Effective Risk Management is crucial to the success (and survival) of any organization. Traditionally, incidents and claims within an organization have been stored in file folders or excel spreadsheets. With this process there is little to no automation, a lot of duplication and limited ability to predict and mitigate future losses based on past trends. With the number of reported claims and near miss incidents on the rise, should your organization evaluate its current process?
Answer these six questions to see if it's time for your organization to consider an upgrade:
1. Do you spend more than 1 hour a day manually re-entering data from an incident report? YES/NOIf a claim or incident comes in via phone, mail or email, do you have to enter the information manually each time?
2. Does your organization have high deductibles? YES/NO
If you are handling a lot of the smaller claims in-house there may be trends happening that you simply can't identify using an excel spreadsheet; trends that are potentially costing your organization big money.
3. Are you slowed down by not being able to access the information you need remotely? YES/NO
If your organization spans over several locations, keeping things in a file folder or even an excel spreadsheet may not be the most effective way to be managing your claims and incidents. You may even be stuck waiting for someone from another location to get back to you with the information you need.
4. Do you have irregular data? YES/NO
Everyone has their own way of doing things. Some people would write Ontario, while others may write ON or even worse, Otnario if they were in a rush when filling in the necessary information. This makes it more difficult to search for needed information, or to create any type of accurate report.
5. Is all your data stored in excel spreadsheets or file folders? YES/NO
Before adopting risk management information technology, most organizations find themselves buried in spreadsheets or file folders. These ways allows you to track data, but it becomes cumbersome, if not impossilbe to analyze the data to be predicitive and implement strategies to reduce the severity and frequency of future occurences.
6. Are you looking to identify trends to reduce claims cost? YES/NO
As organizations grow, often times the CFO will look to their risk managers to find ways to reduce their claims cost. If you're currently using excel or file folders, these reports may just be too time consuming but just don't have the time to pull from your 18 different excel spread sheets?
If you've answered YES to any of the above questions, then you might be in the same position the City of Saint John was before adopting this risk management information system. By implementing a risk management information system, they were able to reduce their claims cost by 50%, a savings of over $200,000 a year. Check out the City of Saint John Case Study to learn more!