Ventiv Resource Library
Issue link: https://ventiv.uberflip.com/i/1082016
The start of a new year brings with it many lists of "top risks/concerns/ opportunities for risk and claims managers". Prominent on most of those lists in 2019 is digitization, also called digital transformation. In this article, we look at the key questions around digitization, what they mean for risk and claims teams, and how Ventiv is helping clients adapt and stay ahead. Based on findings from recent surveys, risk and claims leaders seem to be of two minds about how to approach digitization: Do the risks that come along with digitization outweigh the potential upsides? Or: Do the benefits of digitization outweigh the risks? Research by the U.K.'s Chartered Institute of Internal Auditors reflects the conflicted thinking: "The cost and efficiency benefits of automation and other digital processes can be transformative, if harnessed to their full potential. But organizations must also consider the risks associated with such transformation." The risks include increased cyber risk, financial outlays, and failure to deliver expected returns. What if we try to move beyond a threat-versus-opportunity framing? The Cambridge Centre for Risk Studies contextualizes digitization in the broad sweep of history: "Participants in our research particularly highlight the central theme of disruptive technology in the form of artificial intelligence, robotics and a general increase in automation. Referred to by many as the Fourth Industrial Revolution, this new phase of development for society foresees For risk and claims leaders, DIGITIZATION is top of mind in 2019 How to get the most benefit while minimizing the risks 4 | 3SIXTY ° VENTIV TECHNOLOGY