Posts by: Origami Staff

Origami Risk Named Among Chicago’s Best and Brightest Companies to Work For®

CHICAGO⁠—Origami Risk has been recognized as one of “Chicago’s Best and Brightest Companies to Work For®” by the National Association for Business Resources (NABR). The award marks the fourth consecutive year Origami Risk has been cited by NABR, including national honors and previous awards in Chicago and Atlanta. In gaining this recognition, Origami Risk now has earned over 20 workplace awards in recent years. The honors showcase its commitment to hire and retain the insurance industry’s top talent to provide the highest level of service to its customers.

“We’re honored to be recognized again by the National Association of Business Resources,” said Jon Nichols, chief operating officer, Origami Risk. “Our focus on delivering the highest quality of customer service has always depended on our ability to attract and retain the industry’s most talented people as well as to support them with the environment, tools and culture they need to be successful.”

According to NABR, only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor. An independent research firm evaluates each company’s entry, based on key measures in various categories. They include: Compensation, Benefits and Employee Solutions; Employee Enrichment, Engagement and Retention; Employee Education and Development; Recruitment, Selection and Orientation; Employee Achievement and Recognition; Communication and Shared Vision; Diversity and Inclusion; Work-Life Balance; Community Initiatives; and Strategic Company Performance.

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How TPAs can tame the onboarding process

The onboarding process can be challenging for both TPAs and their clients. Migrating data from one claims management system to another is often a difficult, resource-draining part of that process. Wesley White’s article 10 Data Migration Best Practices For Any Organization summarizes the extent of the challenge:

Migrating data to a new information management system from multiple sources is a complex and often headache-inducing undertaking. Data migration is often necessary to keep up with technological advancements and industry standards, but it requires great effort. Data from various storage areas—both onsite and in the cloud—must be evaluated, analyzed, cleaned up and organized before it can be combined and reconciled.

The right technology can help to reduce the tremendous burden that data migration places on new clients. It can also transform the onboarding process and showcase the unique insights, savings, and benefits your organization delivers. As White notes, “It doesn’t have to be as hard as you may think to get past these challenges and successfully migrate your data.”

Assisting with the pre-migration phase

Research from the independent research firm Bloor paints an ominous picture of data migration projects. Of these projects, 37% exceed budgets, 67% take longer than expected, and 84% fail to meet expectations. In Why do so many data migration projects end in disaster?, Colin Rickard, a data management director with Experian, is asked to explain the high failure rate. “Often there has just not been enough analysis done at the start, so you end up with a lot of data problems at the end,” he responds.

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Eliminate the burden (and costs) of maintaining a workers’ comp state forms library

When does maintaining an up-to-date library of workers’ compensation state forms become too great of a bureaucratic burden for your claims adjusters or administrative staff? The most straightforward response is this: The more states in which your organization handles workers’ comp claims, the greater the challenge of staying on top of form revisions and additions.

Time and resources could certainly be allocated to more important activities. In the International Risk Management Institute, Inc. (IRMI) article Workers Compensation Bureaucracy Drives Costs, Mark Walls and Kimberly George cite training and education as two such examples:

One of the goals of workers compensation regulations is to ensure that injured workers are paid benefits in a timely manner at the correct rate and that they have access to appropriate medical treatment,” write Walls and George. “There was a time when payers had offices located in most states with adjusters handling only that state. Now, with most payers utilizing multistate adjusters, payers must be constantly training and educating their adjusters to ensure that they understand all of the nuisances of the different states that they handle.

For organizations looking to reduce the bureaucratic burdens their adjusters face, Origami Compliance offers a secure, API-based solution that integrates with any claims management system to provide immediate access to a single-source, up-to-date library of state and federal workers’ comp claim forms. Without leaving the claims system, an adjuster can quickly find the right form based on state or category. And when that form is selected, form fields automatically populate with claim data and a PDF version is generated.

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Origami Risk is One of Inc. Magazine’s Best Workplaces 2019

Origami Risk has been named one of Inc. magazine’s Best Workplaces for 2019, the magazine’s fourth annual ranking in the fast-growing private company sector. In gaining this recognition for the second consecutive year, Origami Risk now has earned 19 workplace awards in recent years. The honors showcase its commitment to hire and retain the insurance industry’s top talent to provide the highest level of service to its customers.

