We are in the information age and we can say without fear that bringing data intelligence into the day to day of companies is fundamental to continuously manage the risks of a business or project, isn’t it?
In the insurance industry, this is a path with no return, as it is increasingly clear that it is important that the industry takes a proactive stance with policyholders, supporting the mitigation of their exposures. Identifying risks and protecting businesses through insurance products is a must, but that alone is not enough, being proactive involves anticipation and prevention.
The ‘new’ Bidding Law No. 14.133/2021, which has just had its start postponed to March 2024 by an MP issued by the President of the Republic, brings up the need for the sector to get better organized in this regard, because it requires adaptation to new criteria and requirements.
This law is an essential instrument to improve the quality, transparency, and guarantee of execution of construction projects of all kinds.
Among the changes defined are the expansion of the insurable limits in guarantee insurance contracts for public works and the possibility that insurers will have to exercise the so-called step-in, i.e. be responsible for the resumption of a work in the event of default by the party responsible for the project.
Here it is clear how important it is to have tools at hand that collaborate to a more active risk management, anticipating situations that can bring major impacts.
At Horiens, we work very closely with the insurance market and our clients, large companies from the most varied sectors, always seeking a personalized look, either by providing tailored insurance solutions or by following the risks from the beginning to the end of a project.
With this in mind, with the support of our data lab, Horiens Risk Labs, we developed the Risk Monitoring Dashboard, an online tool that relies on probabilistic precision models created from data science, so that companies can monitor their risks with greater predictability and security, adjusting the decision-making based on the evolution of the contexts in which they operate.
In the case of insurers, with the imminent scenario of the new Bidding Law, the Risk Monitoring Panel is extremely useful for monitoring the risks of a contract, from its preparation to the actual delivery of the work or service.
If identifying and quantifying risks well is an essential factor to adopt efficient protection strategies for your business, having an online risk mapping, based on accurate probabilistic models created from data science, can be decisive to change the course of a given situation and avoid important impacts and losses. This is the future we are already building.
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