Benefits

MIMS IC Benefits


Taking out traditional insurance policies is a way of writing-off losses over several years in return for paying the insurance company’s expenses and profits. For larger companies and local authorities these are multi million pound annual expenditures.
 

A more financially sound approach, enabled by the use of MIMS, is to capture both incidents and claims and to manage as much of the resultant loss as possible ‘in-house’.
 

The benefits can include considerable savings arising from self insurance (by reducing the cost and profits of insurers providing these multi million pound insurance programmes).

 

  • As well as avoiding the Insurance company costs and profits, cash is retained for longer and the opportunity also exists to collect investment income.
  • Independence of data ownership also avoids any ‘lock-in’ to  brokers or insurers who may offer the use of similar systems.
  • The increased volume of records (due to the inclusion of incidents that are not recorded by Insurers) allows a far more insightful data analysis enabling the promotion of better focused loss prevention initiatives.
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Insurance is still required to cover the larger losses that may be the result of extreme events and MIMS provides the ability for the integration of self-insurance (locally paid, corporate virtual captives and captive insurers) with these excess levels.