Your organisation expects evermore from risk management and you want your risk technology to be able to respond - especially in today’s hard insurance market and virtual working environment.
Transformative technology is a single view of your risks
Many businesses assume they can manage their risk, insurance, safety and claims data with the aid of tools such as Excel to manage their risk and insurance processes. However, that reliance exposes them to:
- Loss of data due to manipulation errors
- Unusable files when the author is no longer with the company
- Time-consuming edits and changes
- Information in silos with lack of actionable insights
In fact, just over two years ago only 30% of large enterprises had even implemented an IRM solution, with the majority of risk management departments yet to achieve a single view of their risks. The transformative answer is an integrated risk management solution.
What is an integrated risk management solution?
An integrated risk management (IRM) solution enables transparency via simplification, automation and integration of strategic, operational and technology risk management processes and data.
By integrating risk, insurance, safety and claims data within an IRM, the more rapidly you can improve and simplify the evaluation, mitigation, and monitoring of risk with powerful analytics, data-discovery, and reporting capabilities. An IRM is much more than just an aggregator of data. It’s a risk analytics system delivering actionable insights.
Business leaders and their organizations want to increase the degree of certainty in a highly uncertain world. That is what integrated risk management is designed to help organizations do - so it’s important to get it right!
The power of predictive analytics risk management
Data and analytics have always been the language of insurance, but it has increasingly siloed business information with no connection. Integrated and consolidated information data lakes is the way forward to take most advantage of the latest analytic developments to prevent risk rather than insuring against it.
Today’s advanced analytics solutions, however, go far beyond dashboards and other forms of reporting. Incorporating AI to:
- Allow natural language questions to be used verses technical languages (like SQL)
- Propose the best way of visualizing the decisions
- Run automated predictive analytic models to highlight the edge cases and key drivers
- Utilize structured and unstructured data
- Be looking more at the unknowns’ verses a confirmation of the knowns!
So, before you set sail
A risk management solution is to the risk manager what a chart, compass and weather reports are to a sailor. Not only will it inform him of his current position but also which optimal direction to take to reduce the threat of danger and take advantage of the best tides and weather.
Keep steering forward and heave to Ventiv’s website to schedule a demo of its ultimate IRM solution for insurance applications. Fully embedded into Ventiv IRM, Ventiv Analytics™ is AI-powered advanced analytics, which makes it possible for risk managers to be successful in a new, essential role: data curator.