Airlines Use Ventiv’s IRM Software to Improve Their Risk Management
Airlines have a level of risk exposure that involves significant challenges other industries rarely experience. Whether it’s managing claims costs relevant to the peculiarities of air travel, supporting effective risk programs, or meeting regulatory requirements–-airlines have so much to consider when it comes to reducing risk. Rising claims costs, outdated processes, limited resources, and ineffective reporting are just a few of the pain points experienced by the industry. However, with the advent of advanced technologies and innovative solutions like Ventiv’s Risk Management Information System, airlines now have the opportunity to tackle these challenges with RMIS software and get ahead of future risks. Airlines are now capable of leveraging digital transformation and cutting-edge features to lower claims costs, improve risk management, and ensure compliance in a world with increasing regulations.
Here are the five methods an airline can employ to meet its regulations with a comprehensive risk management information system.
1. Address Rising Airline Claims Costs Before They Overwhelm Your Business
Rising claims costs increased legal expenses, and longer claims durations have become a significant concern for airlines. To combat these issues, airlines can adopt a comprehensive claims management system with embedded predictive analytics, and artificial intelligence (AI) models. Reducing claim losses by up to 20% by leveraging pre-built models to score claims for high severity, litigation potential, claims duration and reserving amounts.
2. Get ahead of Digitization and Automation
Traditional risk management solutions often fail to support claims automation and straight-through processing. However, by embracing claim automation digitization and automation, airlines can enhance their risk programs to their own specific processes. Airlines can automate claim processes by implementing preconfigured business rules and configurable workflows integrated into the claims management system ensure that business processes are streamlined without manual intervention.
3. Eliminate Siloed Data and Ineffective Processes
Manual processes and siloed data sources can impede risk management efforts and hinder accurate reporting. To overcome these challenges, airlines can adopt a claims management solution that centralizes data and simplifies business processes.
By automating policy renewal and integrating data from multiple sources, airlines eliminate time-consuming manual tasks and gather accurate information efficiently. Adopting this comprehensive approach has seen organization experience a 10% reduction in premiums. Plus it ensures that risk managers and other decision-makers have an up-to-date view of policy, incident, and claims data, empowering them to make informed decisions.
4. Meet Aviation Compliance Requirements
Compliance is a critical aspect of risk management for any industry, but particularly so for complex air travel. However, it often comes with labor-intensive processes and increasing third party transactional fees. To address this challenge, airlines can leverage a risk management information system that provides embedded compliance functionalities without seeking third-party intervention.
A comprehensive RMIS system should support various reporting requirements, such as FROI (First Report of Injury), SROI (Subsequent Report of Injury), CMS (Centers for Medicare & Medicaid Services), and state forms reporting. By automating these compliance processes, airlines can reduce costs, minimize errors, and ensure adherence to regulations.
5. Overcome Limited Air Travel Resources
Airlines face numerous challenges when it comes to managing claims expenses, maintenance costs, supporting effective risk programs, and meeting regulatory requirements. However, airlines can overcome these pain points and achieve significant improvements with the right risk management information software solution. Data silos frequently result in inefficiencies and erroneous reporting and analysis, but Ventiv breaks them down by assisting airlines in providing a single data repository.
By adopting a digital and automated approach, leveraging analytics and AI capabilities, centralizing data, and ensuring compliance, airlines can streamline their claims processes, enhance risk management, and meet increasing regulatory demands. With pre-configured business rules and programmable workflows, Ventiv supports automation and straight-through processing. Ventiv’s IRM for the airline industry increases profitability and lowers Total Cost of Risk (TCoR) through a risk management information system that powers efficient management of policies and programs.
To learn more about how Ventiv can help automated policy renewal and reduce claims, schedule a demo today.