Hitting newsstands in the June 2019 issue, and as part of a prominent Inc.com feature, the list is the result of a wide-ranging and comprehensive measurement of private American companies that have created exceptional workplaces through vibrant cultures, deep employee engagement, and stellar benefits. Collecting data on nearly 2,000 submissions, Inc. singled out 346 finalists.

Each nominated company took part in an employee survey, conducted by Omaha’s Quantum Workplace, on topics including trust, management effectiveness, perks, and confidence in the future. Inc. gathered, analyzed, and audited the data. They then ranked all the employers using a composite score of survey results. This year, 74.2 percent of surveyed employees were engaged by their work—besting last year’s 72.1 percent.

The strongest engagement scores came from companies that prioritize the most human elements of work. These companies are leading the way in employee recognition, performance management, and diversity. It’s a different playbook from a decade ago, when too many firms used the same template: free food, open work environments, and artifacts of “fun.”

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GRC: Where to start? Productive healthcare ERM tools

In November 2018, Baylor St. Luke’s Medical Center in Houston made two medical errors, the second of which lead to the death of a 75-year-old patient. After an investigation by the Houston Chronicle and ProPublica, the Centers for Medicare and Medicaid Services issued a report in early 2019 that outlined a pattern of blood labeling errors at the hospital. A ProPublica article on the report states:

Dr. Ashish Jha, an expert in hospital quality, reviewed the government’s findings and said it appeared St. Luke’s was struggling to meet basic care standards. The labeling mistakes, he said, seemed indicative of ‘a broader systemic problem.’… St. Luke’s appeared to miss warning signs in the months prior to the deadly mistake, according to the government report.

The “broader systemic problem” Dr. Jha mentions is, unfortunately, not unique to St. Luke’s. Many hospitals and healthcare systems face organization-wide, process-related issues, especially in a modern healthcare landscape that’s rife with change. Mergers, multiple technology platforms, and changing healthcare policies, to name just a few, contribute to widespread miscommunication and a lack of transparency. This, in turn, jeopardizes the overall quality of care within these organizations.

Hospitals can stem the scope of these issues by implementing a healthcare enterprise risk management (ERM) program. Healthcare ERM establishes a standardized framework for identifying risk across an organization, encourages cross-departmental collaboration, and shifts hospitals from a reactive clinical risk program to a proactive holistic risk management program. A straightforward process, along with the right technology the leverages healthcare analytics, can help to make this shift effective.

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Escape the service ticket vortex by taking control of your RMIS

In April, a global network of telescopes/telescope arrays called the Event Horizon Telescope zoomed on the galaxy M87 to create this first-ever picture of a black hole. Further analysis of the image revealed neither the whereabouts nor status of your RMIS support ticket.

When changing business requirements call for adjustments to your risk management information system (RMIS), how does your service team respond? For too many risk managers, the process looks something like this:

  1. Submit a support ticket.
  2. Wait.
  3. Send a follow-up email.
  4. Wait.
  5. Call and leave a message.
  6. Wait.
  7. Send a follow-up email (cc’ing additional RMIS provider staffers in hopes of escalation).
  8. Wait.

Trapped in this RMIS service ticket black hole, even the most basic of changes can mean weeks of waiting. Beyond testing one’s patience, delays can negatively impact risk management objectives. If you’re reading this while waiting for a response from your service team, consider switching to technology and an approach to RMIS support that puts you in control by putting your needs first.

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Why multiple applications constrain the effectiveness of risk pools

The number of core systems an insurance risk pool uses can have a major impact on the level of service that members receive, as well as the pool’s ability to make the best use of staff resources. Constantly jumping between multiple systems and trying to coax Word and Excel into accomplishing tasks they were never designed to handle is a recipe for performance issues. This can limit a pool’s growth and the types of services it can provide.

Activities most impacted

While the inefficiency of using a patchwork of applications to handle core business functions cuts across a wide variety of routine tasks, several activities performed by risk pool staff are particularly susceptible.

Calculating loss ratios

Assembling the information necessary to calculate loss ratios often involves building multiple spreadsheets and transferring data from several sources via copy/paste. This highly inefficient process is prone to errors. According to the ECRI Institute report, Copy/Paste: Prevalence, Problems, and Best Practices, the familiarity of the copy/paste technique explains why it is used so often. “However,” the report warns, “with several windows open, information can easily be copied into the wrong location. Secondly, copy/paste accelerates propagation of inaccurate information. The ubiquitous use of copy/paste means that, once created, an error can rapidly spread.”

