that they, too, always have access — improving communications along the way. In the fast-paced world of insurance underwriting and risk management, these little efficiencies can really add up!
Formatted, printable reports help improve communications and professionalism.
Want to share your data with customers, administrators or colleagues? Some property risk management software systems offer formatted report functions to ensure the data is clear and professionally organized, whether it’s as print-outs or PDFs. Additionally, some systems will let you add a logo to the header of your reports, transforming your data into helpful official branded communications. This allows you to customize your reports with different logos for different internal and external audiences, securing the attention your data deserves.
Exportable data lets you build and design your own reports in data programs like Excel.
Another thing to look for in your software system is the ability to export your data as a comma-delimited file, or directly into Excel. These options let you manipulate your data in innumerable ways, ensuring you have the flexibility to report on the items that are critical to your organization.
Flexible Reporting to Inform, Update, and Reduce Risk.
An effective property risk management system is only as good as the information you can withdraw from it. The more flexible, functional and forthcoming your reporting is, the better you can use those reports to:
- Support insurance and underwriting requirements
- Make strategic decisions to mitigated risk exposure
- Act as proof-of-loss documentation in the event of a loss
- Secure more favorable ratings by avoiding worst case scenario assumptions made by catastrophe models.
For more information on how AssetWorks’ AMP solution and its robust reporting help bridge the gap between property valuation and property risk management, click here.