NORWOOD, Mass., USA—FM Global, one of the world’s largest commercial property insurers, has received a 2014 Innovation Award from Business Insurance magazine for its SimZone, a distinct 12,000-square-foot training facility located at FM Global’s Center for Property Risk Solutions in Norwood, Mass., USA.
In an online video profile about the 21st century classroom, the magazine reported that “clients have the opportunity to experience and learn from a multitude of replicated real world property risks including fires, ignitable liquid perils, equipment malfunctions, and construction and electrical hazards.”
“When it comes to mastering a specific skill set, there is no substitute for real-life experience,” added the magazine in its March 17, 2014 issue. “Pilots acquire and hone the skills they need with the help of flight simulators, and now risk management professionals can do the same thanks to the FM Global SimZone.”
The Innovation Award recognizes leadership and the most innovative new products and services for risk managers. An independent judging panel, comprising professional risk managers, selected the winners based on originality in serving the needs of professional risk managers; relevancy to the core concerns of risk managers; effectiveness in solving one or more risk management problems; ease of use and understanding; and the results achieved when implemented by risk managers.
Established in 1835, FM Global is a US$5.6 billion mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management. Its client-owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three FORTUNE 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions combining property loss prevention with insurance protection.