Ventiv Technology

360º | Aon eSolutions 2 1 04 SINGLE POINT OF ACCESS TO ThE "BIG ThREE" The premium-tracking tool also had to support international UTC risk managers at the business level, says Bartels: "We developed a single sign-on by a link to AonLine that gives our risk managers ready access to the 'big three' of information needs for us, which are claims, invoicing and policy. That's huge for us and certainly differentiates this system." RESULTS TO dATE Nine months into the process, UTC Risk Management reports solid progress in reaching its goals for the premium-tracking tool. "The feedback we're getting from our local customers is improving," Bartels says. "We're seeing accurate invoices that are moving toward payment more quickly as a result of this system. When the business unit risk managers and the local entities get timely, accurate allocation and invoicing information, they're in a better position to pay the right amount, on time." Other areas of improvement in the allocations and invoicing process include: 01 dAShBOARdS ANd PUSh REPORTING According to Bartels, "One of the main reasons for creating this tool was to have better reporting and dashboarding capabilities. The RiskConsole team has created dashboards for each of our business unit risk managers and for the Aon Risk Solutions New York team, so they can now go in and get the reports they need to track outstanding invoices in categories like business unit, country and region." 02 AdhERENCE TO TERMS OF PROGRAM STRUCTURE "Part of what Aon Risk Solutions is charged with doing as our broker is determining where local policies should be in place and where those local policies need to be paid in that country," says Bartels. "This tool has helped us refine the information we need to accurately reflect where all our premium charges should be paid." 03 ACCURATE TOTAL COST OF RISK dETERMINATIONS When speaking with a business unit risk manager or the local entity, the UTC Risk Management team can now accurately determine its total cost of risk at any given point in time. All the relevant information now resides in the allocation record and can be reported on at any time. 04 STREAMLINEd LOCAL AdMINISTRATION Says Bartels, "If you're a global company, you're going to need to invoice locally, and this tool helps support that. It eases the administrative burden and provides transparency." 05 dOCUMENTEd METRICS TO IMPROvE PROCESSES Because the premium-tracking tool is automated and repeatable, it enables the use of metrics that UTC Risk Management uses in the process of continuous business improvement. According to Bartels, "When the system was manual, it was challenging to track and determine where we needed to improve our processes, the work done by our providers and the prices we paid. Now, we look for trends in areas that impact our timeliness and accuracy. For example, we put in a customized field to track the reasons why local entities challenge an invoice; we call them turnbacks, and we analyze turnback trends so that we can address areas of our invoicing that need to be corrected. It's precisely that type of information that provides the missing piece which allows us to constantly improve our processes." UTC and Aon Risk Solutions conceived the premium-tracking tool as a way to achieve objectives for both loss control and administrative efficiency. WORK TO BE DONE UTC, Aon Risk Solutions and Aon eSolutions have made significant strides in the area of allocations, invoicing and payment, but as one would expect given the UTC Risk Management team's focus on continuous improvement, there is always more work to be done. Future goals include moving all of UTC's global insurance programs into the premium-tracking tool and adding all locally billed programs. According to Bartels, "Our expectation is that the premium-tracking tool will continue to grow and evolve, because there are always ways the process can be streamlined further."

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