Tag: Document Management

COI management for public entities

Managing certificates of insurance (COIs) has always been a challenge. With increasing pressure on the budgets of state and local governments, dedicating the resources required to effectively manage this process can mean sacrificing time spent on other core functions. Relying on color-coded spreadsheets and a manual review process often leads to unsustainable procedures that fail to scale and adapt as an organization grows.

COI management is risk management

Although the process can be a time-draining administrative exercise, COI management is fundamental to managing risk transfer. The article Contractual Risk Transfer Issues: Reviewing Certificates of Insurance highlights the important role COIs play in risk management, noting, “Because many liability losses occur through the transfer of risk, it has become necessary for a Risk Control Consultant to assess the hazards and controls arising from contracts and agreements in a fashion similar to identifying other hazards, such as exposed wiring or missing guardrails.”

Most public entities are obligated to carefully monitor COI compliance in order to control unidentified risk transfer. Yet the administrative burden associated with endless cycles of hunting down updates and monitoring for expirations or deficiencies can easily exhaust any department. Given the mandate public entities have to stretch every resource to the furthest extent possible, the tension between the importance of an effective COI management process and the toll it takes on those managing it is difficult to resolve.

read more

Still buried in paper? How a RMIS transforms document management

The challenges that businesses face don’t simply disappear when they cease to be industry buzzwords. For example, articles about the move toward a “paperless office” have, for the most part, been replaced by those covering topics such as AI, robotic process automation, or the use of data from drones, wearables, and the internet of things (IoT). This comes as no surprise. New technology warrants coverage and generates more clicks.

Yet the reality is that many businesses are very much still dealing with paper—desktops, drawers, and box upon boxes upon boxes of paper. Even with the switch from paper to electronic documents, organizations still face bottlenecks in processes related to the handling of critical risk, safety, claims, and policy-related files.

The move from a legacy system to a cloud-based RMIS can help alleviate the burden of managing these paper documents. And while there are many reasons for digitizing paper documents, the real benefits for an organization lie in the potential for breaking free from the constraints and limitations of processes created around paper.

read more

TPA Best Practices #1: The power of automation

A 2016 workers’ compensation benchmark study found that half of all high performers employed automation at specific intervals in the claim cycle. Additionally, high performers were almost 4X more likely to rely on automation throughout the cycle than all other groups. Given that another workload study, which conducted over 4,500 interviews with claims professionals, found that adjusters spend up to half of their hours on non-core tasks, it is clear that removing administrative burdens on adjusters is critical to becoming a high performer in the industry.

Employing Workforce Automation with Origami Risk

The workload study estimates that the average adjuster has 130 open cases, with an average of 20 attachments per case, many of which are sent via email. If it takes an adjuster 1 minute to open the email, download the attachment, and then upload it into the case file, it would take one full week simply to manage those documents. With Origami Risk, this process takes seconds. When a case-related email with attachments is forwarded to a dedicated Origami address, the system verifies access rights to the proper claim based on the sender’s mail address. It then uploads the email message, along with all attachments, directly to the claim record. read more