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
TPA Tech Guide #2: Improving customer communication April 17, 2018 By Origami Risk In the final piece to our tech guide for Third-Party Administrators (TPAs), we explore how claims organizations can improve customer communications in a digitally-driven world. Since 2014, third-party administrators have been in a race to scale the industry. According to the Global Insurance Third Party Administrators Market | Growth, Trends, and Forecast (2020-2025) report, while … Continued
Taking Control of the Values Collection Process April 10, 2018 By Origami Risk The use of RMIS technology that has been designed to handle the values collection process can help to reduce the amount of time risk management teams spend gathering data. For risk professionals, the conclusion of a recent risk management survey will likely come as no surprise: “Risk Managers, regardless of experience level, are being asked … Continued
TPA Tech Guide #1: Gaining a competitive edge April 10, 2018 By Origami Risk In part one of our two-part tech guide for Third-Party Administrators (TPAs), we explore the competitive advantages of consumer-facing systems being human-centric, provide on-demand capabilities, are transparent, and more. In the Accenture Technology Trends 2021 Report, a post-2020 reality is laid out. “More companies than ever have embraced the axiom that every business is a … Continued
TPA Best Practices #3: Selecting claims administrators technology partner January 8, 2018 By Origami Risk Selecting the right technology partner as a Third-Party Administrator (TPA) could mean the difference between giving your adjusters a leg up or just another system they dread using. In the last piece in this three part series, we look at the importance of selecting the right claims administrators technology partner The Importance of Technology Partners … Continued
TPA Best Practices #1: The power of automation November 28, 2017 By Origami Risk According to the 2019 Workers’ Compensation Benchmark Study, “technology and managing data from multiple systems remain major factors for improving the claims process and outcomes.” In fact, a continued industry focus remains to be improving claims management, with 94% of respondents saying that system workflow claims automation was effective in managing claims within best practices. … Continued