The time to increase your opportunity for
risk and claim success has never been better.
2018 is the year to act on the compelling case of using intelligent, user-centric Risk and Claims technology that has dropped in cost as much as 50% in the last eight years. The unprecedented improvements in productivity, comprehensive compliance solutions, and increased speed of service make using software older than 3-5 years obsolete.
In fact, it is hardly worth the time or risk to enter data into old software and old databases, even if it was free to use. Since the genesis of cloud-computing, organizations have taken advantage of scalable, affordable, and powerful technology platforms that have become so cost-effective that staying on an outdated system will cost more than upgrading to a modern one.
If you haven’t analyzed your own lost productivity or measured the status quo of your past risk and claim operations using sound metrics, then now is the time. The productivity increases alone offer a 3X cost benefit for make a move to new technology. In fact, on a cost per claim comparison the average new system technology costs are $16 to $19 per claim. But even just a 10% improvement in user productivity, is a stunning $53 per claim benefit!
The same math says that a new system solution could save you 2 full days a month per user by using the capabilities of new technology. So why waste two days a month using old software? Worse yet, why miss the opportunities created by having more adjuster time to lower your TCOR costs using your time more efficiently?
In the last article: From Defense to Offense with Real-Time Data: How a CFO Can Better Manage the Total Cost of Risk, we told the tale of the two CFOs, but this story only represents the sponsorship of the project and hopes to motivate CFOs and finance executives with the financial benefits of moving forward with modern Risk and Claims technology.
This article is meant to prove the theory in practice. Where we have one claims adjuster on dated, arduous technology and one on state-of-the-art technology, you can guess who has better performance metrics and who enjoys coming into work.
Technology is meant to improve processes, to enable users to be more successful at completing tasks error free, and at the end of the day create an enjoyable user interface that is fun to use and pleasant to spend the day with. Reporting shouldn’t be a hassle, and seeing the data analytics in real-time allows for better decision making across the team and organization. These tools are designed to put the end-user first. So the claims and risk manager have the richest tools for their success and ease of use.
NAVRISK VISION helps risk and claim teams reach success with a proven formula to empower teams to capture a strong ROI on a system purchase or upgrade. Technology cost of hosting, system support, and development have come down dramatically in the last few years, allowing for this quantum shift in value and ROI. Call us at 781.587.3007 for more details on how 2018 can become your most productive year ever for improvements in risk and claims management.
To see the data models and NAVRISK VISION features that support this opportunity to maximize ROI download the whitepaper.