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Hyatt:

Driving Change with Technology

 

 

 

With increasing amounts of data in spreadsheets, Hyatt implemented an online portal using Ventiv Technology’s RiskConsole risk management information system. The portal, an integrated risk, safety and claims solution, has been a key contributor to Hyatt’s companywide decreases in total incurred, claim costs, claim counts and lag times. It has empowered hotel owners and managers at almost 600 hotels worldwide to identify and address specific risk, safety, insurance and claim priorities for their locations. For Hyatt’s global risk management team, the resulting efficiency gains allowed team members to focus on value-adding activities.

The Challenges

Previously, Hyatt’s global risk management team managed some six thousand data points manually. Using spreadsheets to manage hotel-participation data produced four major issues:

  1. Tracking insurance program participation
    It was cumbersome for Hyatt to manage hotel participation in company-sponsored insurance programs and track hotels purchasing their own coverage.
  2. Static resources against an expanding hotel chain
    In the last five years, Hyatt has continued to grow, which means more time spent manually managing increasing amounts of data.
  3. Complying with Hyatt’s mandate for data-driven decisions
    Safety and security has long been a priority for the company, and Hyatt leadership champions making business decisions based on accurate, comprehensive data. For Hyatt’s risk management team, making data-driven decisions are as vital because it helps hotel owners and managers focus on sales and serving customers—not managing claims and exposures.
  4. Potential owner-relations challenges
    Workers’ compensation (WC) claims and OSHA recordables are managed at the hotel level. Volatile reserving plagued hotels, which was frustrating for owners.

 

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“In the last 18 months, we’ve grown by leaps and bounds in our productivity and the value we’re delivering to this organization. Hyatt has an established culture of safety. Hotels have fully embraced the RiskConsole portal, because they can now proactively manage the financials related to certain types of claims.”

JENNIFER PACK, CPA, ARM

Director of Risk Management

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The Solution

Jennifer Pack, Hyatt’s director of risk management, describes her team’s approach as “driving change at the hotel level through data.” The core of the solution is a constantly evolving online dashboard-driven portal powered by RiskConsole. Hotel owners and managers use the portal to identify their hotel’s risk, safety, insurance and claim priorities, enabling smart decisions with the safety of hotel colleagues in mind.

The RiskConsole portal is the sole source of data, reporting and benchmarking available to all Hyatt hotels. It provides hotels with the information to analyze what’s happening at their hotels for risk, safety, claims and insurance. Hotels can then tailor its risk management approach specifically to their needs.

The RiskConsole portal has also empowered important departments at the hotels, including human resources , finance, asset management and general management, to collaborate on optimizing and improving the predictability of their risk, safety, claim and insurance costs.

 

The Results

The Hyatt portal initiative has been a showcase for embedding a risk and safety culture across the entire portfolio of Hyatt hotels. Hyatt’s global risk management team has continuously improved the portal and made it more useful and valuable to hotels, which has in turn driven adoption rates. As hotels see their reserves becoming more predictable, owners and managers are rapidly embracing the portal. The portal has led hotels to manage their safety and claims processes proactively, saving money in the process.

Since Hyatt’s global risk management team launched its “driving change at the hotel level through data” initiative, the company has driven positive results in numerous ways:

  • Total incurred has decreased by 16%
  • Average claim cost has decreased by 9%
  • Claim count has decreased by 7%
  • Lag time has decreased by 6%

Based on results through the first six months of 2015, Hyatt’s global risk management team continues to see improving metrics.

The term "Hyatt" is used for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

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IRM awards Ventiv with Risk Management Solution of the Year

The award recognizes Ventiv's dedication to providing the best possible solution to our clients and help organizations advance clarity and efficiency within their risk, insurance or safety programs. Our submission featured detailed, significant milestones and key performance indicators that demonstrated a substantial, measurable return on investment.  Learn More >

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