Ventiv Technology

1 0 | 360º Aon eSolutions Having appointed Anistics, were you happy with the output? Yes. The system did exactly what we wanted. It would not only record policy information and claims information and link the two, but also linked in a third category, contracts. In those infant days of databases, that kind of triple header was difficult to achieve. undoubtedly the insurance industry has changed over the last 40 years, but how did the Aon system adjust to the changes? One of the key objectives of AMEC has always been eagerness to settle a claim and pay a claim if we are responsible. Now, if you've not got your act together, with piles of paper and spreadsheets dotted all over the place, you're going to fall at the first fence. Then you've got strict legislation, which focuses on the manner and speed in which claims are handled. So, one has a legal obligation to actually handle claims in accordance with some fairly prescriptive protocols. You've then got a social responsibility, certainly more so than 30 years ago. If you do something wrong today it'll be on Facebook before you put the phone down. Now, that wasn't true 30 years ago. Yes, brand image was important, but it wasn't as easily tarnished as it is now. And, in a difficult economic climate you've got to watch the pennies. Thirty years ago insurance wasn't as expensive, because there wasn't the claims mentality. This means having access to data that is accurate and can be proven to be accurate— without doubt, a prerequisite. So again, you need to have your act together. You need to know exactly what is going on, which jobs around the world you are doing, which sites are yours. Now, if you don't have the records that can tell you that, you end up paying the claim by default. does the need to react quickly increase the reliance on technology to help support the business? Given the sheer volume of data nowadays absolutely. I mean you can do it with spreadsheets or even filing cabinets. But, could you do it quickly? Could you do it quickly enough to meet commercial demands, morale demands and legal demands? I doubt it. The other importance of data and the manageability of it, and the ability to analyze it is determining the best retained risk strategy. Never more do you need the capability of analyzing the data, because you wouldn't want to leave that with anybody else, or an insurer, because they wouldn't have the intimate details of your business. And did the Aon system give you better, more accurate data, and what was result of this? You could not go through either the conventional insurance renewal process with the high street or with your own self– funded arrangements without having your finger on the pulse as to the data. Unless you go in with absolute confidence that your data is right and can be proven to be right, by having a recognized system like RiskConsole, you can't negotiate better premiums or decide on the best way to finance your risk. You've got to go to an insurer with a complete breadth of data. Knowing absolutely, what was the largest claim, the volumes of claims, the frequency of claims and other important trends. Unless you've got that power you're behind the eight ball from the get go. It's hard to put a number on any savings, but what you can say is that managing data through RiskConsole we know that the terms of our insurance programme are as good as we can get for the quality of cover, the quality of insurer and the quality of advice. The finance director will always ask; 'How do you know?" And the answer would be because our data is here and it's reliable, it's thorough and it's right. Those are the claims we're having, so those premiums are not only right, but good value for money. If, for example, you're talking to an insurer about getting a discount, or reducing the size of your deductible by a sizable amount, how have you any idea what value that is if you don't know what impact that's going to have on your future claims results. If they're going to knock £20,000 off the premium, but you're going to end up paying £40,000 in claims by carrying a slightly larger deductible, that's been no help. does the need to react quIcklY Increase the relIance on technologY to help support the BusIness? Given the sheer volume of data nowadays, absolutely. i mean, youcan do it with spreadsheets or even filinG cabinets. but, could you do it quickly? could you do it quickly enouGh to meet commercial demands, morale demands and leGal demands? i doubt it. Question: Answer:

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