As organizations, risk management pools are created to serve and benefit their members. When members are actively engaged with the pool, not only is this primary mission being fulfilled, but the organization also gains the opportunity to provide higher value services that can help members make strategic decisions and drive down costs.
Paper-based and labor-intensive processes, legacy systems that struggle with modern requirements, and data stored in disparate, unconnected applications all run counter to this effort. Origami Risk, however, provides several features that allow pools to fully engage with their membership and deliver actionable, strategic data that can impact members’ bottom line.
Meeting the Modern Demands of Today’s Pool Member
In our recent Trends That Will Shape 2018 post, we highlighted how the increasing demand for 24/7 access to information and self-service is expanding from the consumer market into all types of organizations. For pool members, this translates into a desire for greater access to critical data, and to have it customized to fit with the way end users want to work with it.
In addition to on-demand access to their data, members also are demanding higher levels of accuracy and timeliness in their reporting. For those still relying on spreadsheets to generate member reports, recent studies show negative impacts on both accounts. F1F9, a financial modeling firm, estimates that 50% of all spreadsheets at large companies contain material defects, while a recent IDC study puts the time cost to employers of each advanced spreadsheet user at $12,000 per year. If accuracy and timeliness are essential to the expectations of members, spreadsheet-based processes may come up short. This explains the recent, public shift away from spreadsheets by some high profile companies.
While these factors get at access and quality of the data, the nature of the data itself is an even bigger concern. Members need actionable data. Given the peer-based nature of pools, trend analysis is a natural fit for providing data that leads to strategic decisions. Reports that highlight factors trending in a concerning direction or metrics out of step with fellow peers allow members to take corrective action early in the process, when the benefits are greatest. If data is housed in separate silos or if it is stored in legacy systems with limited reporting capabilities, providing this type of high-value information can be difficult, if not impossible.
Improving Operations and Meeting Expectations
Origami Risk has tools designed to meet the demands cited above, while also streamlining operations and eliminating administrative roadblocks that stand between your organization and its members. Online portals give members the tailored, 24/7 access to critical information they demand, without placing additional strain on your staff. Since these portals can be easily configured to meet any informational demands of members without requiring IT resources or product development requests, they can continually adapt as needs evolve. This allows you to stay responsive to your membership while freeing up your staff from repetitive, resource-draining administrative tasks.
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Sophisticated data integrations allow you to eliminate silos and create a single source of data, improving the accuracy and timeliness of your data. It also expands the data available for reports, allowing for more comprehensive and impactful analysis. The highly flexible reporting and notification functionality not only makes customizing reports easy, it also allows you to set the specific triggers that automatically generate custom reports and distribute them to designated member contacts when required. This puts the right information in the right hands at the right time, increasing the value of the pool to each member.
Increasing Engagement Through Better Service
While the ability to connect members with the data they need to take actions that drive down costs is certainly a key benefit of using Origami Risk, the ways it can improve the level of service to members is expansive. Collecting data on everything from value and exposures to incident reporting can be done through portals. This simplifies the process, eliminates endless emails back and forth, and carefully tracks progress so no data falls through the cracks. The ability to customize the look and feel of portals allows the pool to carry their branding through on all member-facing points, increasing member retention and discouraging switching to other less cohesive and responsive options. With each member’s emails, calls, and visits tracked in one system and accessible to authorized users across your entire organization, your staff can provide consistent, knowledgeable member interactions every time they get a request.
Not only is service enhanced for existing members, potential new members benefit as well. Multi-page application and proposal functionality simplifies the way policies are proposed and bound. The entire process – proposals, changes, binding, and securing e-signatures – can be automated in Origami Risk. In addition to speeding up and streamlining the process, automating proposals and binding also signals the responsiveness and forward-looking technology prospects will have access to by working with your organization.
Increasing the engagement of prospective and existing members while improving operations and eliminating administrative resource drains is a win/win proposition. Origami Risk allows your organization to meet the demand of today’s pool members and increase the value you offer on a daily basis.