In the world of risk management, claims are constant. For large organizations, they come storming in over the transom like snow flurries. Making sense of each one for risk mitigation purposes takes extraordinary time and effort.
Now imagine the computing power of cloud-based claims systems. Such hosted platforms have the horsepower to provide great reach, easy deployment and wide flexibility. A risk manager can quickly access an enormous amount of claims data from across the world to scrutinize workers compensation exposure trends, sifting through a mountain of data to discern and analyze loss patterns that guide insightful mitigation strategies.
How insightful? “You have the ability to take a subset of the old-fashioned loss run and match it together with a data source you see in the cloud, and then run the analytics to immediately learn, for instance, that a particular problem exposure happens on the third shift of every Thursday when production levels are higher,” said Michael Costonis, managing director, global claims business services, at consultancy Accenture. “You can then tweak your procedures to alleviate this problem.”
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