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Now is the time to manage your cyber risk

Over the last several years, the increasing sophistication of cyber attacks has left the risk management industry at something of a loss as to how to keep up. The types of attacks and hacks might continue to change, but businesses are slowly coming to grips with their vulnerabilities and putting cyber risk at the top of the agenda. The challenge now is implementing solutions as part of the risk management plan.

Topics: risk management cyber risk Data Security

Asia-Pacific privacy framework shows data privacy is not just a European “thing”

The deadline for compliance with the EU’s General Data Protection Regulation (GDPR)—May 25, 2018—is rapidly approaching. With so much focus on GDPR, it’s easy to forget that making data privacy a fundamental legal right is not just a European priority. As companies put together their data governance and compliance strategies, it’s crucial that they do so with a global perspective. Now and in the future, companies need to ensure their strategies are flexible enough to satisfy a growing list of international compliance requirements.

Topics: data security and privacy gdpr

Risk Managers: Harness the Power of Data and Analytics

Data is everywhere, and technology has given risk managers the tools to work with it directly, finding the answers they need to drive their businesses forward.

Data and analytics have always been the language of insurance.

“Go back to the early days of Lloyd’s, when underwriters of the day met in coffee houses to share their experiences around which ships successfully made it to port. That’s how marine insurance beganwith people pooling information and using it to inform business decisions,” said Rob Hoyt, Department Head and Professor of Risk Management and Insurance in the Terry College of Business at the University of Georgia. 

But as the insurance industry became more formalized, actuarial science emerged as a way to institutionalize the process of collecting data and applying it to the practice of evaluating and pricing risk. As data analytics fueled the growth and sophistication of the insurance and risk management industry, it also grew increasingly siloed to a subset of specialists. 

Topics: analytics RiskConsole Advance

Driving Claims Efficiency with Automation

In a traditionally labor-intensive operation, technology has enabled claims organizations to achieve a higher level of output with less manual interaction throughout the life of a claim. Claims operations should expect a high level of automation from any claims-administration system they consider.

Topics: claims software Claims Administration automation

Digital insights are the new currency of business; is your risk, insurance, or safety team positioned to capitalize on its data reserves?

I recently came across a Forrester report on “The Insights-Driven Business,” which urges companies to join the leading-edge businesses who “harness and apply data and analytics at every opportunity to differentiate their products and customer experiences.” The report got me thinking about what risk, insurance, and safety teams can do to make their groups insights-driven—even if their company has yet to become fully data-driven, let alone insights-driven.

Topics: analytics Analytics und Reporting RiskConsole Advance

What does the future hold for Risk Managers?

In today’s global economy, where many small and large organizations work across many countries, risk management has become far more complex.

Topics: risk management

Ventiv's new ebook helps you evaluate claims technology against your organization's needs

It isn’t easy to keep up with all the ways technology is transforming how we live and work. Even in the B2B world of claims administration, the capabilities in claims systems are moving forward at a dizzying pace. At the same time, it can be challenging to evaluate all the claims systems out there, which is why we’ve taken a different approach with our new guide to evaluating claims technology. 

The Essential Guide to Claims Technology in a Changing Environment looks at claims technology from a unique perspective: How—specifically and in detail—you should expect technology to help your organization meet its toughest challenges and capitalize on its most promising opportunities. We framed this guide to claims-administration systems in the context of what today’s technology should do for organizations navigating shifting, often challenging business and regulatory environments.

Topics: claims software Claims Administration

Risk management should support, not stifle, company culture

Each business has its own risk priorities. This could be anything from social media, cyber security and terrorism to internal strategies, new technology and competition. Some will be short term and others will focus on future planning.

Topics: risk management

IBM Watson Analytics is now embedded in RiskConsole Advance: Why it’s a big deal

January 18, 2018, was a momentous day for Ventiv Technology: We announced that IBM Watson Analytics is now available as part of our risk management software solution, RiskConsole Advance. Why do we think this is such an important development? In short, because with Watson Analytics, we’ve reimagined what advanced analytics can do for the risk, claims, and safety profession. Now, users at all levels are now empowered to perform automated predictive analytics. No longer do our clients need to incur the cost-prohibitive and time-consuming work of engaging outside data scientists.

Topics: predictive analytics analytics Analytics und Reporting RiskConsole Advance

2017 in review – ERM is on the rise, but there’s still room for improvement

As businesses start to implement their plans for a new year, we’ve taken a look back at 2017 to review how the handling and perception of risk management has changed. From our team’s vast experience of working with our clients and other organisations in the industry, we’ve found overall that there is a rise in the understanding, and use of formal risk practices. However, as always, there is still room for improvement. 

Topics: risk management RMIS ERM