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The Future of Insurance Risk: 6 Reasons Why You Need an IRM Platform

In an insurance risk management world that is burdened with volumes of data, disjointed legacy systems, and high-touch manual processes, the opportunity to leverage an Integrated Risk Management (IRM) platform as a springboard to digitally transform your organization offers hope. 

Overdue for technological innovation, the field of insurance risk management can finally maximize the strategic value of the data. The right IRM platform not only aggregates risk, insurance, and EH&S data but also supports your risk strategy and improves performance with effective governance and risk ownership.

 

Let’s break down the advantages of a consolidated IRM platform. 

 

  1. Incident Management

    Save time and reduce operational impacts from incidents with shortened response times and better incident visibility across the organization. An IRM platform consolidates your company information to make process automation and reporting more accessible. The streamlined approach saves your team time and minimizes human error from intake to resolution.

    “Right away, we liked what we heard about Ventiv’s intake solution. We liked how it would make it simpler to record incidents, which is important because of Travelopia’s structure of some 50 independently operating brands,” says Lynn Barett, Insurance Executive at Travelopia

    An IRM platform with the right incident management software also makes it easier to proactively identify patterns and intervene, when necessary, with loss prevention and control measures. Leveraged effectively, an IRM platform can result in 50% savings in incident reporting costs.
  2. Claims Management

    An IRM platform that has an embedded claims management software gives you control over critical priorities: incident intake, claims consolidation and administration, supervision, and legal risk and litigation management. Consolidating claims information from various sources provides standardized data for better insight and understanding of the risk your organization faces.

    The ability to leverage a central system - especially one that is further equipped with advanced analytics capabilities - can have a measurable impact on realized business value. For example, TPAs can collect a variety of data to help them understand the likely path of a claim. With PREDICTIVE AI technology allows real-time, continually updated predictive modeling. As the claim progresses and more information is gathered, predictive AI will re-score the claim for its potential to develop adversely, updating the predicted final cost in real time. This type of functionality within a centralized IRM platform can result in a 33% reduction in jumper claims costs.

  3. Asset and Exposure Management

    Gain a stronger negotiating position for risk transfer with a centralized IRM platform. Maintain a detailed register of all exposures and assets, including properties, with location, usage, values, and COPE details. A solution that is designed to handle exposure and asset management empowers you to make informed decisions about premiums, your loss control budget, and other critical decisions regarding your company’s risk landscape.

  4. Insurance Renewal Data Automation

    Does a 70% Reduction in Time Gathering for Renewals sound appealing to you?
    With an IRM platform, your information is centralized and operationalized much more effectively, which can create opportunities for automation and/or smart workflows that use notifications to help your team work much more effectively.

    “We believe that our investment is worthwhile. We could not achieve the same results without an excessive amount of manual effort and time,” raves Giles Shepherd, Insurance Manager for Imperial Brands.

    A unified IRM platform is great for insurance renewals because it provides a comprehensive view of risk through custom dashboards and aligns workflows with real-time field data to make sure that the right stakeholders are engaged at the right time in the process. This not only shortens response times but drives overall better outcomes.

  5. Risk Engineering and Property Loss Control

    An IRM platform can help you prevent risks and hazards with best use of loss control budgets. Enhance your safety programs with a central repository of all survey results, including recommendations and temporary impairments.

  6. Cost Allocation and Calculation 

Achieve a 9% reduction in Total Cost of Risk (TCoR). An IRM platform can provide the insight you need to monitor and lower your TCoR. Make informed decisions with real-time analytics by integrating all of your data from internal and external sources in one system while connecting risk mitigation activities across the business.

 

An IRM platform drives cost improvements associated with risk management across the entire business by providing the adequate level of transparency needed to quantify and justify your allocations.  For property lines, for example, you can provide the sums insured, audit scores, and rates. For liability and casualty lines, for example, you can provide the business unit’s claim history, loss prevention measures, turnover, number of employees, and other factors. Cost allocation and calculation is a critical advantage for an IRM platform.

 

NEXT STEPS: 

To learn more about how an IRM platform can drive value in your organization, read A Buyer's Guide to a Risk Management Information System.

Feb 17, 2022

 | Originally posted on 

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