Risk management technology exists so organisations can consolidate risk and insurance data from across the enterprise; surface relevant information from wherever it’s hiding; connect it with other internal and external data; and then normalise the data so it’s all relatable.
With the right functionality, risk management technology can exploit its deep connection to expansive and critical risk and insurance data to automatically create visuals that take into account the full spectrum of risk. Further, it can make visualising data dynamic – allowing users to instantly manipulate images and drill deeper with more specific queries for any type of information.
Insurance claims and policy data are just two examples of information that can be visualised and analysed from 360 degrees within risk management technology. Related data can be configured and reconfigured visually time and time again, based on what the stakeholder wants to see, or the business problems that specific stakeholders are trying to resolve.
For example, a risk manager may want to see claim severity data from trending, timeline and geographic perspectives to get a handle on incidents; what’s causing them; and how they can be prevented at certain locations. A claims manager, on the other hand, might want to see claim severity data through the lens of how long the most severe claims are open versus less severe claims in order to evolve processes and shorten the claims lifecycle for severe claims.
When it comes to insurance policy data, stakeholders might start out looking at the policies they have in place, but drill down to analyse premium spend versus policy coverage. This could include the types of policies or locations demanding the highest premiums; or the carriers to which premium spend is going, and whether that spend is distributed appropriately to minimise risk.
Regardless of the business problems that need to be solved, or the stakeholders attempting to solve the problem, with just a few clicks, any user can alter their queries and analyse new visualisations to capture an holistic picture of risk, or the more specific components of risk, of which they are in charge.