From our experience of working with 50+ government and public entities globally, we know they operate under intense scrutiny and need to meet the demands of an ever-changing world.
Public entities are under pressure to fit to tight budgets and deliver value for taxpayers, particularly in politically volatile times, and are subject to multiple layers of governance. They also have a vast portfolio to manage and have complex insurance needs.
Some of the challenges that we see risk managers in government organisations face include:
- Slow insurance renewal process through manual collation of data in multiple spreadsheets held in different systems that don’t interact
- Maintaining data integrity for audit trails and insurance renewal purposes
- Uncompetitive insurance premiums due to incomplete or inaccurate data
- Lack of insight into exposures
- Difficulty in managing insured assets, such as buildings, equipment and vehicles
What’s the solution?
By replacing multiple manual systems and spreadsheet-based processes to deliver a centralised, automated insurance, claims and risk management solution, government entities are able to drive greater efficiency, both in time and cost savings, improve accuracy of the information they hold, and at the same time use data insights to expand the scope and delivery of their services.
With integrated technology, government organisations are able to:
- Increase capacity to expand public sector services
- Remove manual processes and drive efficiency and data quality, supporting governance processes
- Simplify and automate renewal processes, saving time
- Achieve more risk reflective insurance premiums, often reducing costs
- Improve management of data analysis and reporting
- Gain insights into exposures and trends
- Facilitate greater collaboration and drive improvements in risk and safety
What does this mean in practice?
Simplifying complex processes saves time and improves governance
By replacing multiple manual processes, organisations can better manage and automate workflows and data for insurance renewals, BRINGING ALL DATA ONTO ONE SYSTEM, linked to policy and claims. This saves time on collecting and interrogating data and should speed up the renewal process. Less ambiguity in processes means a more efficient governance process and clear audit trail.
Total control and accuracy of renewal data for better renewal terms
With automation technology, there is no longer the need to use spreadsheets, which are time consuming to maintain, are easily corrupted, and reduce data integrity.
Risk technology can ensure accuracy with online forms, pre-filled values and easy-to-use data input tools which enable a simpler data collection process. Organisations are often able to achieve 100% accuracy of essential data, while at the same time making it quicker and easier to update information on assets.
When manual renewals are automated, data submissions are more accurate. With consistent and automatically updated asset exposure records, public entities are able to provide their broker with comprehensive information on insured assets, such as property location, loss prevention and cyber security. This means premiums are more accurate based on the actual risk. As a result, organisations are able to save time and often, money.
Efficient management of assets
Risk technology is flexible and can be adapted to the varying needs of government agencies – for example, to manage their own asset registers and data. An enterprise risk management system allows entities to manage their own assets and link them into the master system – making asset management easier.
Analytics and reporting give insights into risks
Risk managers need to understand their exposures to assess their risk appetite. Choosing a platform with dynamic dashboards, reporting tools and analytics will give a holistic view of all information and enable organisations to interrogate data for insight and trends. Public sector entities often provide high-profile services and have high-risk assets. Analytics and reporting can help identify and assess the risks to these.
Expert and reliable technology partners are key to protecting public services
Efficient processes, good data management and effective cost-saving measures are all critical to building and maintaining the reputation of government entities.
Ventiv is a leading provider of claims admin software and risk management software solutions to the insurance industry, corporations and captives, with a proven track record and knowledge of the public sector and self-insurance schemes. To learn more about our consultative software solutions for the public sector, contact Cameron Fenley, Territory Vice President, APAC.
