Category: Risk Pools

Make automation matter

It’s not exactly a secret: Regardless of size or industry, every organization stands to benefit from using automation technology to cut down on repetitive, time-consuming administrative tasks. More than simply speeding up a process or getting people to work faster, automating administrative tasks yields value by freeing up employees to focus on the aspects of their job that really matter and provide value.

Automation is wonderful. Except when it isn’t.

As covered in Behind the Hype of Robotic Process Automation (RPA), businesses can run into issues by rushing to reduce costs and improve productivity through automating processes without first evaluating their effectiveness and necessity. The benefits of automating repeatable, administrative tasks can also be lost if automation technology is too difficult to use. The result? Time that could be used performing more high-value activities winds up spent managing software.

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How to prepare for 2019 data breach trends

Data Breach Today offers predictions in What’s Ahead for Health Data Privacy, Security in 2019? While the article focuses primarily on health data, a few key trends apply more broadly and are likely to resonate with all types of organizations.

Prediction: Disruption from regulatory changes is likely

Rebecca Herold, author of 19 books on information security and CEO of The Privacy Professor consultancy, begins the list of predictions by examining the potential for agency updates to HIPAA. “Based on continued pressure from local, state and federal government agencies, law enforcement, researchers and others to ease the sharing of patient and mental health data by removing the need to obtain patient consent, I expect to see OCR issue proposed HIPAA updates,” she notes.

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Build a culture of safety — go beyond audits and get employees involved

For risk and safety professionals, the new calendar year brings with it a renewed focus on improving their organization’s culture of safety. Whether looking to put a new safety program in place, make wholesale changes to an existing program, or build upon previous successes, many organizations face the challenge of ensuring that their employees are fully participating in safety efforts.

A recent EHS Today article takes a look at a potential solution for involving people across an organization in this process: safety assessments.

How safety assessments differ from safety audits

To Build Safety Culture, You Must Get People Talking provides an overview of a 2018 Safety Leadership Conference session — “Distracted Drivers R US — Assessment RX for Success” — led by Walter Fluharty, vice president of EHS and organizational development at Ohio-based Simon Roofing.

Where static surveys may be seen as yet another safety-related requirement, focus group-based assessments followed by the completion of self-assessments are more likely to drive engagement and add value.
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How risk pools can eliminate underwriting inefficiencies and errors

As risk pools look to improve or add to the services provided to members, inefficient and ineffective processes always stand in the way. In many cases, inadequate technology (in the form of antiquated databases, disparate systems, and multiple spreadsheets) limits the ability of risk pools to implement change. Take, for example, the challenges associated with processes related to the calculation of members’ premium contributions, such as:

  • Values and exposures collection is time-consuming for staff and members
  • Historical and current loss data is not readily accessible
  • Spreadsheets used to calculate premium contributions increase the risk of error and limit options for easily incorporating changes
  • Visibility into the process is extremely limited for pool staff and members

The right technology can help. It should be capable of tracking and managing the exposures and loss data for all of a risk pool’s members. It should include underwriting tools flexible enough to accommodate changes in rating tables and formulas, while also being easy to use. The right solution should also provide staff and members with role-specific insight into each point in the process.

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Five trends at the 2018 Origami Risk User Conference

Origami Risk’s 2018 User Conference, held last week, utilized a new format that not only placed a premium on client presentation of use cases, but also focused on digging into “how” presenters managed to implement their specific solutions. Listening to a diverse set of cases, several common trends emerged.

1. Transparency is key

Many of those presenting echoed the need to establish transparency and accountability in their processes. You can’t measure what you can’t see, and you can’t improve what you don’t measure. The most obvious culprits were paper-based procedures—everything from workplace safety “coaching cards,” to incident intake reports. Spreadsheet-centric workflows, such as data-heavy values collection efforts, also failed to identify the “who, what, when, and where” type of information required to make any process fully transparent.

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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.

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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.

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Best Practices Pools: Managing the Renewals Process

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

Taking control of the values collection process

The use of RMIS technology that has been designed to handle the values collection process can help to reduce the amount of time risk management teams spend gathering data.

For risk professionals, the conclusion of a 2017 risk management survey will likely come as no surprise: “Risk Managers, regardless of experience level, are being asked to do more with less.”

Nearly one-third (31%) of respondents indicate that given “additional time”, they would focus on improving internal processes. “The survey results point to Risk Managers being mired in the day-to-day task of servicing their internal constituents, making it difficult to pivot to the strategic questions being raised by their CFOs.” read more

The high costs of not automating claims reporting

A major study by Accenture spanning 15 years of research compiled across more than 70,000 claims reached a troubling conclusion. Nearly half of an adjuster’s day is lost to low value, non-core administrative work. What makes up a large portion of that waste? In a word, paperwork.

Managing the completion and submission of required forms for each claim—from locating the latest version of a required document, to rekeying claim data into multiple forms and letters—is a key driver. To make matters worse, submitting the wrong forms (or omitting required data) can lead to substantial fines. These fines, however, are not the only costs created by relying on a manual claims reporting process.

The Hidden Costs of a Manual Process

There are three financial impacts from a manual process that are often overlooked:

  • The cost of finding data
  • The cost of bad data
  • The cost of data silos

Together, these hidden costs can be a substantial hit on any claims operation. read more