In May 2020, Origami hosted a number of virtual RIMS webinars in-place of the RIMS 2020 Annual Conference, which was cancelled due to coronavirus. One of the five sessions Origami offered, “Driving Customer Satisfaction with Digital Engagement,” was led by Tim Cuckow, Senior Sales Executive, John Carolan, Senior Sales Executive, and David Duden, Strategic Relationships Executive. The presentation highlighted how stakeholders across the insurance value chain (i.e., insurers, pools, and TPAs) can leverage new digital engagement tools and predictive analytics to make underwriting and claims administration more efficient, differentiate their offerings, and drive agent and policyholder satisfaction.
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The economy is reopening whether organizations are prepared or not. What does restarting business operations look like in a world reeling from a pandemic outbreak and the problems that come with it?
A staggering 40% of businesses fail to reopen following a disaster and another 25% fail within one year following a disaster, according to a report published by Federal Emergency Management Agency (FEMA). Even organizations that survive disasters can remain fragile, experiencing disruption for years to come. While FEMA’s statistics were built upon “normal” disruptions—hurricanes, tornadoes, floods—we can see how impactful contained disasters are to businesses, leaving the world to wonder what impact the coronavirus outbreak will have on the global economy.
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Modern digital administration platforms stand to vastly improve the productivity and capabilities of insurers, their staff, their digital infrastructure, and the organization as a whole. According to McKinsey, “standard [software] systems are typically much more streamlined and include ready-made functionality for pricing, underwriting, customer self-service and automation, and claims processing. As a result, they can improve efficiency across the enterprise.”
In fact, insurers that develop and execute a digital strategy stand to gain substantial value over their competitors. Though, if this is the case, why are small insurers across the industry still running their business on legacy software, allocating limited resources to maintaining outdated systems, and making incremental changes that fail to plan for the long-term?
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Until a few weeks ago, the percentage of U.S. workers who performed their jobs from home had steadily risen, year after year, for more than a decade. Then, suddenly, the efforts to contain the spread and impact of the COVID-19 virus led many employers, in industries where it is possible to do so, to require that their employees work from home. It may be some time before precise numbers are available for just how many Americans worked from home during stay-at-home/shelter-in-place orders. However, in How Many Jobs Can be Done at Home? a National Bureau Of Economic Research working paper published on April 6th, Jonathan Dingel and Brent Neiman present findings that show “37 percent of U.S. jobs can plausibly be performed at home.”
“The coronavirus outbreak has triggered an anxious trial run for remote work at a grand scale,” writes Derek Thompson in The Atlantic. “What we learn in the next few months could help shape a future of work that might have been inevitable, with or without a once-in-a-century public-health crisis.”
That future would most certainly have a bearing on the unique workers’ compensation-related issues related to a remote, at-home workforce. Insureds and the organizations that handle Workers’ Compensation claims will need to be ready. … read more
Globally, we are seeing companies being pushed into having a remote workforce, whether they are ready for it or not, especially as more US states and countries issue shelter-in-place orders to slow the spread of COVID-19. While shifting to a remote workforce may seem like an impossible feat, there are steps you can begin taking now to help your employees transition, and by extension, improve the experience of your clients. Since our inception, Origami Risk has valued its remote capabilities and the talented team we’ve been able to curate because of it.
Whether you are a work-from-home veteran or not, we’re all facing unique challenges in this new environment—from learning to work alongside your spouse and kids, to dealing with the challenges of conferencing technology—there is always a learning curve when transitioning from office to home. As a company of “remote work gurus,” we’d like to help make that learning curve a little shorter by sharing what helps Origami’s dispersed team efficiently work from home, all while servicing clients without interruption.
Have Readily Available Resources and Training
Some employees have fully equipped home offices, while others may have difficulty adjusting to their new work environment for a number of reasons. From a lack of technological savvy, difficulty working without a second monitor, or simply the social adjustment that comes with telecommuting, there are a number of obstacles that can work against an organization that’s suddenly forced to shift to a fully-remote workforce. First and foremost, it’s important to check in with employees to make sure they’re equipped with the tools and resources needed to effectively work and service their clients.
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What are the true costs of the repetitive, simple administrative tasks claims adjusters perform throughout the course of the workday? Inefficiencies stemming from manual procedures and repetitive tasks can directly impact the bottom line of claims organizations. Added to this are hidden costs that organizations may be less likely to account for: the impact those types of procedures and tasks can have on employee engagement and job satisfaction levels.
The Hidden Costs of Repetitive Tasks
As shown in a study published by the Society for Human Resource Management, when employees are required to perform repetitive tasks, they quickly lose interest and a sense of purpose. These employees are both less satisfied and less engaged. With reduced rates of job satisfaction comes the increased likelihood of turnover and the costs associated with hiring and training new adjusters.
