The start of a new year presents a chance to find the motivation and inspiration needed to pursue both personal and professional objectives, particularly those that are connected to the business’s risk, insurance, and claims management.
We requested the members of our Riskonnect Advisory Board to share their own professional new year’s resolutions with us in order to provide some motivation and to help you clarify your own objectives. Some of their resolutions are listed below:
Assisting employees with work-life balance
Manage safety proactively to avoid mishaps.
decrease claim costs
launch a transformation/change project for the entire firm
Of course, all of them are excellent resolutions. And what’s even better is that risk, insurance, and claims professionals may accomplish these objectives with the aid of the proper risk management technology. Read on to understand how it can assist with work-life balance and proactive safety management in addition to helping to minimize claims expenditures and start company-wide transformation initiatives:
Assisting employees with work-life balance
All too frequently, managers or leadership view work-life balance as a “soft benefit” with little potential for financial gain. However, genuinely putting money into the equipment required to give workers true work-life balance can have a significant impact on the entire organization.
For instance, automating document completion across a number of departments has benefits beyond merely reducing labor costs. Actually, it often leads to your workers spending more time engaged in productive work that may save costs or boost revenue. A corporation has never saved money on manual paperwork, but automated procedures may produce a variety of savings and other benefits.
In fact, one of the responders to Riskonnect’s poll on new year’s resolutions included work-life balance for his team as a professional objective because he requires his staff to be operating at “100 percent full-speed ahead.” Achieving work-life balance also requires the appropriate risk management technologies, just as it does for high-functioning teams.
Here are just a few examples of the work-life balance benefits that the appropriate risk management technology can provide for your employees in a range of risk, insurance, claims, procurement, and compliance-related tasks while also providing your company with a return on investment:
It can produce a paperless claims procedure that reduces time spent moving paper and unnecessary data input. With a few clicks, electronic incident forms may be instantly transformed into electronic claims forms. Instead of being manually re-entered by a claims specialist, pertinent data is automatically filled. Claims experts might concentrate on decreasing claims, identifying fraudulent claims, or getting involved early with claims that are anticipated to be expensive rather than just pushing paper.
Click here to read “Three Tips for Preventing Claims Adjuster Burnout.”
It can automate every step of the vendor management process, from managing contracts and insurance certificates to conducting quality vendor assessments. Email exchanges, phone calls, and faxes concerning missing data or signatures will be relegated to distant memories. Spend less time worrying about vendor compliance and more time making sure you work with the finest suppliers possible so you can win, keep, and delight clients by offering the greatest customer service.
View the article “Three Tips for Successfully Managing Vendors.”
Automatic data visualization tools, regularly scheduled data feeds that automatically upload claims information in real time, and dashboards that enable a variety of users to view information in a multitude of formats can all help to simplify report creation and sharing without requiring a risk manager, safety manager, vendor manager, or claims adjuster to create unique one-off reports repeatedly. Once more, this steers personnel away from time-consuming administrative tasks and toward work that involves making decisions that have more financial and social impact.
These features aren’t simply “nice to haves” or extras that come with risk management software. They are, in fact, time-saving solutions (and just a tiny sampling at that) that contribute to your company’s success while simultaneously addressing the issue of an overworked staff.
Manage safety proactively to avoid mishaps.
Any year, it is a noble objective to provide a safe atmosphere for your staff, clients, or guests at your place of business or property. Zero injuries or even a culture of safety may seem lofty goals, but they are attainable if your team has access to the correct risk management technologies.
Go online and read “How To Build An Award-Winning Safety Program.”
It first enhances the way event or accident data is gathered. In fact, with the right risk management technology, the entire incident management process can be automated. Field users would then receive guidance regarding the data that needs to be gathered in order to document the scene of an incident, accident, or near miss while they are on the scene, as well as an automatic framework for how to respond to an incident.
Field users can logon to a portal using a mobile device and a few simple clicks to obtain and enter pertinent data. Field users can get a better understanding of the next steps they should take or the data they should gather by using electronic forms with pre-existing data fields. A “wizard-style” collection that is directed process incorporates dynamic question logic, showing or hiding further questions based on previous responses.
Get the details by reading “How To Manage Accident And Incident Investigations In Four Easy Steps.”
Automated incident (accident) collection and investigation technologies may appear reactive since they require an unwanted occurrence to occur or almost occur in order to trigger data gathering or an inquiry, although this isn’t always the case. An effective investigative procedure can identify the underlying cause(s) of an incident and stop it from happening again.
For instance, the proper risk management system may assist you in doing a “Five Whys” study, which involves asking “Why?” repeatedly (at least five times on average) in order to identify the underlying cause of a problem. To assist in facilitating a fruitful research, the system will automatically raise “why” queries.
