Complexity Kills: How a Single Platform Solution Simplifies Implementations February 7, 2019 By Origami Risk When insurance carriers undertake the process of upgrading critical IT systems, project timelines can drag on for years. Such a long project not only is disruptive and daunting, but also poses considerable risks. An analysis of a Gartner survey on the root cause of failed IT projects indicates, “[B]y ensuring that projects are kept small, … Continued
Finding Added Value in a RMIS: 4 Benefits of Using the System for Managing Vendors December 10, 2018 By Origami Risk Whether it’s boxes of paper forms that must be keyed into a system, pouring over spreadsheets to verify that critical requirements are met and up to date, or sending yet another email to request missing information, there’s almost always room for improvement when it comes to the management of vendor-related data and workflows. From the … Continued
The Data-Driven Risk Manager November 28, 2018 By Origami Risk This post explores the challenges and benefits of creating a data-driven culture, emphasizing the crucial role risk managers play in the transformation. It outlines key concepts for success, offers practical steps for risk managers to become more data-savvy, and highlights the importance of choosing the right technology to support data-driven decision-making across an organization. (Estimated … Continued
The Manufacturing Skills Gap: How ERM Can Help October 7, 2018 By Origami Risk As discussed in previous posts, the manufacturing skills gap is a critical risk that demands effective risk management strategies. The real world impacts that can be felt from this risk include: Increased wage costs Production inefficiencies Increased workers’ compensation expenses Inability to meet customer demand and potential loss of market share Inability to expand Decreased … Continued
How to Create a Successful and Sustainable Near Miss Culture October 1, 2018 By Origami Risk The importance of establishing a near miss culture is clear. The OSHA and National Safety Council Alliance, a cooperative program, puts it this way: “History has shown repeatedly that most loss producing events (incidents), both serious and catastrophic, were preceded by warnings or near miss incidents. Recognizing and reporting near miss incidents can significantly improve … Continued
The Internet of Things (IoT) and Commercial Underwriting September 25, 2018 By Origami Risk There is a major discrepancy with the treatment of the Internet of Things (IoT) in the commercial insurance sector. IoT is a huge topic amongst carriers and the insurtech community, yet studies show that companies are simply not ready for the changes it brings. A LexisNexis Risk Solutions study of 500 U.S. insurance professionals showed … Continued
Managing Certificates of Insurance (COI) Successfully July 10, 2018 By Origami Risk Certificates of Insurance (COI) are an essential part of managing liability in an organization. Failing to properly obtain, inspect, and update these documents can lead to risk transfer from contractors and increased exposure to unforeseen liabilities. As George Page writes, “These certificates are an important part of doing business, and the more effectively you manage … Continued
The Challenge of Digital Underwriting June 28, 2018 By Origami Risk There is a spirited, ongoing discussion around how carriers will adapt to digital underwriting. As a recent Accenture article states, “The entire insurance industry—its customer expectations, products, competitors, distribution channels, analytics and data technology—is evolving significantly and quickly. For carriers to compete and grow in this increasingly complex environment, underwriting will have to evolve, too. … Continued
Best practices pools: Managing the renewals process June 19, 2018 By Origami Risk 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 … Continued
How to Tackle Total Cost of Risk (TCOR) May 14, 2018 By Origami Risk Total Cost of Risk (TCOR) calculation is, for many organizations, a formidable task. Even agreeing on what the term means can be challenging. The Port of Houston Authority offered a concise yet effective definition in a Texas PRIMA presentation: “A metric used to evaluate the success of your risk management process.” This definition underscores how critical TCOR is … Continued