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. …
A 2016 workers’ compensation benchmark study found that half of all high performers employed automation at specific intervals in the claim cycle. Additionally, high performers were almost 4X more likely to rely on automation throughout the cycle than all other groups. Given that another workload study, which conducted over 4,500 interviews with claims professionals, found that adjusters spend up to half of their hours on non-core tasks, it is clear that removing administrative burdens on adjusters is critical to becoming a high performer in the industry.
Employing Workforce Automation with Origami Risk
The workload study estimates that the average adjuster has 130 open cases, with an average of 20 attachments per case, many of which are sent via email. If it takes an adjuster 1 minute to open the email, download the attachment, and then upload it into the case file, it would take one full week simply to manage those documents. With Origami Risk, this process takes seconds. When a case-related email with attachments is forwarded to a dedicated Origami address, the system verifies access rights to the proper claim based on the sender’s mail address. It then uploads the email message, along with all attachments, directly to the claim record. …
This is an update pertaining to changes that are happening in the Enterprise Risk Management (ERM – note: GRC or Governance, Risk and Compliance is a common synonym) system. Origami Risk is providing enhancements in response to client and prospect requests, as well as some major evolution in ERM as it is perceived by many of the stakeholders.
What is driving change and interest in ERM?
Two key changes in 2017 are:
- COSO ERM 2017 Revision: Published mid October, this update is primarily aimed at Internal Auditors, however, because of their often strong position at very high levels in many organizations, this framework is often better known than ISO 31000, especially, but not exclusively in USA. This update makes a much clearer connection between Objectives of an organization and the risks and their related controls.
- ISO 31000 2017 revision: Due to be published early 2018, this ERM framework has been extensively adopted globally and provides a realistic approach to the way any form of organization manages risks.
These two prime drivers of ERM are now more closely aligned.
What can you expect? …
Bob Petrie, president and CEO of Origami Risk, offers insights about the transformation of risk management in Business Insurance’s 50th Anniversary Special Edition. The article, “Risk management transformed” traces the evolution of the risk management discipline and outlines how technology has helped power those changes.
The article is available online by clicking here.
Business Insurance 50th Anniversary Special Edition
This is the fifth in a series of five brief articles on key data issues identified by several prominent risk managers at leading UK and European companies. Recently, they participated in a roundtable on future-proofing management information (MI). The event was co-hosted by Gallagher Basset and Origami Risk.