Loss Control Maturity Model

This infographic outlines the stages of the Loss Control Maturity Model, which helps insurers align their Loss Control digital maturity with their operational needs. The model emphasizes the importance of evolving from manual processes to advanced analytics and AI to stay competitive and efficient in loss control operations. It describes four main stages:


Manual & Task Based:

• Use of traditional tools like Word, Excel, PDF, and Email.
• Processes are task-based, limited by team size and travel budget.
• Risk data is often paper-based or unstructured and not easily shareable.
• Summary reports are manually created and shared in unstructured formats.

Data Aggregation, Automation & Sharing:

• Introduction of digital paper and process automation.
• Use of loss control specific applications and automated task management.
• Standardized forms, letters, and recommendations for repeatability.
• Centralized repository for data capture, though much data remains unstructured.
• Improved data analysis tools and better data transfer to underwriting or analytics teams.

Analytics, Algorithms & AI:

• Use of loss control specific algorithms and 3rd party data for comprehensive risk assessment.
• Risk scoring and AI features for predicting and preventing risks.
• Near-complete automation of survey and data capture processes.
• Advanced analytics and automated workflows across multiple divisions and teams.
• Sophisticated system alerts and multi-step workflow execution.