AXA XL Rolls Out Enhanced Risk Assessment Tool in North America

AXA XL Risk Consulting is rolling out its Risk Scanning assessment service in the United States and Canada to help companies address potential property exposures across business locations.

"Traveling to all of a business' locations to assess property risks is time-consuming, costly, and therefore, not typically done," Scott Ewing, head of the Americas' Risk Consulting team at AXA XL, said in a statement. "Usually, such risk assessments focus on a company's primary locations.

"Smaller sites are overlooked, but that also means potential risk exposures are overlooked too," Mr. Ewing said. "By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more thorough, cost-effective assessment across all of a business' properties in a fraction of the time."

Using a digital application, AXA XL tailors a risk survey of closed questions asked of risk managers, facility managers, or others on-site. The questions cover a variety of risks, including fire and explosion, intrusion and theft, natural hazards, environment, health and safety, cyber, storage, and vehicle fleets. Using external data, AXA XL then analyzes each location, weighting different risk variables and the probability of risk occurrence, then proposes actions and protection recommendations to mitigate the risks.

The AXA XL Risk scanning platform includes several recent enhancements.

• The ability to screen and score exposures by risk grade, vulnerability, and business interruption likelihood
• A feature to provide a pragmatic, economical solution based on achievable information and tailored to address supply chain and natural catastrophe risks
• The flexibility to allow for an independent or multilevel framework approach to risk assessments

"For businesses like retailers, grocery chains, pharmaceutical companies, and so many others with many facilities spread out across a geography, Risk Scanning empowers risk managers, along with facility managers, to take a more active part in pinpointing and control risks across their whole enterprise," Mr. Ewing said.

Available globally, Risk Scanning combines the expertise of AXA XL's risk consultants with data mining capabilities and probabilistic algorithms to conduct multiperil assessments across multiple locations. The tool allows risk managers to generate assessments of their company's sites by region, country, or peril to better understand exposures and implement appropriate risk management strategies and risk transfer measures.