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Want to know the future of risk technology? Look at the key trends happening today

This blog is cross-posted from the Commercial Risk Europe FERMA Forum daily newspaper (registration required).

Making the best possible use of new and emerging technology, including enterprise software, is vitally important for almost any organization. In our hypercompetitive, ever-evolving global economy, few companies can afford to become complacent when it comes to how they choose their software and what they expect from it. This applies to the discipline of risk management just as it applies to, say, operations, finance, logistics, or any other corporate function. As risk managers look to technology to help them adapt to turbulent times, what should they be looking for in their risk software?

Topics: risk management risk management software

Do you understand your Risk Management Ecosystem?

Some may call it a Risk Management Ecosystem, some may call it a Risk Management Supply Chain, some might not even think about it at all. In my view, the Risk Management Ecosystem is a living community that interacts and is interdependent, much like a natural ecosystem. Each part will be different from each of the others, serving its own particular niche in the sustenance and health of the overall system and, as the senior leader in risk management, it is your unique responsibility to assemble, nurture and manage the entire ecosystem to achieve the best performance for your company.

Topics: risk management software

Experience Conference Preview: Moving forward with Advanced Query

The agenda is available for the 15th annual Aon eSolutions Experience Conference, taking place in New Orleans from September 22nd through the 24th. I’ve already had one of the RiskConsole users I work with ask about a session I’ll be leading called “Advanced Query: Maximize the Power (RCFE301).” Since many of our clients subscribe to and read the eSolutions blog, this seems like a good place to open a dialogue about the session as well as expand on the brief description in the agenda.

Topics: risk management software reporting and data visualization Experience 2014

Tesco benefits from greater control of its claims data using RiskConsole

Our fourth ‘client focus’ blog looks at how the insurable risk team at Tesco has been able to gain full control over their claims data to improve store safety and reduce accidents. The retail giant also uses data in RiskConsole, a risk management information system, to implement risk mitigation programmes that have reduced indemnity spend and deliver a competitive advantage.  

Topics: risk management software best practices risk data risk management data reporting and data visualization exposure management renewal data collection

Avoiding coverage gaps: How risk management information software helps

I recently came across a useful article published earlier this spring by the International Risk Management Institute (IRMI) entitled “101 Commercial Lines Coverage Gaps to Avoid” (registration required). It’s a very good research piece in its own right for risk managers, but it occurred to me that it might be especially useful for risk managers who use or might be evaluating the benefits of risk management information software

I find that a RMIS can be a very useful tool in helping to identify coverage gaps. Read on for a couple of ways that a RMIS can help: 

Topics: risk management software renewal data collection

Client Focus: The taste of success for global property and casualty risk data

In this our third “client focus” blog post, we look at how Heinz has used Aon RiskConsole to help them better manage their global property and casualty risk data for renewals and also to track property recommendations.  

Topics: risk management software best practices risk data risk management data reporting and data visualization exposure management renewal data collection

Business, regulate thyself: Risk management’s proper role in the wake of the Charleston chemical spill

Earlier this week, I read an excellent analysis by Aon’s Rod Taylor of the global liability implications of the January 2014 chemical spill that contaminated the water supply of Charleston, West Virginia, and the nine counties surrounding the city. The chemical spill was national news for days, if not weeks, and, for obvious reasons, remains of strong interest to risk and insurance managers.

I wanted to take to the Aon eSolutions Impact blog to recommend Rod’s analysis to our readers, but also to share a few thoughts about the role that risk management technology can play in helping to be aware of the potential for such catastrophic events and manage the potential losses of such an event. I approach this not with the intention of finger wagging, tut-tutting or prescribing a list of “they should haves” with the aid of perfect hindsight. Rather, I present my observations as food for thought for risk and insurance managers (and, perhaps, the C-level executives to whom they report) as they consider the potential losses (both in human and financial terms) that might arise from similar risks and exposures.

Topics: risk management risk management software

Client Focus: Managing marine claims in one clear view

In the second blog post of our “client focus” series, we look at how Canon has significantly improved its claims management process with the use of Aon RiskConsole. Investing in risk management information software has enabled Canon to adopt a streamlined approach to managing claims across its European and Middle East operations, whilst enhancing visibility through one system and reducing claim lead times from three months or more to a maximum of 35 days.

Topics: risk management software risk management data

Client Focus: Cutting-edge renewal-data collection

Welcome to a new series of blog posts that we’re running called "client focus." Our goal is to recognize what clients have been doing with Aon RiskConsole, the justification for their investment in risk management information software, and the results they've seen from turning risk and insurance data into insights.

In this, our first post in the series, we focus on the Mosaic Company. Mosaic was featured in a previous issue of Aon 360 magazine and is a great example of how a company can use Aon RiskConsole to improve the renewal-data collection process and, as a result, generate significant cost and time savings.

Topics: risk management software risk management data

Report from RIMS Chicago chapter panel session on risk management information software

Last week, the RIMS Chicago chapter hosted an hour-long session for area risk managers on the topic of risk management information systems (RMIS). I had the pleasure of speaking on the panel together with leaders from several other RMIS providers. The event organizers announced that there were approximately 170 chapter members in attendance for what turned out to be a lively discussion, which I’ll recap in this blog post. 

Topics: risk management risk management software