Risk management helps people and organizations realize opportunities and avert threats associated with risks. In insurance fields, risk management focuses on risk control, which primarily involves loss prevention and loss reduction. Although risk intuitively seems to only be negative, risk management is increasingly being developed and utilized as a method in addressing both the positive and negative aspects of risk or uncertainties. The benefits of risk management are usually realized by implementing a risk management program that supports the organization’s overall objectives. However, risks cannot always be avoided. Although minimized, unexpected events might still occur. Therefore, claim services also have an essential role in organizations’ operations, in order to assist organizations in ensuring that claims are undertaken accordingly and financial recoveries are proportionately received.

We at Long Term specialize in risk management through risk survey and assessment, and claim services through loss inspection and analysis, claim adjustment, and consulting services. We realize that our services must focus on assisting insurance and re-insurance companies, as well as broker and re-insurance broker in analyzing and mitigating the risk, implemented through our comprehensive ‘Risk Inspection Report’. We also understand that the report should also be delivered in accordance with the fast response of our client need. In terms of claim services, we aim to provide assistance, guidance, and consultation which are tailored to our clients’ particular needs and situations.

In this section we will explore the importance of risk management and claim services so that our understanding conforms your expectation from our services.


1) The Importance of Risk Management

Risk is present in all activities, yet people and organizations are often unaware of risk or the significance of the financial consequences associated with accidental losses. Risk management is a process used by risk management professionals to assess and manage the risk.

Essentially, organizations have a fundamental goal of survival as well as several other goals including profit or performance. In addition to ensuring an organization’s survival, risk management also aims to prevent any accidental losses that could reduce profit or cash flow, cause slow growth, or interrupt its operations. Risk management, given appropriate actions are undertaken, will minimize the adverse effect of losses.


2) The Importance of Risk Inspection Report

The function of our particular report is to give analysis of property exposed to loss. Generally, real and personal, as well as tangible and intangible properties are exposed to losses caused by natural perils (earthquake, flood, windstorm, etc), human causes of loss (human error, riot, sabotage, lack of maintenance, etc), and economic causes of loss (consumer taste, currency fluctuations, technological advances, etc).

Although our report focuses on the risk associated with accidental losses, we are also able to contextualize our traditional reports based on more specific needs e.g.

  • Strategic Risk Inspection Report
  • Operational Risk Inspection Report
  • Financial Risk Inspection Report

However, as described in more details in the ‘Services’ section, at the moment we generally focus on Hazard Risk Inspection Report in Industrial and Property Risks.


3) The Importance of Claim Services

Risk management is mainly intended to prevent and mitigate the negative impacts of unexpected occurences during organizations’ activities. In the event of unforeseen losses, insurance programs have a very important role, in terms of recovering monetary losses and minimizing disruption to the organizations’ core operations.

However, simply having an insurance program does not suffice. An effective claim management is essential in resolving insurance claims, as it allows organizations to retain more money, ensure adequate and reasonable compensation, and minimize disturbance to regular operations. Claim services aim to provide guidance, assistance, and consultation to meet those objectives in the most effective manner.