Monthly Archives: Sep 2018

And the winner for “Best Supporting Role in a Claims Program” is…

The solid work of a supporting actor can make or break a film. And while it’s possible for great efforts to be underappreciated, there’s at least the possibility of recognition. When it comes to controlling claim costs, claims audits rarely, if ever, get the credit they deserve. They can (and often do), however, play a critical role in measuring and improving the overall effectiveness of claims programs.

“Many property and casualty (p&c) carriers have not yet examined how to enhance claims operations to reduce costs,” writes Gary Jennings in Why Auditing Is A Springboard To Cost Reduction. “Claims audits are an efficient and cost-effective method for evaluating how well a program has been structured, developed, and maintained.”

read more

Step up your disaster preparedness, don’t wait for the news report

The devastating impact of Hurricane Florence has led many to examine their organization’s disaster preparedness efforts. Aside from the sheer size and scope of this storm, additional factors further complicated preparations.

First, a rapid change in conditions over the past two weeks led to a rapid increase in storm activity—as many as six tropical cyclones were active in the northern hemisphere simultaneously (three of which were in the North Atlantic). Second, as Florence neared landfall, a dramatic shift in the forecasted impact areas prompted a last minute update of contingency plans. These challenges, combined with the trend of slower, more damaging storms, raises the bar for how sophisticated systems need to be in order to manage these risks.

read more

Timing is thingevery—How rushing leads to embarrassing errors

The pressure to do more with less is constant. But delaying an honest evaluation of your risk management information system (RMIS), while an understandable temptation, can lead to compressed timelines, rushed decisions, cost overruns, and additional grey hair.

Industry consolidation is forcing changes both good and bad. Regardless of whether you elect to stay with your current system or make a move, the worst-case scenario is to find yourself boxed in because you ran out of time.

There are a few critical factors a risk manager should take into account to ensure they are in the driver’s seat. Your time is limited, but your options don’t have to be.

read more

How to streamline average weekly wage and indemnity benefit calculations using an integrated workers’ comp solution

Experienced adjusters are typically experts when it comes to understanding the nuances of a particular jurisdiction’s (or multiple jurisdictions’) workers’ compensation indemnity benefit laws. This can contribute to an efficient claims adjudication process and accuracy when determining the indemnity benefits owed to an injured worker. Will experienced adjusters be able to keep up as your business expands into other jurisdictions? What about less experienced adjusters?

Add to this the fact that the common practice of using spreadsheets to calculate both average weekly wage (AWW) and indemnity benefits is both time-consuming and risky. Not only is it necessary to keep up with the changes jurisdictions make to rates and regulations, but given the complex formulas involved, errors can be easily introduced and quickly proliferate.

read more

Elevate to better outcomes: How the happiest clients in the business are solving real-world problems with Origami Risk

A flexible, intuitive interface. Software expertise combined with insurance and risk experience. A collaborative approach to implementation that’s different by design. When selecting a Risk Management Information System (RMIS) that meets your needs, each of these elements is important, but in today’s market, these are baseline requirements. The critical factor influencing the choice of a system should be the answer to the following question: Will this technology drive meaningful business results?

Measurable outcomes are what really matter. The right RMIS must prove capable of contributing to your team’s ability to more efficiently analyze risk and insurance data, prevent losses, control claim costs, streamline renewals, and reduce your organization’s total cost of risk. If it cannot, what’s the point?

For some examples of the impact that partnering with Origami Risk has had on the business results of a few of our clients, please read on.

read more

Using RMIS technology to address unexpected challenges in natural disaster risk management

The enormous Mendocino Complex fire has burned more than 450,000 acres and still isn’t fully contained. Hurricane Lane unleashed historic levels of damage in Hawaii. Both of these natural disasters earned significant media coverage and mark the type of events typically considered when trying to manage the risk from natural disasters.

Assessing the most common threats

The largest disasters dominate media coverage. Yet when it comes to insurable losses, the factors most likely to cause damage to an organization may not always be the ones making headlines. To effectively manage these risks, risk managers must first focus on these events through the lens of preventing losses and preserving business continuity.

read more