Efficient, transparent and risk aware
With Ventiv you’ll always be able to justify why invoice amounts allocated to each business unit. For example, for property lines you’ll be able to show the sums insured, audit scores and the rates. For liability and casualty lines, you’ll be able to show the business unit’s claims history, loss prevention measures, turnover, number of employees and other factors and data that has been used.
When you’ve created your allocation process with Ventiv, it can be easily run each year at the click of a button, whilst maintaining the previous year’s settings and results.
No lengthy consolidation of data from spreadsheets and other sources. Any changes, for example to rates and other variables, can be done in one go using a simple data import and update. Clear audits of the basis for the allocation and allocated amounts, including from prior years, provides the ideal basis for audits and compliance.
With the possibility of a bonus/malus regime via your cost allocation/calculation process, you will encourage good risk management practice and penalize poor management of risk. With the costs calculated and allocated, you can report the year-on-year variances by region, by business unit and by line of coverage.
Helping promote best practices in risk improvement, loss control and safety incentives to drive the embedding and improvement of risk management across your business.
With your cost allocation and calculation process translated into a validated and formalized system, the likelihood of errors or omissions is much reduced or even eliminated.
Also the move to a supported system, improves resilience of the operations and institutionalizes the process.
Many companies already have risk management strategies in place. Managers of these companies may wonder how a risk management information system, or RMIS, can help them improve their processes...Read more