<img src="https://secure.leadforensics.com/85060.png" style="display:none;">

Ventiv unlocks the value in your data with advanced analytics

Insurers & corporations are constantly looking for innovative solutions to meet their goals such as to reduce such costs, reduce exposure, maximize profits, stay competitive, make work environments safer & improve customer satisfaction amongst others.

Topics: analytics

Attacking the runaway inflation in your workers’ compensation claim expense

In a recent article in Business Insurance “Workers comp cycle poised to tighten for insurers, buyers”, a number of sources are quoted supporting the proposition that Workers’ Compensation (WC) rates will rise in the coming renewal cycle. With the line boasting a 95% combined ratio in 2015, the market expects that ratio to leap to as high as 105% when 2016 results are assessed. What is going on here?

Topics: claims analytics

How claims reporting delivers insight to drive your business forward

Adjusters, claims managers and their finance colleagues know that the claims process captures a massive amount of data. They also know that, to add real value to the claims process, a claims system must empower end users and management alike to analyze that data. The newest tools available in claims-processing systems (not just in Ventiv’s system, iVOS, but across the technology marketplace) harvest data and present it in a variety of meaningful ways—basically, answering these age-old questions:

Topics: claims software analytics

Carriers and TPAs know it’s all about analytics these days; but are they paying enough attention to their data foundations?

Attendees at this week’s National Workers’ Compensation and Disability Conference (NWCDC) will undoubtedly hear a lot about all things analytics, from Big Data to the Internet of Things to predictive modeling. It’s important to remember, however, that high-quality, complete and relevant data is the foundation of effective analytics of any kind. There are some important, often-unappreciated prerequisites for effective analytics that insurance entities should bear in mind.

Topics: data management analytics

Why Risk Managers Should be Accurate, Not Precise

The difference in definition between accuracy and precision is quite subtle. However, the slight difference in definition might make all the difference in the world. There's a good sports analogy that explains the difference between accuracy and precision. This analogy should help with the rest of this discussion.

Topics: data management performance management analytics

Clouds and Consolidation: The Future of Risk Analysis

To respond to changes in data storage and growing financial complexity, risk managers are increasingly turning to software. Good programs can automatically monitor company operations, assess threats, and make suggestions for improvements at all hours. The future of risk analysis lies in programs that consolidate large amounts of data and manage the risks of cloud computing.

Topics: risk management analytics

Take our poll: Predictive analytics & your risk and insurance programs

For risk managers looking to catch up on the current state of predictive analytics in the corporate world, there’s a useful, interesting article in the May issue of Risk Management magazine (the RIMS publication; subscription may be required). I should note that the article focuses on data mining for the purpose of “aid[ing] decision-making and strategic risk management”; this is as opposed to the kind of hazard risk management that eSolutions clients typically use our business solutions to manage. 

However, I don’t think it will come as news to risk and insurance managers that predictive analytics is likely to be coming their way in the not-too-distant future. As the author reports: “While only 13% of companies had a predictive analytics system in place in 2012, research firm Gartner projects that 70% of the most profitable companies will employ either predictive analytics or more real-time collaboration techniques to ensure competitive advantage by 2016.”

Topics: risk management analytics

6 short, true stories of how risk managers are reaping bottom-line results with Intelligent Mapping location analytics

With the end of the year approaching, it’s a good time to take stock of some achievements reached over the last year. One achievement for Aon eSolutions was the deployment of our Intelligent Mapping application. I have written previously in this blog on our Intelligent Mapping application (click my name, above, for links to those posts) and the benefits it might have for risk managers using Aon RiskConsole risk management software. At the beginning of the year, these benefits existed only in the theoretical realm, since the application had not yet been deployed to any clients. 

Now with almost a year gone by and with the adoption of the application by a number of our clients, we have some experience under our belt on what the actual benefits of the application are. With this in mind, I thought I would close out the year with a recap of some of these benefits. Please read below to find out how six of your peers have incorporated mapping technology into their work as risk managers.

Topics: risk management analytics