There are also missed opportunities associated with high levels of engagement and wellness. Laid out in the Forbes article, 10 Timely Statistics About The Connection Between Employee Engagement And Wellness, these benefits can include reduced employee burnout, more empowered employees, and increased rates of profitability.
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Origami Risk users gathered in San Antonio from January 12-16 for our 2020 User Conference. The fifth such event hosted by Origami, this iteration of the conference was the largest to date, with more than 500 people representing organizations from across the risk and insurance industry in attendance.
Collaborative, hands-on learning opportunities led by members of the Origami service team ranged from “boot camps”—introductions to the system for newer users—to instruction on setting up dashboards and reports to more advanced topics such as system administration. Attendees also had the opportunity to meet with an Origami expert for one-on-one sessions for a closer look at specific features or areas of the system they wanted to know more about.
Client co-presenters led sessions covering a wide range of topics including GRC, underwriting, safety, audits, and claims administration, to name just a few. As in previous years, the delivery of actual use cases and the opportunity for those attending sessions to ask questions about the ways in which Origami Risk is being used to address “real world” challenges provided a unique opportunity for peer-to-peer learning. … read more
Heracleitus says, you know, that all things move and nothing remains still, and he likens the universe to the current of a river, saying that you cannot step twice into the same stream. — Plato, Cratylus
Regardless of industry or company size, an evolving risk environment necessitates an approach to managing risk that is both strategic and dynamic. In order to successfully implement a risk management program that accounts for this reality, you’ll need the right risk management technology—and the appropriate level of support behind it.
Is your RMIS capable of keeping up?
Platform flexibility allows organizations to tailor workflows that adapt to changes in risk and safety processes, rather than the other way around. And although it’s not uncommon to have concerns about changing systems, the move to a more configurable RMIS typically contributes to significant leaps forward in data collection, analysis, compliance, and day-to-day efficiency.
A case study featuring DHL, the world’s leading postal and logistics company, details the benefits that can come from making a switch to a more configurable RMIS. Following a change to Origami Risk from the legacy system previously used to centralize its loss and risk information, DHL saw rapid improvements in accident reporting, the handling of claims data, policy management, and document management. The DHL risk management team was also able to take advantage of Origami’s flexibility to set up an integration with daily video feeds from delivery vehicle dash-cams.
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Data silos not only create obstacles to effective operations, but can also directly affect your bottom line. Listed below are five common issues associated with siloed data and ways to avoid them.
1. Creates a dependency on inefficient external reporting applications
Multiple platform architecture complicates the reporting process. While third-party reporting tools can be used to analyze data across multiple systems and produce unified reports, there are costs incurred. Forrester reports that nearly half of all data professionals spend at least as much time prepping data as they do analyzing it. This inefficiency worsens in cases where reporting reveals a need to modify how data is captured or organized, forcing analysts and IT resources to trace data all the way back to its original source and then make changes.
In some cases, third-party reporting tools can also create a gulf between those who master the reporting technology and those seeking answers from the reports. In a recent interview, Christopher Ittner, chair of the accounting department at The Wharton School, discussed how this division affects the business process:
“What we are finding is that in a lot of companies, there are great data scientists and great business people but what is missing is business people who know enough data analytics to say, ‘Here is the problem I would like you to help me with.’ And then they can take the outcome from the data scientists and see how they can best leverage it. That is where we must get to in the next couple of years if we want to take advantage of the digital technologies.”
Providing users with direct access to reporting that requires no prep work solves both issues. End users can become their own data analysts and answer the business questions that apply to their work. Without the requirement to master the technical process of assembling, scrubbing, and joining data from multiple systems, reporting becomes more efficient, effective, and scalable.
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Insurance carriers that rely on multiple-vendor application stacks to manage core functions such as policy management, billing, and claims administration may be placing limits on the strategic advantage IT departments can offer. As the number of supported vendors increases, more IT resources are forced to focus on managing application stacks rather than identifying and developing competitive technological advantages.
An Ivanti survey analyzed in The CIO’s Conundrum: Can IT Move From ‘Keep the Lights On’ to Creative Thinking? underscores the tension between maintenance and innovation. “In this survey, what became crystal clear was the counterbalancing of maintaining essential IT services with the desire to be bold and to act as a creativity dynamo.” Matthew Smith, President, Demand Generation at IDG Communications, notes that the survey results indicate that organizations “need to liberate their CIOs to think ahead of the curve rather than obsess over day-to-day operations. But today IT is all too often still regarded as a support function or information leaders are too stretched to drive competitive differentiation.”
Sandra Gittlen writes in Whittle down application sprawl, “out-of-control application stacks can jack up costs, introduce vulnerabilities, add to infrastructure complexity, jeopardize licensing and waste staffing resources.” This pulls resources toward the maintenance side of the spectrum and away from the strategic side. Glitten concludes, “IT’s value is not in supporting technology, but in understanding the business and using technology to achieve business goals.”
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