Believe it or not, we’re already a couple weeks into the new year. Have you set your professional goals or resolutions, and aligned them with the goals of your organization? If not, perhaps we can provide you with some inspiration.
We recently reached out to members of our Riskonnect Advisory Board and asked them to fill us in on their professional new year’s resolutions for 2018. Their resolutions included helping their staffs achieve work-life balance, and proactively managing safety and preventing accidents—topics discussed in “New Year’s Resolutions for Risk Insurance and Claims Professionals (Part One).”
But other resolutions included reducing claims expenses and launching company-wide transformation/change initiatives—excellent resolutions, both of which we will discuss, along with how integrated risk management technology can help you attain these goals.
Reduce claims expenses
Reducing claims expenses is not a surprising goal among risk, claims and insurance professionals. But it might be one that professionals are reluctant to set if they don’t have the tools or action plan in place to actually execute. That’s where integrated risk management technology comes into play.
First and foremost, such technology will provide a single record for any item related to a specific claim—even e-mail communications tied to the claim. It’s all housed within the same system alongside all your other risk, claims and policy data. It will also allow you to easily monitor a claim’s status and payment processing.
Further, the right risk management technology can automate the entire claim management process: System workflow tasks initiate, automate and facilitate communication, actions and even analyses. All of this can decrease the length of time a claim is open, and since shorter claims are typically less expensive, you’ll be well on your way of reducing claims expenses.
Also helping to reduce claims expenses is the power of the analytics that truly integrated risk management technology can provide. Not only can the data be automatically updated and consolidated, it can be visualized and easily put into context so you can:
- Identify factors that may extend absences
- Quantify the impact of individual claims
- Speed up detection of future high-cost claims shortly after injury by identifying current low-cost claims that are likely to increase substantially
- Increase the effectiveness of claim administration dollars by focusing resources on future high-cost claims
Launch company-wide transformation/change initiative
Change management or organizational transformation is not something that can just happen. It requires focused goals, benchmarks and metrics, and organization-wide support—from the top down AND from the bottom up. It has to be everyone’s initiative, which requires transparency and tools that can support that transparency. Integrated risk management technology can help: It’s not just another siloed technology that only serves the risk management department.
It’s functionality can actually meet the needs of many departments across an organization—from procurement, human resources and legal departments to safety, compliance and risk management departments. That’s why so many organizations turn to integrated risk management technology when attempting to consolidate their overabundance of technology vendors.
Integrated Risk Management Technology can surface relevant risk information from wherever it’s hiding in an organization, connect it with other internal and external data, and normalize it securely in the cloud. It can also make risk data dynamic—updated and visualized with meaningful graphs, charts, etc., in real time. Such data storytelling is critical for transparency, quality decision making and engagement.
For instance, if your organization aspires to adopt a culture of safety, such an initiative cannot live in the safety department alone. You have to arm the front lines with the ability to easily collect standardized data on incidents and accidents, as well as help them understand the importance of collecting and reporting such data.
You must also assure them that they need not fear reporting. This of course means management and leadership are on board incentivizing and promoting safety, as opposed fear-based management around incidents and accidents. However, such an approach is more likely to resonate with management once they trust the quality of the data collected and see how it perpetuates sound decision making and impactful corrective actions.
Finally, not only does Integrated Risk Management Technology engage and empower employees, but it also has a more practical application: It enables productivity by automating and streamlining administrative tasks. This can actually lead to innovation as employees will have more time to do higher-value work. This, too, can lead to organizational transformation
New Year, New You
As we enter into each new year, we often spend a lot of time and energy focusing on the emerging risks that might impact our business—thinking of them as one off challenges with one off solutions, instead of a small piece to a puzzle.
Don’t let this be another year of fire drills and spinning wheels. Integrated risk management technology can put a single framework around the many emerging risks facing your organization, while also solving for the ever-present challenges holding your business back from true transformation.