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The pooling community includes innovative thinkers, thought leadership around best practices, and tools for members to respond to shifts in risk outlooks. During times of hardship, every organization, especially today, when forced to pivot, has tough decisions to make. Often, upgrading technology investments can transform challenges into opportunities for innovation, while streamlining a path to more business value.
As an example, dynamic, user friendly, and cloud-based solutions can transform challenges, like shifting an entire workforce to work from home, into a disciplined exercise rather than a panicked reaction. This shift to cloud-based solutions has already proven itself by creating more business value through flexible and responsive internet-accessible applications.
Pools and a COVID-19 Outlook
The Association of Governmental Risk Pools (AGRiP) has published a comprehensive report on the current state of the COVID-19 pandemic. The report offers several future-based scenarios facing risk pools and the municipalities and other public entities they serve. These forecasts are a stark reminder that nothing is certain, especially in the world of business continuity, risk, safety, and insurance.
Government, especially on the state and local levels, has been dealing with this tragedy firsthand, as it struggles to mobilize first responders and enable their local medical facilities to manage the outbreak. The cost of reinsurance, workers’ comp and loss of income, and depreciating tax and fee revenue are all threats to the ongoing sustainability of our government. These essential functions include law enforcement, fire departments, education, and free and open democratic process.
Insurance Companies Brace for Impact
Insurance companies are already bracing for the effects of the pandemic with a bill that would create a $250 million threshold and protection against $500 billion aggregate losses, establishing the U.S. Treasury as the national reinsurance entity under the Pandemic Risk and Reinsurance Program. The pending legislature is another reminder that insurance institutions are critical in response to disruptive events and catastrophes. As business interruptions increase, more and more insurers will be responsible for the fallout; analysis, preparation, and dynamic adjustments will be critical.
What’s the Scenario?
We all are hoping for the best outcome, that we recover quickly, and business and government are back on track by mid-to-late summer. What if this isn’t the case? Are you prepared for the business continuity of your members during the duration of this and future crisis? Do you have accurate reserves? And are you running predictive analysis based on claim volume as it arrives into your systems? These are difficult questions that will most likely occupy our minds for some time in addition to the well-being of co-workers, family, and friends.
Is Technology the Vaccine?
These are questions we often hear: what problems can we solve? How fast can we solve them? And how much will it cost? The first answer is that a cloud-based technology solution, one that can consume legacy data and presents tools unmatched for analysis, reserving, preparation, and control.
Can technology help pools recover from a pandemic? Technology can be a “vaccine” to most organizations that no longer want to fumble through spreadsheets and legacy systems that take weeks instead of hours to respond to emerging data trends. Software is a great example of how pools can recover from a pandemic, while quickly meeting the demands of an everchanging risk and insurance landscape.
The County of Los Angeles and the Indiana Public Employer’s Plan both represent client stories who are in a better position because of software. They have tools that enable a remote workforce and are leveraging their risk and claims technology to ensure business continuity (remote working), safety best practices, while accurately and quickly providing line-of-sight into real-time powerful data discovery. The software helps pool administrators automate and improve their most crucial functions, including purchasing insurance and accepting the transfer of risk from members.
The second question, how fast can we solve these problems? This is up to each organization – can you wait any longer to launch into a transformational project that will enable your organization to meet the demands of an everchanging risk and insurance landscape? How much longer do you want to fumble through spreadsheets and legacy systems that take weeks instead of hours for you to respond to emerging data trends? At Ventiv, we honestly roll out systems in months instead of years. We have an agile process that can give you the functionality you need in the shortest amount of time possible while staging the entire project to fit as neatly as probable into your vision.
For the third question, cost, you’ll have to give us a shout; we can provide your risk pool the tools to navigate the waters ahead.
Apr 22, 2020
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