Blog

Introduction: Co-insurance is a strategy where multiple insurers share the risk associated with a large policy, providing companies with stable premiums and broader coverage typically unattainable from a single insurer. This blog post delves into the intricacies of co-insurance, highlighting its benefits, the role of technology platforms like 21RISK, and the challenges companies may face.

In the complex world of risk management, traditional insurance has long stood as the bulwark against financial loss. However, as the global business landscape evolves, the limitations of such traditional models become increasingly apparent. This is where parametric insurance enters the stage, offering a novel approach that promises to bridge the gap between what conventional policies cover and the actual needs of large enterprises. Unlike traditional insurance, which compensates for loss after it occurs, parametric insurance provides payouts based on the occurrence of a predefined event, regardless of the actual damage incurred. This emerging insurance model could be the key to addressing the evolving challenges that large companies face, from climate change impacts to the nuances of cyber risk. This blog explores how parametric insurance can fill the critical void left by traditional coverage, ensuring that companies are not just insured but are truly protected against the unforeseeable.

In the increasingly complex world of insurance and reinsurance, the focus on solid geo-location data has never been more pronounced. As industries evolve and the accumulation of risk exposures from various clients becomes a significant concern, the reliance on accurate location-specific data has surged. The era of submitting vague addresses in spreadsheets is rapidly becoming obsolete, thanks to the growing demand for precision in the property insurance sector. This blog explores the pivotal role of solid geo-location data in mitigating risks and enhancing insurance capacity, and how 21RISK is at the forefront of revolutionizing this space by delivering cutting-edge geo-located data solutions, for companies to share with insurers and brokers.

Before installing PV panels on a building please make sure the following checklist has been followed to reduce the risk of a roof fire.

In an era where climate change is not just a distant threat but a present-day challenge, businesses across the globe are facing an unprecedented need to adapt and evolve.

In the era of modern technology, lithium-ion batteries have become the backbone of portable energy solutions. Powering everything from smartphones to electric vehicles, their efficiency and energy density are unmatched. However, with great power comes great responsibility – and in the case of lithium-ion batteries, this means understanding and mitigating the risks associated with thermal runaway.

At 21RISK, we stand firmly on the principle that businesses must own their data. It's not just about managing risks; it's about owning the data that defines these risks. This belief forms one of the cornerstone philosophies of our approach to Insurance and risk management.

The world is in constant flux, and businesses face countless challenges, including the risk of natural disasters like earthquakes. This blog aims to share vital knowledge to assist companies in gaining a deeper understanding of earthquake risk and its potential impact on their operations.

The NIS2 (Network and Information Systems Directive 2) builds on the foundation of its predecessor, NIS1, with the primary goal of bolstering cybersecurity and network security across EU member states. In light of the evolving cyber threat landscape, this directive mandates stricter requirements, further collaboration between member states, and more extensive reporting obligations.

Natural disasters are becoming more and more unpredictable, but your insurance coverage doesn't have to be. With the rising complexities of natural hazards, insurance and its ever-evolving insurance rates, businesses are faced with the challenge of not just insuring their assets but understanding the depth of their coverage. Too much coverage is money thrown down the bin, too little is potentially destructive and dangerous for your financial situation.

Use review apps to improve your developer experience. How we benefit from Vercel, MongoDB, and Doppler to enable powerful review apps 🚀

We are adding support for hiearchies in 21RISK - and it's such an important feature that we would like to describe in more detail why and how this can benefit most large organizations.

From varying labor laws to distinct environmental regulations, international compliance is a complex domain. In this post, we'll delve into strategies to navigate international compliance and ensure your global business operations remain on the right side of the law.

While compliance audits may seem daunting, with the right preparation, they can become a strategic asset rather than a hurdle. In this post, we’ll explore the basics of compliance audits and offer some practical tips to prepare your business for a successful audit.

In an increasingly regulated business landscape, compliance is not merely a legal requirement—it's a strategic necessity. This blog post explores the potential costs of non-compliance and why businesses should prioritize compliance in their operations.

In this blog post, we take a deep dive into the world of compliance technology, exploring the latest trends and innovations that are redefining this crucial business area.

Among the various hurdles startups face, understanding and managing regulatory compliance often stands out. In this blog post, we aim to demystify regulatory compliance for startups and provide practical steps to navigate this essential aspect of business.

At the heart of this compliance lies the importance of effective employee training. This article explores the role of employee training in ensuring compliance and offers strategies for implementing effective training programs within your organization.

Checklists with a lot of questions can quickly become super messy, and a hassle to keep up with. To solve this issue we are introducing conditional viewing on our platform.

Successfully implementing ISO standards involves a systematic approach, informed by real-world examples like Siemens, Toyota, and Nestlé.

To purchase insurance for a location exposed to natural catastrophes, one must assess local risk factors, customize their coverage to address unique risks, and collaborate with experts such as insurance professionals and risk management experts to develop a comprehensive insurance plan.

Maintaining accurate and up-to-date COPE (Construction, Occupancy, Protection, and Exposure) information is crucial for effective risk management and can lead to better risk assessment, insurance underwriting, loss prevention, claims processing, regulatory compliance, and long-term success of a business.

Managing accurate COPE (Construction, Occupancy, Protection, and Exposure) information is crucial for assessing risk and securing appropriate insurance coverage, and capturing information about construction details, occupancy type, fire protection measures, security features, and exposure to hazards can help ensure effective risk management.

The increasing number of severe flooding events in China highlights the importance of understanding and managing flood risk for businesses, and taking crucial steps such as assessing flood vulnerability, implementing flood protection measures, and developing a flood emergency plan can help protect business operations from the impact of flooding.

Automated tests are essential for delivering high-quality software. Since 2018 we have been using Cypress, but have decided to move to Playwright. Hype or great - read our verdict 🤓

Send an email when an action changes status to completed? Automations are now live at 21RISK. It's a powerful feature that makes it easy to cover your exact needs and requirements, directly in our software.

According to Marsh, we have had more than 20 consecutive quarters with a hard insurance market.  The premiums are primarily driven by the direct insurers but after the latest re-insurance meeting in September in Monte Carlo, the re-insurers seem to follow up. If your company has suffered a major damage, e.g. fire damage, then you will probably look into a renewal where the insurance companies are reluctant and will demand higher premiums or support with less capacity. On top of that, inflation and a shortage of production will contribute to an increase in insurance premiums in 2023.

We are excited to announce that we are merging our web application and marketing website. This means that from now on, you only have to visit 21RISK.com. In this blog post, you can read more about the benefits this will provide.

21RISK establishes a global partner hub. 21RISK has established a partner hub, where experts that work with risk management, compliance and auditing can use our software for free to support their own business, and at the same time obtain a membership that provides referrals to customers who pay for a subscription with 21RISK.

Open Insurance / API - Insurance, is all about creating an open environment where data is shared between stakeholders to minimize uncertainties about the risk that needs to be insured. You will have the power of real-time analytics and data to share between several insurers, letting the lead insurer, as well as co-insurer / re-insurer, share the same data, enabling your insurers to participate with full knowledge of your risk, at a level never seen before.