Even the most determined, talented risk managers can get tired while running a risk management system using spreadsheets. Regardless of how thorough you are or how many years you’ve put into engineering the best spreadsheet management system, you still have to spend countless hours entering data and searching through it to identify ways to lower your total cost of risk (TCoR).
But with integrated risk management software, you can say goodbye to much of the time-consuming manual work and hello to automated insights and faster workflows.
Save Time on Data Entry and Reduce Errors
Using an integrated risk management solution like Ventiv IRM Xpress, you can automate much of your data entry. For example, suppose you have four locations across the state. You can have multiple business units submit information about coverage needs, incidents, and claims remotely. You then have this data in a central location, automatically collected and organized—no need to put it into a spreadsheet yourself or pay someone else to do it.
Also, by automating elements of your data entry, you can reduce the frequency of errors, primarily because you remove at least one human step. When using a spreadsheet, it’s easy to hit the wrong key or copy and paste only a portion of a line of text. With an integrated risk management solution collecting data for you, you eliminate many of these kinds of errors.
Focus on Risk Management Instead of Navigating Spreadsheets
No matter how skilled you are at data entry and spreadsheet management, chances are, you’d rather invest your intellectual talents in more valuable tasks, such as mitigating risks. Reallocating your cognitive bandwidth in this way is far easier when you have integrated risk management software handling the grunt work.
For example, with Ventiv Xpress, you have all of your exposure data at your fingertips. Suppose, for instance, that a business unit is considering purchasing a backup piece of equipment instead of training employees to repair a current one. You can see, at a glance, how this may impact your risk exposure, as well as how the costs of insuring a new unit compare with training staff to perform repairs. You can then let other decision-makers know the best route to take.
Shift from Spreadsheet Management to Proactive Claims Management
Moving from one spreadsheet to another while navigating the claims process can be tedious, especially when you have a diverse array of claims to deal with. But with the range of accurate, comprehensive data you get in Ventiv IRM Xpress, you can make data-based decisions regarding:
- Loss trends that may indicate ways to improve operational policies to reduce your TCoR
- How much you should keep in reserve to handle incidents internally
- What the root causes are of individual incidents
- Which kinds of risk you should retain and which you should transfer
Making these decisions takes both data and time. By automating your data collection, you carve out the time needed to focus on reducing your claims expenses.
Use a Policy Management Module to Optimize Your Risk Management Investments
When you have to comb through multiple spreadsheets to see which policies you have in place and the coverages they offer, it’s easy to miss something or get a calculation wrong.
On the other hand, with Ventiv IRM Xpress’s policy management module, you have all the data you need regarding:
- How much you’re spending on premiums
- The different policies you have in place
- The limits and conditions of each policy
- Loss ratios
- Your overall exposure
Save Time with Automated Reporting and Analytics
Even the most skilled chart creators can find themselves investing a little too much time preparing for an important presentation. With automated reporting, however, you have dashboards that automatically update in real-time with the information you need. Rendering these for a presentation takes only a few moments.
If you want to customize your next report, you can rely on pre-made templates that make it easy to integrate all of the relevant data.
With Ventiv IRM Xpress, you get a reporting and analytics machine that’s ready to go out of the box. Using the system’s presets, you can enjoy a low-code or no-code customization experience, saving precious time for making business-critical decisions.
Start Shifting from Spreadsheets to an Automated IRM Now
You can use Ventiv’s knowledgeable staff to learn how to automatically transfer data from your spreadsheets to your IRM platform, whether you want to do it once, periodically, or on an ad-hoc basis.
Ventiv’s support system and user-friendly experience reduce your ramp time to around three weeks, making for a lightweight, efficient transition. Chat with an expert to see how Ventiv IRM is right for your organization.
