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Regarding analytics and reporting, what should you expect from your claims-administration system?

Are your claims adjusters overwhelmed with current data yet unable to see any trends or analytics for current claims? Does your infrastructure allow for consumption of large amounts of historical data to be used to provide key insights into claim activities, safety initiatives, and risk programs?

Claim adjusters need to handle large caseloads and contend with numerous issues each day. Without the proper tools, seemingly routine claims can cause major headaches for adjusters and impact an organization’s bottom line. Taking a proactive approach through analytics and reporting tools, organizations can better manage resources, claims, and vendors. 

Topics: claims software iVOS Claims Administration

5 things your software vendor should be doing to support your company’s data-governance priorities

Data-privacy laws like the General Data Protection Regulation (GDPR) not only require your business to be compliant; they also require your company to ensure that the suppliers and partners who manage your data are compliant as well.

Technology vendors, like Ventiv, are classed as data processors when they hold or have access to your data. It is this classification that means they are subject to data protection rules, just as organizations that collect data are.

Topics: risk management cyber risk Data Security gdpr

Claims administration system delivery and deployment: Know your hosting options

Today’s software environment leans heavily toward cloud-based, vendor-hosted applications. However, providers that offer only that kind of solution limit both the flexibility and options available to their clients. 

Internet-based applications that can be either vendor- or client-hosted provide the most flexibility and deliver a claims solution that meets the needs of clients. That’s because while some organizations have decided they can generate better returns by focusing on their core competency—claims handling—other organizations still have valid reasons for wanting to keep their system behind their own firewalls. 

Topics: claims software iVOS Claims Administration

RPA versus artificial intelligence and machine learning: not as flashy, but a strong value proposition nonetheless

When I discuss robotic process automation (RPA) with Ventiv’s clients and prospective clients, I’m often asked how RPA differs from machine learning (ML) and artificial intelligence (AI). A November 2017 article from CIO.com offers a good starting point: “RPA can include ML or AI, but it is governed by set business logic and structured inputs, and its rules don't deviate, whereas ML and AI technologies can be trained to make judgments about unstructured inputs.” 

This blog post in 30 seconds:

  • Conventional wisdom holds that for most organizations, robotic process automation (RPA) has value but is only a stopgap on the march toward artificial intelligence (AI) and machine learning (ML).

  • Conventional wisdom overlooks the great expense and upheaval usually associated with deploying AI and ML. RPA is cost-effective and deploys easily.

  • In terms of business need, RPA integrates legacy systems. These systems serve important purposes but often can’t be linked to other, newer systems by modern means of transferring information (like API and web services).

All things being equal, why wouldn’t everyone choose artificial intelligence and machine learning and their ability to learn and make judgments? In reality, all things are rarely equal, and deploying AI and ML is usually a very disruptive, costly process. Moreover, you have to ask what you’re trying to achieve; RPA, I’d argue, strives for more modest, yet imminently more attainable, goals. 

Topics: automation RPA

Accommodating the priorities of today’s claim organizations

Claim organizations face a significant task in today’s environment. The escalating cost of claims continues to be a major concern. From timely incident reporting to claim accuracy, excessive administrative costs, and more, organizations need to adopt strategies to reduce costs and build an efficient and sustainable claim system. 

Topics: claims software iVOS Claims Administration

Excel spreadsheet vulnerability leads to KCC’s Grenfell Tower data protection verdict

We are in the final stages of counting down to the General Data Protection Regulation (GDPR), which officially comes into force on 25th May 2018. This means that these are the final weeks for businesses to assess, implement, and amend processes to sufficiently protect any data that is collected and stored before significant penalties come in for slack information protection practices.

Topics: gdpr

The business case for applying GDPR-level data governance across regions

The European Union’s General Data Protection Regulation (GDPR) is upon us, becoming enforceable on May 25, 2018. It’s no exaggeration to say that achieving compliance (as well as being able to demonstrate compliance) requires that companies make a fundamental shift in how they approach data governance. Companies worldwide are struggling with the magnitude and scope of the GDPR; however, those that get data governance right can reap significant benefits.

Topics: risk management cyber risk Data Security gdpr

What should risk, insurance, claims, and safety leaders be doing to prepare for GDPR?

The European Union’s sweeping new privacy law—the General Data Protection Regulation, or GDPR—is the farthest-reaching data privacy law in the world. It becomes enforceable on May 25, 2018.

Topics: risk management cyber risk Data Security gdpr

It’s no flying car, but robotic process automation (RPA) is exciting in its own right

Earlier this month, we at Ventiv introduced our brand-new robotic process automation (RPA) solution. RPA is an exciting new approach to automating manual processes and integrating disparate applications and systems. Although still emerging, RPA is a proven technology already in wide use across sectors and industries. 

Topics: automation RPA

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