NIP Group faced a significant challenge when it came to finding a risk management system specifically designed to serve a complex and varied community of stakeholders. They need to produce standardized data and reporting practices across their claims administration program but their clients, including a diverse set of public sector entities, each operate with different standards, levels of data quality, and even different naming conventions.
NIP Group also has to manage its MGA/MGU business unit which, in addition to aggregating claims information, adds nuanced policy and exposure requirements. They need an environment that compiles claims, policy, and exposure data from three specific carriers and runs reports across multiple objects. NIP Group also provides regulated reporting to external entities, adding elements of priority and complexity to their reporting requirements.
Their old claims management process relied on a complex mix of spreadsheets and was incredibly labor-intensive and error-prone. They needed not only a sophisticated technology solution to meet their needs, but also a vendor that could deliver a smooth and seamless implementation.
Ventiv was the risk management program best suited to handle the scale and complexity of NIP Group's program. Since adopting the Ventiv solution, their efficiency and reporting capabilities have been enhanced in six noteworthy ways:
Having a lot of data doesn’t make a huge difference when you can’t analyze and act on it. With their new risk management system, NIP was able to spot trends in data and make strategic, data-driven decisions, improving their overall underwriting strategy. With clean and consistent data that is monitored regularly through integrated dashboards, they can easily look at how rates change and benchmark at a very specific segment level.
By utilizing Ventiv claims management software as a part of their risk management program, NIP Group is better equipped to perform qualitative analysis. This enables them to satisfy the reporting demands of consumers throughout the organization. Sometimes report volumes top 75 daily, and NIP Group can now run comprehensive reports more quickly and easily distribute them to the users who need them.
Advanced reporting capabilities allow the team to think deeper, ask more and better follow-up questions, and make data-driven decisions in a timely and efficient way. In addition to streamlining their internal reporting, NIP Group can better manage external reports for carriers and tower insurance company groups.
Using spreadsheets and a host of disjointed databases, NIP was only able to see a fraction of the information needed to make informed and efficient business decisions. With Ventiv Claims, they can easily create and pull reports to analyze the big picture.
Instead of being siloed and tightly controlled, data is unified which means that the information can be accessed, compared, compiled, and examined in several variations across the breadth of its organization. This provides an overall view of their business not previously possible.
“In weeks, we would only produce a fraction of what we can now do in a matter of days,” said Steven Strauss of NIP Group.
This allows employees to focus on more important things, as their jobs are much more efficient and streamlined. But it’s about more than just employee efficiency, it's about compliance as well.
When working with municipalities, it’s important to ensure that work is both accurate and accessible for regulatory review. With Ventiv as its new risk management solution, NIP Group can easily provide the required levels of transparency. This helps not only improve their responsive and timely reporting externally but it's also beneficial for their relationship with clients.
In the public sector, access to comprehensive data is an important factor in improving claim outcomes and strengthening their relationship with clients. NIP has dramatically enhanced its customer service and satisfaction through the ability to ask the right questions and manage risk while focusing on what is working well and getting rid of processes and activities that are not as successful.
That means time to focus on tasks they might not have had time for before and to dedicate more time to directly serving customers. The data they produce also has a huge impact on its leadership and across the entire company.
Finally, the NIP Group is also now able to produce data that impacts the entire organization. Everyone benefits from underwriters to leadership. For a risk management solution to work well, you need a system backed by a team that understands how to handle your specific type of data. A streamlined, more efficient system filled with unified data makes the claims reporting and resolution process more efficient, creating more effective risk management and renewal outcomes.
“You need more than a database. You need a partner that understands the insurance industry and the technology required to accomplish these goals,“ Strauss said. “You need people who understand not just data but insurance data."
You can learn more by checking out the case study.
If you need a new partner in risk management or any aspect of the insurance industry, check us out and schedule a demo today. We’d love to show you how we can streamline your process.