This compilation of JDi Data’s top articles of 2012 is based on page views and represents the biggest topics and trends from the past 12 months.
1. Re-inventing the Insurance Claims Management Process– http://bit.ly/T0vZQ8
The number one goal for claim adjusters and risk professionals has been to reduce operational costs and increase overall efficiency. Streamlining the claims management process now includes adopting modern technology to create a more flexible, and scalable claims operation. Paying attention to your business intelligence and analytics capabilities will be an important aspect in creating an effective claims processing system.
To keep the cost of delivering goods and services in line, companies must find ways to reduce waste and eliminate inefficiencies. You can lose control of your cost structure putting pressure on your gross margins without the proper infrastructure. Restricted cash flows are forcing companies to analyze cost structures by delving into available information at their fingertips.
3. Benefits of Workers’ Compensation Software for High Risk Businesses – http://bit.ly/V94Wkj
A high risk business environment should address safety and health concerns of the people working in it. Industries such as construction and mining are considered as high risk businesses, as their workplaces are highly prone to accidents. Hence, these businesses are highly susceptible to face compensation claims by the employees, making employers spend huge amounts on worker’s compensation claims.
Software as a service is generally touted as having no upfront costs, no return on investment worries as it is similar to leasing, 3 to 4 month rapid deployment, and easy exit in the event it doesn’t work. It sounds like a win-win situation; the purchaser has very little risk.
How many times have you heard an enthusiastic claims manager agonize over the decision of replacing an existing risk management information system only to find the new one was worse than the old? No one wants to own up to the responsibility of a bad decision.
A goal of all occupational safety programs should be to instill a safe work environment. This means you need to capture the right information associated with incidents. How is your claims management system helping you to effectively accomplish that?
7. Still Using Spreadsheets to Manage Risks? – http://bit.ly/Zm8YtT
Managing risk is essential in every organization to accomplish its key objectives effectively. Risk management not only requires a reliable process to capture risks, but also needs a mechanism to document and administer the organization’s response. Spreadsheets are commonly used management tools because they are: * Convenient to use: Many people believe that spreadsheets are convenient to collect, code, sort and analyze data.
Revenue reporting is a basic performance measure of a company, but it can be complex to manage and has the greatest risk of errors and inaccuracies. According to a survey conducted by RevenueRecognition.com, revenue reporting is one of the most difficult tasks for many companies. More than 35% of the companies, who participated in the survey, reported that revenue recognition accounting is the most complex process to manage
Driving technology into the heart of the process has significantly been brought to the forefront in the Insurance software industry. There is now a clear recognition that a modern claims management system can considerably increase the effectiveness of managing claims, reduce time for labor intensive tasks, and increase satisfaction for employees, and claims staff.
10. Claims System Comparisons is NOT Apples to Apples — and here’s why – http://bit.ly/T0DlDk
Purchasing software is a major issue as it is not only the cost of the purchase, but all considerations required making a good decision, there’s the learning curve, the conversion process, and other costs that are hidden. Many of us have a tendency to compare what we think are apples and apples, when in reality they are not.