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Breaking down barriers: What’s stopping risk managers from making use of data?

Risk managers cite a number of challenges in making use of data. We partnered with Airmic and Aon to research and address the challenges faced when managing data analytics in risk management.

Topics: risk management data data security and privacy data management Data Security analytics RiskConsole Advance

Making the most of Analytics: 5 key takeaways from Airmic

John Irving, Ventiv’s very own Commercial Director, EMEA, had the opportunity to run an informative workshop on the topic “Unlocking the unknown, the future of risk management analytics”. He shared his expertise in analytics and using AI to support key business decisions, as well as giving a demonstration of Ventiv’s RiskConsole system and Watson analytics.

Topics: predictive analytics RMIS analytics RiskConsole Advance

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

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

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

The Power of Analytics in Risk Management

Imagine a world of risk management without access to data, analysis and reports. It’s unthinkable. All Risk Managers know that analytics is key to highlighting areas of concern, identifying root causes of claims and accidents and choosing which high impact risk should be their focus.

Topics: risk management predictive analytics analytics Analytics und Reporting

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