Managing client risk ratios in the face of growing risk complexity and claims culture is one of the biggest challenges in the commercial liability insurance space. Neither clients nor insurance partners are adequately aware of and adept at risk management. SeaChange, an Ireland-based company, resolves these issues through their behavior-based risk management systems. “We know that 80-95% of accidents are behavior-based and to manage risk effectively it is critical to impact behavior,” says Dr. Paul Cummins, Managing Director. The primary risk factor responsible for the highest liability claims frequency and cost is Slip, Trip, and Fall (STF). The high rate of STF accidents in the workplace leads to the most frequent number of both public and employee claims in sectors with high-footfall such as retail and hospitality. In some circumstances, STF causes up to 65% of liability claims and a large proportion of that massive figure is due to poor housekeeping and a distinct lack of proactive STF risk management practices. SeaChange has responded by developing a range of innovative and dynamic ‘behavior-based’ solutions, including CAYGO®- a Slip, Trip, & Fall Management Digital Product- and SABRE®- a Safety Culture Audit- to effectively manage liability risk factors in high footfall sectors.
The CAYGO® Slip, Trip & Fall Management Digital Product proactively and exponentially improves housekeeping behavior standards in high-footfall sectors and instantly reduces the likelihood of STF accidents to decrease the client’s risk ratio. Staff are trained to run the digital product that automatically checks and manages the business areas routinely for STF hazard identification and corrective action. This digital product connects the business to SeaChange’s Online Portal where SeaChange experts remotely monitor all automated reports and leaderboards on a monthly basis to provide oversight and ensure better compliance rating.
The SABRE® Safety Culture Audit helps assess and rate the attitudes and behaviors that determine enduring client risk and predict future threats. It provides real insight for the insurance sector that gets under the skin, saves money, increases margin, identifies prospective distressed v/s progressive clients, and controls risk more effectively.
“Our risk analysis process goes deeper than any other solution on the market,” adds Cummins. The process determines enduring risks and predicts future risks through a combination of observation, questionnaire, and workshops at every level of the organization. The company accurately positions the safety culture within the organization at senior management, frontline management, and operations to ensure that gaps are addressed, and communications improve to connect the safety message to every layer of the organization. Additionally, they leverage an “all boats rise model” through which insurance companies can reduce their yearly bills if they can help their clients achieve profits.
A large Retail group, which operates thousands of sites on a franchised basis, wanted to reduce accidents, claims, and maintain a competitive insurance premium into the future. With the support of their insurance partners, this group introduced the SeaChange CAYGO® STF Management System, to focus staff attention on housekeeping and STF prevention in their work area. Within two years of adopting the system, STF accident frequency reduced by 33% and the cost of STF claims reduced by 50%.
“The SeaChange partnership facilitates the growth of a strong health and safety culture leading to reduced accidents and claims, which is the ultimate goal for all concerned,” affirms Cummins. SeaChange are currently building strategic alliances with proactive insurance underwriters and brokers who recognize that risk must be managed 24/7 to leverage competitive premium rates. They also plan significant growth in their digital solutions in Irish, U.K. and U.S. markets through insurance channels and direct to high-footfall sectors.
Management: Dr. Paul Cummins, Managing Director
Location: Kildare, Ireland
Description: Provides behavior-based risk management solutions for high-footfall industries to reduce the frequency and cost of liability claims
Quote: “Our risk analysis process goes deeper than any other solution on the market.”