JOHNSTON, R.I., USA—FM Global, one of the world’s largest commercial property insurers, has won a 2021 Innovation Award from Business Insurance magazine for the creation of a unique web-based benchmarking tool, called Equipment Predisposed. Using predictive analytics, the first-of-its kind tool provides its clients with a way to create greater resilience for their organizations by helping them understand when critical equipment might fail, allowing them to better plan and prioritize risk improvements.
Additionally, the Equipment Predisposed tool identifies what factors can lead to equipment failure and provides risk managers with benchmarking based on an advanced analytic approach combined with the company’s proprietary data. FM Global clients also are able to see which recommendations provided by FM Global’s loss prevention engineers should be implemented first to have a higher impact on mitigating risk exposure.
FM Global created Equipment Predisposed to combat equipment breakdown at facilities FM Global insures, which in 2018 rivaled fire loss in both frequency and severity of claims and accounted for nearly 28% of gross dollar losses across all industries.
Business Insurance Innovation Award winners were selected by an independent panel of judges composed of professional risk managers from a variety of backgrounds and industries.
In prior years, FM Global has also been recognized with Business Insurance Innovation Awards for:
- its Cyber Lab, located in Norwood, Massachusetts, USA, where scientists study real-world cyber threats and test various defense options and allows risk managers to see, in a controlled environment, how their information technology and operational technology systems can be attacked
- its patented Cyber Risk Assessment, the insurance industry’s first comprehensive cyber readiness assessment, designed to help clients measure their overall cyber security resilience
- its Global Flood Map, a worldwide view of high- and moderate-hazard flood zones across the globe, meant to more accurately answer the question “Are your locations in or out of potential flood zones?”
- MyRisk®, a one-of-a-kind cloud-based portal that helps risk managers identify and analyze risks as well as evaluate the cost of risk improvement
- the FM Global Resilience Index, the first data-driven tool and repository that ranks the resilience of 130 countries and territories to business-disruptive events
- the FM Global SimZone, a distinctive 12,000-square-foot (1,115-square-meter) training facility for the company’s clients and engineers in Norwood, Massachusetts, USA
About FM Global
Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These 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.