Ventiv Technology

82 ©2023 Redhand Advisors. All rights reserved. 2. "The costs of adopting RiskTech solutions are out of reach for our business." Thanks to data storage and cloud computing, you can find RiskTech solutions at nearly any price point on the spectrum today. Not only have these systems come down in cost, but they manage claims more effectively and efficiently, reduce and track insurance costs, and eliminate opportunities for human error that are abundant in spreadsheets. Together, these benefits all result in better data and improved outcomes which simultaneously allows cost savings to build. While the initial capital costs are a chunk of expenditure at once, legacy processes with minimal efficiencies and an increased margin of error are most costly over time. The ROI of implementing a new solution is often recaptured within 18 months. 3. "We've processed things this way for a long time, and it still works." Change management is hard, there's no doubt. But so is maintaining the status quo when there are better ways to do something. Determine first which RiskTech solutions can indeed help your business do more with less. Don't settle for the old- fashioned, legacy processes you've used, even if it creates some discomfort during the process. You'll need to demonstrate and explain why implementing RiskTech will help them perform better and lead to better results for the company as well. That's change management 101, and it should not stand in the way of implementing a new solution. 4. "Implementing a system will be too much work and take too much time." Today's modern solutions are much more configurable and simpler to implement. In the past, systems needed to be customized, which took time and effort during technology onboarding. Today's RiskTech solutions are more easily configurable without the need for customizations to meet your specific requirements. Most modern solutions allow for a variety of configurations to accommodate business' processes and workflows. A new system can be set up to follow your processes, and not force you to adopt a cookie-cutter, off-the-shelf option. Organizations can take advantage of the solutions modern process automation provides. Stop waiting, start implementing If you still use outdated, legacy processes and the basis for your risk management, claims and insurance management is spreadsheets, know that you aren't alone. But soon you will be. Rarely do companies that implement a RiskTech solution regret making the change, because the technology provides better data, better analysis and lowers costs, making their jobs easier and companies more successful. 82 ©2023 Redhand Advisors. All rights reserved. NOT FOR DISTRIBUTION

• Cover