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The Future of Surveying and Risk Management

23 October 2020 Mitig8 Risk Management
Michael Cannon, Co-founder at Mitig8 Risk Management

Michael Cannon, Co-founder at Mitig8 Risk Management

One of SA’s hottest new insurtech startups, Mitig8, has launched a revolutionary surveying and risk management tool to the local insurance industry. The Mitig8 platform is billed as “the Uber of risk surveying” and has taken the market by storm!

The platform is unique to the South African market as it offers insurers across the non-life spectrum access to a wide pool of experienced and independent risk surveyors. Mitig8 director and co-founder, Mike Cannon, says the platform is extremely user friendly, offering a multitude of benefits to insurers, UMAs, clients and surveyors.

“The biggest benefit of the platform to the insurer is the consistency of the reports, and the way that the data is captured. This allows access to smart data that will ultimately inform the underwriting of risks before placing the adequate cover,” he says.

“We engaged with multiple industry players to create a smart risk surveying tool that covers all aspects of the multitude of commercial property risk elements and survey requirements.”

The platform makes use of a blind quoting system, used by over 80 surveyors, spread geographically across South Africa. This allows multiple surveyors to submit quotes to an insurer which can then be accepted based on time, cost and the surveyor’s rating criteria.

“An insurer can track a job’s progress in real time which leads to tighter controls, improved efficiencies and greater visibility throughout the entire risk survey cycle. Additionally, our ‘smart reporting tool’ produces a bespoke risk management report, which advises underwriters of the risk requirements and recommendations, as well as a risk summary by exposures, which ultimately aims to assist insurers in making better underwriting decisions.”

The platform is a win for surveyors, as well.

“Surveyors who perform well will get rated highly and are therefore more likely to get repeat work,” says Cannon. “We have built a payment gateway that pays out as soon as the job has been signed off by the insurer. This ensures prompt payment and assists with cash flow.”

Initial reaction to the platform has been phenomenal. Here’s what people are saying about it:

“Mitig8 has the potential to revolutionise the risk surveying environment through driving a digital process that removes inefficiency and adds risk insight.” - Doug Laburn, Executive Head - Lombard Partnerships

“Mitig8 is a major step forward for insurance risk surveyors, as a platform which has assisted in ensuring that all information is loaded correctly. This platform is user friendly and has significantly improved survey turnaround times. The Mitig8 system streamlines insurance risk survey reports and the insurance company’s processing of the information that is provided in these reports.” - Dewald van den Berg, Equipro Business Risk Solutions

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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