News

Etana’s unique risk assessment tool is set to revolutionise the industry

1 July, 2010

Etana surveyor Warren Gradidge demonstrates the user-friendly nature of the ARQ risk management tool

One of Etana’s primary values is innovation, a value that head of risk management, Marcel Wood, has taken to heart by creating a unique risk evaluation tool that’s already revolutionising the way Etana conducts risk surveys.

Marcel’s computer-based Advanced Risk Questionnaire (ARQ) is the world’s first electronic risk management tool designed specifically for the insurance industry. The ARQ was created to remove human error from risk evaluation and has already proven its worth just a few weeks since it was implemented by Etana.

“To the best of my knowledge nothing like this is used anywhere in the world,” says Marcel, who believes it won’t be long before his innovative tool is adopted by insurers worldwide.

“I came up with the idea on my own and refined it over the course of a year before I felt it was ready for use,” Marcel explains.

Although the ARQ is being used exclusively by Etana at the moment, the potential to apply it throughout the insurance industry is being considered, and a non-disclosure agreement has been instituted with electronic developers.

“Etana is definitely open to the possibility of selling the tool to the industry when we believe the timing is right. At the moment we are looking at improving it for use by brokers,” says Marcel.

Having already used the new tool, Etana surveyors are amazed at how quick and easy it has made their job.

“Our surveyors are really excited about using the ARQ since it has greatly improved our assessment capability, and nothing can be overlooked in error. We are able to work far quicker and more comprehensively,” says Marcel.

Thanks to its built-in adaptability, the ARQ also has the flexibility to cope with a wide range of client risk assessment requirements, from those of large corporates to lesser needs of small businesses.

Prior to the introduction of the ARQ, surveyors would call on clients and compile a risk report list by hand, a method that was time-consuming and prone to human error. The ARQ electronic method streamlines the system and ensures that nothing is overlooked by the surveyor, with requisite tasks, cross-checks and balances to ensure that all risk aspects are covered.

Since the survey is carried out electronically via a touch-screen laptop (or any computer), the results can be accessed immediately and shown to the client.

Two reports are produced when the complete ARQ is submitted: a complete report for Etana, the co-insurers or re-insurers and a condensed report on risk requirements for broker and client, which outlines suggested solutions to potential problems on site.

The ARQ links requirements to pre-determined recommendations and access to a printer or use of a memory stick means the client has immediate access to a copy of these in the form of a report.

As head of risk management at Etana, Marcel is responsible for training and auditing a staff of 20 based throughout South Africa and says he is looking forward to sharing the benefits of the ARQ with all his staff.

“From a quality perspective the ARQ is infallible as there is no room for human error,” adds Marcel.