Category: Risk Pools

Using Digital Technology to Drive Stakeholder Satisfaction

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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Issue Management: What Happens When Everything Starts Going Wrong?

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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Why Pools Need Instant Access to Geographical Data Visualization (and Now)

As states across the country begin to ease into reopening amid COVID-19, the challenges of governmental risk pool members continue to surmount—fiscal health is threatened from growing economic uncertainty, entity budgets are being decimated as a result, and more is being asked of organizations with fewer resources at hand.

All of which is only the tip of the iceberg when considering the adverse effects just these few challenges are already having on necessary, government-funded public services like trash collection, fire and police protection, and more.

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How Companies Can Support Their Employees (and Clients) During COVID-19

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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How Claims Operational Efficiency Impacts Employee Satisfaction

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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Three trends from the 2020 Origami Risk User Conference

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

The power of portals: How public entities are improving reporting and delivering next-level services

Female worker in front of van with mobile device

Failure to report incidents and safety hazards can have wide-ranging ramifications, impacting employees and their families, public agencies, and the community as a whole. Making work, and workplaces, safer requires the cooperation of everyone—staff, employees, and citizens.

User-friendly and easily accessible tools such as custom risk portals and mobile forms can streamline any project that requires the capture of data—from exposure values and certificates of insurance (COI) details to driver certification information and more. Made available to employees and members of the public for the reporting of incidents, hazards, and near misses, portals and mobile forms help simplify and standardize what is often an arduous and inefficient process. This not only makes reporting these types of events more likely, but also for a more efficient and accurate reporting process.

Making it easier for employees and members of the public to report accidents, damage, and potential hazards has numerous benefits. Among them, a reduction in administrative overhead and decreased lags in reporting, as well as improved transparency and trust. Perhaps most importantly, access to this data can help risk managers and safety professionals identify trends and take proactive, strategic action to reduce future losses or eliminate them altogether.

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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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Risk pools: Driving loss prevention with audits and engagement

An analysis of the 2017 Public Entity Employee Safety & Loss Control Survey by Frank Altiere III, RIMS fellow and president of PMA Management Corp., highlights the importance of strategic loss prevention. “Now more than ever, the best strategy is to take a holistic approach to risk management to prevent claims from occurring in the first place with loss control strategies,” he writes. The most successful safety strategies cited in the survey involved employee safety training and improving the safety culture.

While 3 out of 4 survey respondents indicated that they planned to conduct more training, a majority also indicated that their safety programs were either underfunded or significantly underfunded. With that being the case, it’s hardly surprising that respondents listed “Developing strong safety attitudes among managers and supervisors” as the top challenge to workplace safety.

Risk pools to the rescue

Given the desire to improve safety culture through training and the reality of shrinking budgets of members, the services of loss prevention specialists associated with risk pools are especially timely. The ability to deliver training to member organizations that may not be able to otherwise afford it is a tremendous benefit. To truly change a culture, however, it may take more than training. Fostering the engagement of employees will go a long way toward developing the strong safety attitudes members demand.

“A hallmark of a strong safety culture is employees who are engaged in safety and are empowered to advocate for a safe culture,” Altiere notes, citing studies that confirm the dramatic effect engaged employees have on safety incidents. While these benefits are well documented, the steps necessary for actually engaging employees seem far less obvious. “Keep in mind that employee engagement must be earned, and that leadership is critical to engagement,” Altiere warns.

Pairing loss prevention resources with audit technology could be the key to creating engaged employees for your members and fostering sustainable safety cultures that deliver lasting improvement.

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How NMC aced a smooth, simplified, and organized RMIS switch

Deciding to implement a RMIS system or make a RMIS switch comes with a range of emotions. There’s the excitement of knowing something better is on the horizon. There’s the nervous energy that comes with major change. There may even be dread over the daunting task ahead. After all, you know your current RMIS—warts and all—and a new one takes some time to get used to. But the payoff from getting a new system that’s adaptable to your organization’s specific needs can’t be overstated.

Don’t let the fear of implementation stop you from making a change that will reap benefits for years to come. With a straightforward plan in place that plays to your organization’s strengths, you can slay the implementation dragon—and even enjoy yourself along the way. Such was the case for non-profit professional association New Mexico Counties (NMC), which teamed up with Origami Risk to complete a highly successful implementation.

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