Dropping Excel for Accurate System of Record Reporting
In March’s article RMIS TECHNOLOGY ACT 3: THE MOVE FROM DEFENSE TO OFFENSE Mark Dorn, President, and CEO of DAVID Corporation, laid out the key performance drivers in choosing a Risk and Claim Data Analytics platform that is centralized, improves outcomes, and consolidates data in a user-friendly and efficient package.
NAVRISK VISION incorporated these key concepts and features to create the industry’s first Risk Performance Optimization (RPO) platform. Risk managers can control data at their fingertips via powerful dashboards and make decisions to leverage key insights with a user-friendly interface.
Dropping Excel-based reporting is an ever-increasing trend by organizations, often driven by CFO and Board level requirements for source data accuracy. Web-based cloud applications like NAVRISK VISION offer instant data analysis of aggregate data sources in real time, eliminating error prone results common to informally created Excel reports, and freeing up time wasted pulling data into spreadsheets.
Moving from Excel to NAVRISK VISION as the System of Record (SOR) has audit, compliance and accuracy benefits. A system of record is commonly described as the authoritative data source for a given data element or piece of information. It may include directly entered data from inhouse claims administration, policy data or risk management. It may also include Source of Truth (SOT) data. The source of truth is often described as a trusted data source that gives a complete picture of the data object as a whole.
The Wall Street Journal recently reported on the Excel to direct data reporting movement in November 2017 as an ongoing trend among Fortune 500 companies, who are exchanging Excel for modern solutions that consolidate data and offer instant-on data analytics. The article highlights the shift in financial reporting, but many of the ideas translate to the risk and insurance sectors, whose reliance on data accuracy and quick decision making is very similar.
DAVID Corporation and the flagship RMIS solution NAVRISK VISION has been ahead of this trend for over 32 years, moving organizations from look-back reporting and data disparity to organized and effective data analysis through our award-winning data analytics module and data quality validations.
The NAVRISK VISION Risk and Claim Data Analytics module offers:
- Streamlined Design– It’s mobile friendly and cross-browser
- Direct Access– To all data fields for ad-hoc reporting and graphing.
- Highly Configurable– Multiple formatting options to make your reports stand out.
- Ease of Use– Create dashboards with a step-by-step approach.
- Loaded with Features– Including email integration with pdf formatting, automatic scheduling, and powerful grid views.
- Data Quality– Data validation and edits designed to support accurate raw data population and history transaction files showing changes in data by the individual.
The concept of waiting for reports to be collected has shifted, and now, claim and risk managers’ need for a unified solution is greater than ever. “What that means is the old focus of data-mining and look-back reporting on dead data, and closed claims are obsolete,” said Mark Dorn, President, and CEO of DAVID Corporation. Today, risk managers have real-time data analytics that can prepare teams and organizations to make strategic decisions based on dynamic insights.
The trouble with an Excel-based reporting workflow is that it requires manual moving of data from different systems into an application that doesn’t meet the demands of today’s risk managers. This type of data handling is prone to errors, are a time vacuum and often data results come in too late to make pivotal decisions to save money or increase/decrease attentive resources.
The Future of Risk and Claim Data Analytics and a place for Excel
That doesn’t mean that Excel is gone from the equation completely, our system exports to Excel. It means reliance has moved away from aggregating data manually to deploying a robust solution that can take the heavy lifting out of the hands of managers and analysts and provide them more time for the important work of finding insights and managing workflows that provide the greatest benefit to the organization.
“We see a 15-28% improvement once clients make the shift,” said Dorn. “It’s truly a game-changing experience to watch a client move from a manually produced reporting paradigm to an automated Risk and Claim Data Analytics one.”
NAVRISK VISION RMIS and the Data Analytics module combine to create the industry’s first Risk Performance Optimization (RPO). This allows users to leave data mining and manipulating to the software, freeing them up to achieve the goals they were hired for.
See how you can move forward with a stronger Risk and Claim Data Analytics automation strategy. Schedule a demo of the award-winning NAVRISK VISION software.