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Lay the foundation for a strategic approach to claims management

Lay the foundation for a strategic approach to claims management

When it comes to the ability to manage risk and losses, risk managers often face the challenges that come with claims data that is spread across multiple systems and spreadsheets. At the same time, they’re being asked to do more with less. In a previous post, we looked at ways an integrated claims management solution—one that includes multiple integration and workflow automation options—can transform claims administration processes. But you don’t have to be a self-administered organization to benefit from claims management functionality in a RMIS. The following features are just a few examples how such a solution can help you consolidate all of your organization’s claims data in a single system, streamline workflow processes, and perform analysis that contributes to more informed decision making and improved claim outcomes.

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Best Practices Pools: Managing the Renewals Process

Managing Renewal Process

The renewals process can be a time-consuming, resource-draining exercise for both risk pools and their members. Considering the endless back and forth of sending forms, exposure values data, and premium calculations keeping members informed on the renewal status can be a challenge. With the right RMIS, however, this process can transform into something that provides members with added value, while reducing strain on your staff each year.

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Avoiding Common ERM Pitfalls

Connecting the many pieces of ERM

Given the continuing discussion on the new ISO and COSO updates, and the lively “Great Debate,” we recently sat down with Michael Yip, Vice President, Risk Management with DFW International Airport to get his thoughts about the new Enterprise Risk Management (ERM) framework updates. With over 20 years of strategic management consulting experience, his frequent speaking engagements and thought leadership on ERM, and his extensive history of domestic and international assignments implementing corporate governance and compliance initiatives dating back to first generation COSO and ISO, he is an ideal choice for this topic.

It quickly became apparent, however, that merely adding to an ever-growing collection of “Which framework is right for you?” articles was not something that he was entirely interested in pursuing. In fact, he found the situation that the industry is still wrestling with frameworks, after all this time, “problematic” as it entirely circumvents the strategic conversation about ERM. So, we had that discussion instead.

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How a RMIS breaks down barriers to effective incident management

two workers discuss a project

Workplace incidents are far more numerous and costly than most people realize. The National Safety Council estimates that the average cost of a medically consulted injury in 2015 was $31,000. The average cost of a fatality, $1 million. That year, on-the-job injuries numbered approximately 4.4 million. 4,190 on-the-job fatalities were reported.

In many cases, workplace incidents are also entirely preventable. As pointed out in the EHS Today article “Sustainable Safety Management: Incident Management as a Cornerstone for a Successful Safety Culture”, studies show that a significant number of workplace accidents occur “as the consequence of minor lapses, and usually of not just one lapse but the sequence of minor failures. A combination of minor lapses can create a safety gap that can lead to major accidents.”

An effective approach to incident management is one that encourages reporting of all workplace incidents. Risk managers and safety leaders can then draw from that information to identify, analyze, and correct hazards with the goal of preventing future occurrences.

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Choose a secure workers’ compensation forms solution

“Protecting Data in Motion”, a March 2018 Risk & Insurance article, points to the fact that during the first half of 2017 alone, at least 2200 breaches—totaling over 6 billion records—were publicly disclosed. And those were the numbers prior to the reporting of the Equifax data breach.

As claims organizations improve operational efficiencies by using technology designed to eliminate paper-intensive, inefficient, and error-prone processes, it’s critical that the vendors they work with monitor and address security vulnerabilities.

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