The analysis of any accident, incident, and near-miss data will be made simpler by such technology, making it simpler to comprehend and, consequently, simpler to identify underlying causes. Users get complete access to all pertinent information since it is gathered, formatted, saved, and shared in a one location rather than having to navigate between many files and data sources with various formats.
It will also be simple to follow the narrative of the incident and analyze causal and contributing factors to better prioritize and target corrective actions by using interactive graphs, charts, timelines, and cause-and-effect/fishbone diagrams created from the data by the right risk management technology.
Additionally, it will make it simple for you to facilitate corrective measures by establishing quick and automatic procedures for data recording, updating the status of any corrective efforts, and escalating any problems up the chain to ensure that they are not ignored but rather successfully resolved as soon as possible.
In the end, you can access more information on events, accidents, and near misses thanks to the fast and adaptable data collecting method. Consequently, it is simpler to investigate root cause analyses and subsequently implement remedial measures—both essential processes in proactive safety management and accident prevention.
Do not give up
Making personal or professional objectives or resolutions is a crucial first step in positioning yourself for success in the next year.
It may be difficult, though, particularly when your objectives may alter over time and new dangers, such as the top business risks of 2018, may jeopardize them. But don’t let it stop you. Set a target. Plan beforehand. Obtain the equipment required for execution. This year is yours.
It’s hard to believe that the new year has already begun for a few weeks. Have you made any professional resolutions or goals and synchronized them with those of your company? In such case, maybe we can provide you some ideas.
Recently, we requested the Riskonnect Advisory Board members to share their professional 2018 New Year’s resolutions with us. Helping employees find work-life balance and aggressively controlling safety and reducing accidents were among their resolutions. responded to the issues covered in “New Year’s Resolutions for Risk Insurance and Claims Professionals (Part One).”
The initiation of company-wide transformation/change efforts and the reduction of claims expenditures, however, were additional outstanding resolutions that we will cover along with how integrated risk management technology may assist you in achieving these goals.
decrease claim costs
It is hardly surprise that risk, claims, and insurance experts would want to lower claims costs. But if they lack the resources or an action plan to carry it out, professionals could be reluctant to make the goal. Integrated risk management technologies can help in this situation.
First and foremost, such technology will offer a single record for every piece of information connected to a given claim—including emails relating to the claim. All of it is kept in the same system with the rest of your risk, claim, and policy information. It will also make it simple for you to keep track of how payments are being processed for claims.
Additionally, the complete claim management process may be automated with the appropriate risk management technology: Workflow activities inside a system start, automate, and make communication, actions, and even analyses possible. All of these things can shorten the duration of an open claim, and since shorter claims are frequently less expensive, you’ll be well on your way to cutting claims expenditures.
The strength of completely integrated analytics is another factor that lowers claim expenditures.
Technology for risk management might be offered. The data can be readily displayed and placed into perspective, and it can also be automatically updated and aggregated, allowing you to:
Identify the possible causes of prolonged absences.
Calculate the effect of each claim individually.
Identify current low-cost claims that are anticipated to significantly increase in cost to accelerate the discovery of future high-cost claims immediately after injury.
By concentrating attention on upcoming high-cost claims, claim administration budgets may be used more effectively.
launch a transformation/change project for the entire firm
Organizational transformation or change management are not something that just happen. It needs support from all levels of the business, including the top down and the bottom up, as well as clear objectives, benchmarks, and KPIs. Everyone must take the initiative, which calls for openness and the availability of technologies that may facilitate such openness. Integrated
For instance, if your company wants to establish a culture of safety, this effort cannot be carried out just by the safety department. The front lines must be given the tools they need to quickly and efficiently gather standardized data on occurrences and accidents, as well as education on the value of doing so.
You must reassure them that reporting is not anything to be afraid of. This, of course, indicates that management and leadership support encouraging and supporting safety rather than management based on fear of mishaps and accidents. However, if management is confident in the accuracy of the data gathered and understands how it supports wise decision-making and effective corrective measures, such an approach is more likely to find favor with them.
Go online and read “How to Build an Award-Winning Safety Program.”
In addition to involving and empowering staff members, integrated risk management technology also has a more useful use: it boosts productivity by automating and simplifying administrative chores. Due to the fact that workers would have more time to do tasks of higher value, this may even spur innovation. This too may result in organizational change.
Go online and read “The ROI of Integrated Risk Management.”
A New Year, a New You
Every year as we start a new year, we frequently focus a lot of time and energy on the potential risks that might have an impact on our organization, treating them more as discrete problems that require discrete answers than as minor pieces of a larger picture.
Don’t let this year be filled with spinning wheels and fire drills. Utilizing integrated risk management technology, you can create a unified framework for the many developing risks that your company must deal with in addition to finding solutions for the ongoing problems preventing meaningful business transformation.