(Battle of Long Island by Domenick D’Andrea.)
Patriot Risk Consultants (PRC), a subsidiary of Patriot National, Inc. (Fort Lauderdale, Fla.), has announced the upcoming launch of PN BidExpert, which the company characterizes as a first-of-its-kind competitive online marketplace to connect underwriters and risk managers with loss control engineers. Patriot National is currently offering demos to interested underwriters and risk managers.
Patriot National describes PN BidExpert as seamlessly engaging, matching and connecting underwriters and risk managers with a large marketplace of certified and pre-screened loss control engineers. The platform works through underwriters submitting loss control survey requests to the online platform where a sophisticated algorithm matches jobs with available independent service providers. The providers are notified in real time via push notifications of all jobs they are qualified to complete. Once the winning bid has been selected and the engineer has completed a job, PRC reviews the loss control report for quality assurance.
“This service has the potential to allow carriers to access a higher level of skill than they may have readily available today, and can allow them to easily access expertise in a territory where they may not have staff available,” comments Karlyn Carnahan, Research Director, Celent (Boston).
Many carriers have eliminated or reduced the role of loss control engineer in their own organization due to the high costs of maintaining such a significant skill level, Carnahan notes. “While there are a number of ‘fee service’ firms out there, most will do a basic inspection or take a photo—which may not be sufficient insight for a complex business or a more hazardous class,” she adds. “Allowing carriers to utilize their own report format lets the carriers continue to gather the specific data and insights that drive their own underwriting algorithms—automated or not.”
The PN BidExpert marketplace will offer participants complete transparency and control through an easy-to-use dashboard, according to a Patriot National statement. Underwriters, brokers or risk managers can submit standard or customized assessment surveys to the platform and all reports are quality assured by engineering experts.
“PN BidExpert is powered by Patriot Technology Solutions and exemplifies our commitment to invest in leading-edge technology that optimizes service quality while simultaneously reducing time and expense for our clients,” comments Steve Mariano, CEO of Patriot National.
“Our marketplace will streamline insurance underwriters and risk managers’ ability to quickly obtain quality loss control reports at the best market price while increasing visibility and access to job requests for loss control engineers,” Mariano adds. “Within the PN BidExpert community, service quality will be rewarded by a rating system completed by all parties. We expect hundreds of qualified and screened engineers to be active at launch.”