Surveys enable an Underwriter to identify key features of a risk and to recognise more favourable risks, which enables them to offer the best possible terms and premiums to acquire or retain good quality insurance business. This is an essential part of the process when looking at providing accurate pricing of an insurance policy. The risks are evaluated against the exposures present in the disciplines required, for example providing ‘COPE’ information for Property based surveys:
Insurers build these data elements into their valuation models. They also aid in ascertaining the processes in place and facilitate an understanding of the operational models used in production of goods and services. This understanding allows the underwriters to make informed recommendations that may decrease the risk and associated premiums.