Ventiv Technology

9 ©2022 Redhand Advisors. All rights reserved. fewer workers, period – available to administer claims. RiskTech systems are capable to support automating many of the claim functions. The faster a claim is resolved, the cheaper it is for the insurer, and better the outcome for the insured. From claims notification and assignment to automated reserving and auto adjudication, RiskTech automation can take many forms. Today, it's not just the most sophisticated systems that support auto adjudication. In fact, automated risk management technology is more readily available now than ever before. Technologies such as robotic process automation, intelligent document processing, artificial intelligence, and predictive analytics are changing how claims are handled. 3. Cyber security leads to replacement of legacy technology. The risk of cyberattacks is a reality for all businesses. In fact, as many as 64% of businesses worldwide faced some kind of cyberattack in the last year. Your organization's legacy system may not have the security compliance required in today's environment. In previous years, these systems may have been grandfathered in, but now your IT and security departments are pushing hard to modernize and update. As a result, these departments are taking a closer look at the systems you rely on daily and making sure they're built properly to protect the organization's security and the client's privacy. In 2022, we expect more risk aware businesses to replace their legacy risk management system. Though launching a new risk management solution isn't easy, the return on investment can be well worth it. 4. Increase in RiskTech solutions. According to our research, 84% of respondents favor best-in-breed solutions that can be integrated into the broader platform. In fact, investment in these specialized solutions is a major happening in RiskTech today. Spurred by technology and investment, this class of solutions, which focus on helping organizations manage and mitigate risk, continues to grow. It wasn't too long ago that niche solutions weren't practical. Now, more and more niche Software-as-a-Service (SaaS) solutions are available and they're going deep with particular capabilities and functionalities that can integrate seamlessly with your core risk management solution. 5. The rise of the citizen developer. If your organization has a legacy claims system, it may feel as if you are frozen in time. Legacy systems are difficult to replace so some organizations are opting to overlay these systems with low-code / no-code solutions. Driven by citizen developers with no background in coding, the low-code / no- code approach doesn't require you to be a tech expert to use or a developer. You use drag-and-drop technology to build solutions for your own organization. In fact, Gartner expects even SaaS companies to build their platforms in a low-code / no- code environment in the coming years. We expect to see growth of solutions driven by citizen developers for specific business cases, especially because the costs are much more manageable than replacing legacy systems. For example, if you need to collect exposure data, you can create your own back-end solution through low-code / no-code software to collect the data and then populate your legacy software with the data you've collected. The most successful organizations are the ones taking control of their technology journey. Consider your organization's needs carefully and embrace digital transformation in 2022 as a means of to take your organization's risk management to the next level.

• Cover