Ventiv Resource Library
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Automation of processes When processing risk and insurance information, organizations seek to increase operational efficiencies, improve quality and achieve consistent information and communication—both within the organization and with external stakeholders. Respondents to the 2012 Global Risk Technology Survey ranked automation of processes second in importance; in 2009 this category was fourth. Faced with reduced revenue, headcount and time, businesses are looking to technology to maintain productivity and streamline workloads. Risk technology that includes customer electronic interfaces between the data sources and the organization can effectively relieve the organization of this time-consuming, error-prone task. A standardized, automated approach to capturing information provides consistency in claims reporting and exposure collection and analysis while improving the quality of information captured. In addition, many organizations seek greater efficiency in their renewal data collection process. Since businesses must annually collect exposure values—such as organizational, financial and asset information related to risk profiles—they may have historically relied on a spreadsheet approach. This approach creates data-quality obstacles, requiring manual entry, copying and consolidation. It also requires that someone in the organization follow up with constituents and colleagues. A RMIS fully automates this cumbersome process and includes sending email alerts to the person who is charged with submitting the information. Automation can even include sending invoices to the business unit, based on insurance premiums the system has allocated. A RMIS will tag when variances are met and send emails outlining changes or reminding people who have not submitted their data to do so promptly. In short, automation of processes centers on efficiency to produce better results. In the realm of automation, a new question category was introduced in this year's survey: familiarly with cloud computing and confidence in the security of products used in cloud computing. More than 74 percent of the respondents said they were familiar with cloud computing and almost half said they were very or reasonably confident that the products used are secure. 14 Global Risk Technology Survey 2012 Aon Risk Solutions | Aon eSolutions 10 2