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Is your organization ready for AI? Sort through the hype and find the most practical solution

It seems as if everywhere you turn, someone’s referencing AI. “Artificial intelligence is essential for business,” states a news article. “AI is the only way forward,” insists a colleague. And the scariest of all: “If you don’t implement AI quickly, you’ll be left in your competitors’ dust.” The constant refrain of AI, AI, AI can leave you feeling like your organization has lost the race before it has even entered it.

The truth is, AI is changing the world at a remarkable pace. And, eventually, nearly every industry and business will benefit from it. “Whether you work in retail, banking, transport or the public sector, AI will be an integral part of the way you do business in the future as it has huge potential to improve decision-making, increase efficiency and power new ways of working,” states the article How to Get Your Business AI-Ready.

But that doesn’t mean AI is the best solution for your organization right now. Implementing AI takes a massive commitment in the form of time, resources, and money. It requires a critical mass of data and properly trained staff. By prematurely jumping into a high-profile AI program, you risk ignoring the valuable tools already available and stalling other strategic projects underway. Instead, a more practical approach—one that uses software scaled to your operations—will move the most important metrics now, while developing an analytics culture that will make AI more feasible down the road.

AI has become a buzzword. What exactly does it mean?

In its prolific use, the meaning of artificial intelligence has become skewed. Some have come to view it as a magical solution capable of instantly transforming business all on its own. Others equate it with automation. Neither of these is true, however. AI requires much preparation and strategy (more on that later), and where automation follows pre-programmed rules, AI involves machine learning. AI is designed to mimic human thinking by making predictions and adjusting its processes based on new data insights. In this way, AI is quite different from many previous technological revolutions, during which technology took over specific, static roles within processes.

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Facing the challenge of reputation risk management in higher education

The Operation Varsity Blues scandal has heightened reputation management concerns across the higher education community. Seeing how quickly any college or university can suffer reputational damage, and how lasting that damage can be, underscores how valuable an institution’s reputation is, and how critical it is to safeguard it.

The book Reputation management: The key to successful public relations and corporate communication by New York University professors John Doorley and Helio Fred Garcia opens with a quote from Warren Buffet who addressed a group of Salomon Brothers managers in 1991 after the firm became mired in a high-profile trading scandal: “If you lose dollars for the firm by bad decisions, I will be very understanding. If you lose reputation for the firm, I will be ruthless.”

Although numerous surveys show that many leaders of higher education institutions place the same value on reputation as Buffet does, effectively managing these risks remains elusive. In fact, most cannot even define what reputation is.

Defining Reputational Risk

In the article How to Manage Reputation Risk, Nir Kossovsky addresses the definitional ambiguity directly. “From your boardroom and C-suite to the SEC and Office of the Comptroller of the Currency, everyone agrees reputation risk exists, yet few can describe it. However, this isn’t as difficult as it seems.” Kossovsky defines reputation as the expectation of behavior that is set by stakeholders. “Customers have expectations when they buy products or services, employees have them when they accept jobs, vendors have them when they partner, creditors and investors have them, and even regulators have them.” For colleges and universities, this extends to the communities that house them, the potential pool of students and parents considering attendance, research partners, and the other organizations that interact with them.

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What are the foundational elements for becoming a next-level insurance brokerage?

Organizations often miss a crucial step in their drive to acquire and implement technology as a means to remain competitive. The ability of commercial insurance brokers to leverage data and analytics to bring in new business, write policies, and provide added value to their clients is about more than selecting the best risk management information system (RMIS). To get the most out of the investment in technology and become a digital leader, a brokerage should first assess if essential foundational elements are present.

The next-level broker

A next-level brokerage is a firm that has undergone the process of digital transformation, a term that CIO contributor Mark Edmead defines in Digital Transformation: Why its important to your organization as “the acceleration of business activities, processes, competencies and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.”

An anonymously attributed response to the Commercial Property/Casualty Market Index (Q4/2018) survey question, “What opportunities for commercial insurance brokers do you see?” can be also be read as a more specific description of the next-level broker. He or she is able to “maximize use of technologies and analytics to grow business and do so with reduced expenses.” Furthermore, the next-level broker has the “[i]ncreased ability to target growth in select industries via use of data and analytics.” Finally, he or she is able to “[i]dentify new ways via technology and through the use of data and analytics, to solicit, write, and service business.”

Analytics functionality is an essential component in the digital transformation into a next-level brokerage. However, the act of putting a RMIS in place (or modernizing an existing system) doesn’t mean that all expectations around analytics will automatically be met. The right mix of people and data must also be present.

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