Analytics help risk managers and TPAs gain insights and achieve efficiencies
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While analytics has begun to augment the work of underwriters, claims professionals and actuaries, it now is helping risk managers and third-party administrators across industries gain insights and achieve new efficiencies.
This trend is evident in updated analytics and data-enrich offerings from providers of risk management information systems.
For example, the risk management information system available from Glencoe, Ill. -based Origami Risk L.L.C. includes analytics and dashboards, as well as reporting and analysis tools designed to work alongside the software's traditional reporting module.
The product also features tools that enable it to import data from multiple sources at different times.
San Francisco-based David Corp. recently updated its longstanding risk management information system product, NavRisk, with existing business intelligence modules from Walldorf, Germany-based SAP A.G.
Mary-Margaret Dale, director of marketing at David Corp., said by integrating SAP BusinessObjects solutions into the NavRisk platform, users can access reporting and management dashboards directly from the platform.
“People have so much information, but they are starving for ways to make sense of it and make business decisions based on it,” she said, noting that the configurable, drag-and-drop nature of the interface is intended to make the offering less intimidating to nontechnical users.
“We want to push data to business users and make it accessible to them without having to rely on their technical team to do that work for them to deliver the data,” Ms. Dale said.
