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Although it can often be hard to secure budget for big changes, or even prove the benefits of such change, the digitization of your business can have huge rewards.
Investing in digital tools can add significant value for stakeholders and risk partners, in terms of better efficiency and competitive edge.
When you implement a digital strategy – from choosing an effective data repository to making use of conversational query searches for more robust reporting – you can find answers to many questions.
You might have questions like:
For risk managers, managing large data sets through digital technology has huge advantages. In order to answer some of the questions above and add value to your stakeholders, you have a number of digital tools at your fingertips.
Capture tools that reduce human error, have the capacity to be completed on the go and flow back to an RMIS in real-time are just some of the exciting features available. A user friendly and intuitive interface for end users means no system training is needed to input renewal, accident or claims data. The whole process is quicker and more accurate than manual forms. Plus, you can assess, analyze and report on data immediately.
Better reporting and ad hoc queries are made possible by integrating data sets and storing information in one cloud-based data repository, such as a data lake or warehouse. Cloud technology makes information accessible 24/7 from anywhere. With logical data mapping, you can simplify search queries and data science is brought into the mainstream – overcoming the lack of skilled data scientists available.
You can supplement your own data and take into account external factors as part of your business strategy with third party feeds. Data services, such as weather, census, industry and social data from reliable sources can help you make better predictions and take advanced action.
Advanced analytics create value through data driven decision making. It enables the risk/insurance team to visualise the data using the latest reporting tools and put these outcomes into forming credible business strategies. Tools like Ventiv Analytics take traditional reporting several steps further, with prescriptive and automated predictive analytics.
The benefits of good analytics are far reaching. As well as forming the basis of key decisions, they can help identify problem areas, see how to mitigate undesirable outcomes before they happen, and decide how to distribute resources for the best effect.
Technology has been taking leaps and bounds in terms of automation. For example, technology and financial services companies have been using robotics and AI for customer service through chat bots to reduce the pressure on call centres. Technology companies are working on how to capture semantic relationships between words so machines can be better at understanding natural language.
The internet, as well as and technology investments have led to digital tools that have significantly improved efficiency in business over the past decade – from customer service to big data and analytics. While businesses are catching up in the world of digitization, make sure you have your digital strategy prepared.
Speak to the Ventiv team to discuss how risk management technology can support digitization in your organization.
David Thomas is the Sales Director at Ventiv Technology. If you would like any further information on this topic please contact him
Oct 28, 2019