“Suppose each time you ran low on an item in your kitchen—olive oil, bananas, napkins—your instinctive response was to drop everything and race to the store. How much time would you lose? How much money would you squander on gas? What would happen to your productivity?”
That’s the hypothetical scenario that Ron Friedman, a psychologist and author of The Best Place to Work: The Art and Science of Creating an Extraordinary Workplace, introduces in a Harvard Business Review article examining the “cognitive price” of interrupting a task that requires dedicated focus.
“We all recognize the inefficiency of this approach,” writes Friedman. “And yet surprisingly, we often work in ways that are equally wasteful.” … read more
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. Carriers will have to do more than just familiarize themselves with digital tools; they need to transform into Digital Underwriters.”
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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. … read more
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. … read more
Given the continuing discussion on the new ISO and COSO framework 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 the introduction of first generation COSO and ISO frameworks, he is an ideal choice for this topic.
It quickly became apparent, however, that merely adding to an ever-growing collection of “Which ERM 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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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. … read more
“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. … read more
Our recent post Getting the most out of your RMIS demo highlighted things to keep in mind when setting up a RMIS demonstration. After the demo is complete, there are questions that can help in assessing how successful the process was. By asking these questions, you can use the demo process itself as one more evaluation tool in the procurement cycle. … read more