The Integrated Risk and Claim Management Environment
Risk Managers, Claim Managers and Brokers are integrating key insurance and claim information to create risk profiles that are more optimized and stable for the future. What are the key activities to focus on now?
During our initial review of insurance and loss information from insurance companies, third party administrators (TPAs) and self-insured clients, we target our initial analysis on insurance coverages, rates and open legacy claims (those claims that are open for longer than one year, or are greater than $25,000 in reserves) for settlement and closure.
To assist in the development and design of an optimal risk management program with advanced technology and methods, our RiskPro® Total Cost of Risk (TCOR) model is employed. The parameters initially measured include:
- Identification of all of all key Risk Profiles (a quantitative analysis of the types of threats an organization, asset, project or individual faces) which have a significant monetary impact on operations.
- Identification of all of all key specific operations, underwriting or claim data which provide risk “flags”.
- A review of risk management systems to determine a satisfactory set of tools for analyzing and monitoring risk activity and claims.
To learn more about a TCOR modeling and monitoring approach for optimizing risk and claim management operations, please visit:
- Total Cost of Risk (TCOR) – What Does It Mean to You?
- Total Cost of Risk (TCOR) – Is Your Architecture Up to Date?
- Can Risk Based Capital Concepts Inform ERM TCOR?
- Lowering the Total Cost of Risk (TCOR)
- What are Your Key Drivers of Total Cost of Risk (TCOR)?