Evolution vs. Revolution Take Control of Your Risk Technology Journey Sponsored by:
Evolution vs. Revolution: Take Control of Your Risk Technology Journey Visit www.advisenltd.com at the end of this webinar to download: – Copy of these slides – Recording of today’s webinar
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About Advisen Advisen generates, integrates, analyses and communicates unbiased, real-time insights for the global community of commercial insurance professionals. As a single source solution, Advisen helps the insurance industry to more productively drive mission-critical decisions about pricing, loss experience, underwriting, marketing, transacting or purchasing commercial insurance. www.advisenltd.com
Today’s Moderator Rebecca Bole SVP Research & Editorial Division Advisen Ltd.
Today’s Panelists Margot Roth Patrick O’Neill Stephen Rhee Global Director of Risk CEO Industry Analyst Management Redhand Advisors LLC Ventiv Technology Whole Foods Market, Inc.
Amount of information Level and detail of reporting Regulation and compliance Risk managers under Business complexity INCREASED PRESSURE Executive exposure and expectations Doing more with less
We must keep up with technology to keep pace with business. Margot Roth L'Heureux Global Director Risk Management, Whole Foods Market, Inc. 8
Accuracy Timeliness The VALUE of risk technology Management Operationalize
The PATH to using risk technology Think Have a Demonstrate Engage the Strategically Phased Plan Success Right People
Renewal submission Global visibility on premiums Oversight on asset risk profile Insight on root causes of loss Process controls on claims Identify your 2 1 Chaos of unstructured data RISK ISSUES Inefficient processes Large loss provisions Control of below deductible costs Address allocated premiums Rising incident rates Risk register spreadsheets Governance & compliance Identifying & Prioritizing Your Risk Issues
Get evidence it supports your needs Common Go beyond the technology PITFALLS 2 2 when evaluating Understand data security risk technology Don ’ t expect to be the IT expert Conducting an Effective Creating & Evaluating Reference Check Risk Technology RFPs
Lower claim costs Create a Lower premiums 2 3 compelling Improve safety effectiveness BUSINESS CASE Improve risk management efficiencies RMIS ROI Calculator
1% insurable risk $1B in revenue expenditure ($10M) 63% risk transfer Risk technology relative to 2 4 TOTAL COST 17% retained risk cost OF RISK (TCOR) 16% risk mgt 4% external Gartner estimates enterprise software spend grew 6.8% to $320B in 2014
Process Grow Partner Develop your 5 SOLUTION Prioritize ROADMAP Plan
Incident Exposure Actuary Custom Safety/OSHA Reporting Data Reports Reports Intake Global Claims Accounting Dashboards Workflows Management Reports The JOURNEY for Whole Foods Market, Inc.
Certificate Mapping Property Requests (Property/Claims) Certificate TCOR Approvals Reporting Created a foundation for on-going INNOVATION
Know Your Risk-IQ Understand your 2 TECHNOLOGY R-IQ MATURITY The Risk Technology Evolution Model
Understand your 2 TECHNOLOGY R-IQ MATURITY Technology Management
Risk Activity Areas Premium Information Renewal Enterprise Risk Allocation / Management Data Collection Management Calculation Understand your 2 TECHNOLOGY R-IQ Incident Exposure & Asset Policy & Program Captive / Pools Management Management Management Management MATURITY Claims Safety Risk Engineering TCOR/KPI/KRI Management Management & Loss Control Management
Get your FREE analysis Understand your 2 TECHNOLOGY R-IQ MATURITY
LEARN MORE at http://www.ventivtech.com/takecontrol Identifying & Prioritizing The Definitive Guide to Risk Your Risk Issues Management Information Systems Conducting an Effective Reference Check RMIS ROI Calculator Creating & Evaluating Risk Technology RFPs
Thank you to our Panelists Margot Roth Patrick O’Neill Stephen Rhee Global Director of Risk CEO Industry Analyst Management Redhand Advisors LLC Ventiv Technology Whole Foods Market, Inc.
Contact Us Advisen Ltd. 1430 Broadway 8 th Floor New York, NY 10018 www.advisenltd.com Phone +1.212.897.4800 advisenevents@advisen.com
Leading the way to smarter and more efficient risk and insurance communities. Advisen delivers: the right information into the right hands at the right time to power performance . About Advisen Ltd. Advisen is leading the way to smarter and more efficient risk and insurance communities. Through its information, analytics, ACORD messaging gateway, news, research, and events, Advisen reaches more than 150,000 commercial insurance and risk professionals at 8,000 organizations worldwide. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. +1 (212) 897-4800 | info@advisen.com | www.advisenltd.com
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