Making informed decisions is crucial in risk management, and good decisions start with good data—but not just any data. Clean and well-organized reports are the difference between reacting to problems and getting ahead of them. When reports are clear and timely, patterns emerge. And when patterns emerge, risk professionals can stop chasing issues and start preventing them.

The Importance of Streamlined Data Intake

A proactive approach to risk management is built on effective data intake. Organizations can reduce manual effort and errors by automating data collection procedures by implementing online data intake forms. This form of automation allows  risk professionals to reduce time spent on tedious, manual processes and concentrate on high-impact initiatives such as data analysis, site visits, and safety improvements. 

Better Data Results in Greater Insight into Risks 

Reporting should not be an overly-intensive exercise. If it is, there’s a good chance it won’t be done correctly and shared with the proper people within your organization, such as department managers and executives. Access to automated, pre-built reports and dashboards is crucial and allows risk managers to identify loss frequency problems, where severity is higher, and pinpoint causes so they can be addressed. Streamlined reporting also empowers risk teams to:

  • Uncover adverse developments that may lead to future losses
  • Optimize deductibles that may lead to reduced insurance premiums  
  • Reduce claims costs by managing KPIs across the team and external service providers, such as TPAs
  • Allocate insurance and claims costs across business units (such as departments) creating awareness which will help motivate the organization to implement cost-reducing practices
  • Track and monitor effectiveness of implemented corrective actions

Being more proactive by enabling automation through data intake and reporting, will enable you to make better, more-informed decisions, empower your team and departments, and focus on projects you’ve always wanted to but never had the time. If you are unsure on where to start for reporting or are just curious what other risk professionals are doing, you can check out this blog to learn about the most effective reports for risk professionals: 10 Reports Every Risk Management Team Should Care About

Implementing Effective Data Management Practices

To harness the power of reporting and streamline data intake, consider the following best practices:

  • Adopt a Claims and Risk System:
    Implement claims and risk management software with built-in centralized data collection and reporting capabilities. These platforms help to streamline data collection and analysis and to eliminate many of the challenges associated with risk teams using spreadsheets or old, antiquated, in-house systems, such as:

    • Complex forms that employees struggle with
    • Human error and lack of data integrity by employees when submitting and staff populating internal spreadsheets (ex. Tom, Tommy, Thomas) 
    • Sheer manual effort and time spent on data entry
    • Lack of notices/emails to affected stakeholders (ex. department managers not being made immediately aware of an injury to one of their staff)
    • Delayed decision-making when not having automated, streamlined reporting
    • Regulatory Non-Compliance: are you submitting OHSA reports on time? Able to submit FROI in an efficient manner?

Is your organization leveraging the full potential of data-driven reporting? Now is the time to adopt smarter reporting solutions and enhance your risk management framework. By focusing on these strategies, risk professionals can enhance their organization's ability to manage risks effectively, ensuring a more resilient and informed organization. 

If you are interested in seeing more on what a claims and risk system can do to streamline your risk management team, let’s discuss: Contact ClearRisk

 

Interested in Learning more?

If you are interested in hearing more on the topic of streamlining data Intake for better reporting and risk management, ClearRisk recently hosted a webinar on using reports to optimize your risk management team. During the webinar Adam Shier, former municipal Risk Manager and ClearRisk’s Director of Risk, and Mike Bowman, ClearRisk’s Chief Revenue Officer cover:


  • Key reports & dashboards to make faster, informed decisions
  • Learn how to share data insights with departments, management & council
  • See a live demonstration of a claims & risk dashboard built for public sector risk managers

You can watch a recording of that webinar here: How to Optimize Your Role as a Risk Professional: The Reports That Drive the Biggest Impact