Wednesday, July 24, 2024

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AXA XL using technology to help captives mitigate risks

AXA XL is utilising technologies such as telematics, water mitigation, and worker wellness to help captive clients mitigate their risks.

Speaking on a recent episode of the Global Captive Podcast, Steve Bauman, global programmes and captives director for the Americas at AXA XL, and his colleague Rose Hall, senior vice president and head of innovation for the Americas, discussed how new technologies can be deployed to mitigate risks and compliment captive programmes.

Providing examples in the worker wellness area, Hall said there were multiple solutions that are proving to be effective.

“Two are wearables that a worker will wear, and they will get a haptic response, like a buzz or a beep when they’re lifting improperly or when they might be coming in close contact with a forklift in a manufacturing facility,” said Hall.

She said AXA XL also has worker wellness technologies in its suite that use existing closed-circuit cameras to identify hazards.

“For example, you can note that there’s a puddle on aisle three or if something is piled too high and you can go and mitigate those things before they cause an injury,” she said.

Bauman said the exciting part for him is the marriage between these new technologies, loss control efforts and captive utilisation.

“It’s a powerful combination that captives are becoming more involved with now, and I think it’s really exciting for the future, especially with all the technologies that Rose’s group looks at,” Bauman said.

Hall said the aim is to help clients adopt technologies that are going to help them reduce their risk, be more profitable, sustainable and resilient.

She also said she recognises that risk management is not just about insurance.

“It’s a piece of it, but there’s a holistic version of risk that includes insurance and also includes managing their own risk,” she said.

“How do we supplement our insurance solutions with risk management that meets the holistic need of the client?”

Listen to the full 20 minute discussing between Steve Bauman and Rose Hall on the Global Captive Podcast here, or on any podcast platform or app. Just search for the ‘Global Captive Podcast’.