Tag: Analytics

Using RMIS technology as a service differentiator

In what is already a competitive landscape, 2018 saw a record number (626) of mergers and acquisitions among insurance brokers. According to Business Insurance reporting, more than half of these deals involved P&C brokers and agents.

At the same time, Earnst & Young’s US and Americas non-life insurance outlook 2019 points out that a “gradual shift toward direct sales can be seen in personal and small commercial lines.” While the report holds that the proliferation of D2C channels that reduce dependency on brokers is unlikely to have a significant impact on large commercial lines in the near future, the trend can and should be taken as a sign of things to come.

“One of the biggest keys to success in this environment is differentiating your agency from others that offer similar services,” writes Mike Lover in the PropertyCasualty 360° article Want to make your customer service truly stand out? Answer these questions.

read more

5 ways healthcare risk management software increases patient safety

Healthcare risk management starts with using healthcare incident reporting software and patient safety software.

A 2016 analysis published in BMJ revealed that medical error is the third-leading cause of death in the United States. This includes process errors, planning errors, and failures to act. Martin Makary, a health policy expert at Johns Hopkins and an author of the analysis, explains that the “complex medical system” in the U.S. “sometimes lacks transparency that results in the wide variation in quality of medical care that is the endemic problem in safety.” Makary also notes that “safety nets are missing and standardization is lacking.”

At the heart of this standardization problem lies outdated technology and confusing systems. Many healthcare providers continue to use lagging systems that don’t efficiently collect or analyze data. Furthermore, a mix of legacy and new systems makes for potential conflicts that add to the confusion and fortify workplace silos. Without the sharing of information, organizations fail to see big-picture strategies and solutions that could help prevent medical errors and increase patient safety.

read more

RMIS tricks to avoid your own Groundhog Day

Another Groundhog Day has come and gone. Or has it?

In the movie Groundhog Day, weatherman Phil Connors (played by Bill Murray) is forced to relive the same day, over and over again, no matter how he tries to change the outcome. The Environmental, Health and Safety Newsletter recently compared the latest release of the Census of Fatal Occupational Injuries with previous years and observed a similar phenomenon.

The article notes, “The latest census is remarkably consistent with the previous reports. People continue to die in numbers, proportions and circumstances much as they did the year before, and the year before that and the year before that. There are a lot of Groundhog Days in how we’re getting killed on the job.” Even worse is the fact that these factors are no secret. “The same hazards keep killing workers,” the article continues. “What’s most likely to kill someone is not a trick question. It’s an open-book exam.”

If something as critical as lowering workplace deaths can get trapped in an endless cycle of no progress, it shows just how immovable some of these challenges can be. Lack of desire or effort isn’t always to blame.

read more

What does it mean for you if Amazon offers claims management?

One of the Claims Journal’s most popular articles of 2018 covered the Altus report that investigated the possibility of Amazon entering the claims management sector. The fact that Amazon tried to poach employees from Lemonade and recruit for a new product manager position certainly provided enough circumstantial evidence to fire up the rumor mill.

The report highlights some of the advantages Amazon brings to the table. The customer-facing infrastructure — from Alexa and Echo devices to an online juggernaut offering an expansive consumer marketplace and digital media center — is unlike anything currently in the insurance space. In addition, Amazon Home Services, which offers on-demand repairs and potential assistance with installing large replacement goods; its array of supported smart home devices; and its direct access to customer purchase history make the company poised to completely transform the claims management process.
read more

Lay the foundation for a strategic approach to claims management

When it comes to the ability to manage risk and losses, risk managers often face the challenges that come with claims data that is spread across multiple systems and spreadsheets. At the same time, they’re being asked to do more with less. In a previous post, we looked at ways an integrated claims management solution—one that includes multiple integration and workflow automation options—can transform claims administration processes. But you don’t have to be a self-administered organization to benefit from claims management functionality in a RMIS. The following features are just a few examples how such a solution can help you consolidate all of your organization’s claims data in a single system, streamline workflow processes, and perform analysis that contributes to more informed decision making and improved claim outcomes. read more

Growing your business through analytics — Getting started

A recent article, “Transforming into an analytics-driven carrier“, examines best practices in what is a multi-stage journey that requires equal parts business and analytics leadership. The end goal is an organization where:

  • Data-driven decision making is the standard
  • Analytics is central to claims adjustment, underwriting, and pricing processes
  • Analytics drive the entire business, functions are better integrated, and organizational silos no longer exist

The transformation is also dependent on having the right technology in place in order to begin to get buy-in and build momentum as a strategic vision for the organization is implemented. As a McKinsey Quarterly article puts it, companies must begin to build a foundation which enables change. “People have been talking about data-driven cultures for a long time, but what it takes to create one is changing as a result of the new tools available. Companies have a wider set of options to spur analytics engagement among critical employees.” For carriers still looking to move off of core legacy systems that struggle with modern requirements, even starting down the path to becoming an analytics-based insurer may seem out of reach. read more

Combat cargo theft with analytics and reporting

Ironically, cargo theft is often “driven” by where trucks are parked. Recent reports from CargoNet, a division of Verisk Analytics, and the Transported Asset Protection Association Europe, found a positive correlation between cargo theft from trucks and roadside parking.

In the third quarter of 2015, cargo thefts from vehicles parked along the side of a road in the United States and Canada increased 144 percent when compared to the same period a year prior. That increase is in spite of an overall decrease in cargo thefts between the third quarters of 2014 and 2015.  read more

How to manage multiple properties and their insured values

Location. Location. Location. It’s not only a critical consideration when determining where to invest in real estate, but it’s also an important consideration when managing risk and insurance for multi-national organizations with—you guessed it—multiple locations.

It’s hard enough to ensure one site is properly insured and protected from unpredictable adverse events. Throw in multiple sites in different countries with varying rules and regulations and it can become anyone’s guess as to how a site is performing from a risk and insurance perspective. read more