Ventiv Technology

2022 Outlook: Risk Management Technology In the last two years, most organizations have accelerated their reliance on data and analytics. Unfortunately, when it comes to risk management, too many are still reliant on manual processes to collect and store that data, and therefore, fall short when it comes to using it meaningfully by pairing data analytics with decision making. Today, risk managers need everything aggregated into a single digital platform that ties together process, reporting and analytics. No one wants to rely on third parties such as TPAs, carriers or brokers to gather claims information or learn about renewals. A more comprehensive digital strategy is needed. In 2022, numerous risk managers and organizations will engage in a digital transformation to replace legacy systems and improve internal processes and better utilize analytics. The challenge will be choosing the ideal risk management technology solution(s) to drive risk-related decisions. While there are a lot of moving parts to consider, the good news is, it's entirely possible — with the right systems in place. Here are the top 5 trends in risk management technology for 2022: 1. Expansion of risk technology platforms across your enterprise. With cloud-based platforms, it's now easier and cheaper than ever to add hundreds (or even thousands) of users. As a result, new parts of the organization can gain access to the risk technology platform for use across departments and whole organizations. Operations managers, HR professionals, and even safety managers at job sites are utilizing RiskTech platforms today. With this newfound expansion, more can access reports, data can be collected electronically, and more organization-wide processes can be automated. We expect to see more organizations expanding their risk technology platforms across their entire enterprise in 2022. 2. Automated claims adjudication simplifies risk management. With the Great Resignation and ongoing labor shortages hitting businesses hard, there are fewer experienced claims adjudicators – and 8 ©2022 Redhand Advisors. All rights reserved.

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