CHICAGO, Jan. 18, 2018—Origami Risk, the industry leading risk and insurance Software as a Service (SaaS) technology firm, was recently named one of the Best and Brightest® Companies To Work For in the Nation by the National Association for Business Resources (NABR). This was the fourth award Origami Risk received in 2017 for being an outstanding place to work that is committed to employee and client satisfaction and job creation. …
Origami Risk Sees High Marks For Customer Experience, Implementation Experience, System-Wide Functionality and System Attributes
Origami Risk has received high scores among the top providers of stand-alone risk management information systems (RMIS) in the 2018 RMIS Report, a comprehensive assessment of the RMIS market and vendors that was conducted by an independent third party. The RMIS Report was formerly called the RMIS Review, where Origami Risk was ranked #1 the previous 4 years. The study combined responses from over 1,100 risk managers and executives at businesses and other entities that use risk management information systems along with a journalistic investigation of more than 30 RMIS providers.
Origami Risk significantly outranked the closest competitors in Customer Experience and Implementation Experience. It also received the highest scores for System-Wide Functionality and System Attributes, pointing to the breadth of Origami’s capabilities.
In terms of system capabilities and solutions offered, Origami Risk was rated the most comprehensive system and was the only provider to offer all 17 of the solutions indicated, …
The Importance of Technology Partners
Choosing a technology partner is increasingly becoming a more critical strategic decision for TPAs. In Accenture’s Technology Vision for Insurance 2017, 76% of respondents agree that “competitive advantage will not be determined by their organization alone, but by the strength of the partners and ecosystems they choose.” Identifying technology solutions that support the company mission and differentiate your organization from the competition is an important part of developing an effective business strategy. …
The impact of Flood risk has typically been managed by government controls (building flood barriers, managing release of water via dams, and determining the locations and types of structures that can be built). Owners of properties are then responsible for the financial impact of any remaining risk related to flooding. This is often handled through the purchase of insurance and, sometimes, through reliance on a government disaster payments.
This approach has not been perfect. The National Flood Insurance Program has been around since 1958 and has so far managed to incur a debt well in excess of $24 billion. And 2017 was certainly a bad year for flood victims and insurers. Premium increases can be expected and may not be available for locations where there have been multiple claims over the years. (One location, for example, is said to have been flooded more than 30 times in 50 years).
There are new options for some flood damage control, such as replacing sandbags with chemical filling such as silica, which is relatively light, doesn’t require the labor associated with filling bags, and may be reused if floodwaters contain no significant pollution. Additionally, new technologies are being deployed to prevent flooding. These include hydraulic powered water gates in Tokyo, surge barriers in the Netherlands, and the Fox Point Hurricane barrier, which protected Providence Rhode Island against the surge of Hurricane Sandy.
Insurance of own property and other various controls are, typically, the primary methods to reduce the impact on organizations. So, how is this related to Enterprise Risk Management? …
A major 2016 Workers’ Compensation benchmark study found that one of the largest differentiators of high-performers versus all other groups was the use of Evidence Based Medicine (EBM) guidelines. Users of EBM data were more than 4X more likely to be top performers than those who did not. The same study included a survey asking “What are the greatest obstacles to achieving desired claim outcomes?” Respondents ranked “Psychosocial/comorbidities” as the number one issue. …