Technology has come a long way in the last 10 years. So has the compliance landscape for risk management and data protection.
It’s important to keep up, so here’s a quick rundown of the top 7 advancements that affect you:
1. Data security is one hot potato these days. Fines of up to £500k and possible corporate or personal prosecution can be meted out by the Information Commissioner’s Office for those in breach. And if you are in breach of the EU’s General Data Protection Regulation, which came into force back in May 2016, you can be fined 4% of your turnover or 20m euros (£15.8m), whichever is greater. Making that potato even hotter. Although technically legislation, it will not apply until 25th May 2018. So there is some time to adjust.
But the financial side is only one element. While the recent Tesco Bank data breach could result in a multi-million pound fine, the reputational damage suffered is immeasurable. A reputable risk management system provider will keep themselves informed of the latest security measures, ensuring that your data integrity does not become compromised as technology advances.
2. Workflow automation is becoming more attainable and easier to configure than ever. Your procedures for claims management can be built into an automated workflow. This removes time consuming admin from your day. It also reduces human error and inconsistency between staff, improving the accuracy of your data and helping you meet your regulatory obligations.
A good workflow system highlights to both handlers and managers alike which tasks should take priority, when tasks are overdue, and gives you an aggregated view of claims progress across the team at any given point in time. Giving you a clear view of what needs to be done at the click of a button.
3. Document management and organisation is now commonly included as part of a claims management system, supporting today’s ‘paper-free office’ culture. That said, there is a vast difference between different providers.
A really good system will integrate with emails relating to a particular claim and automatically store any attachments in the relevant claims file, meaning it’s always up to date, ideally with version control in place too. This takes a chunk of work off your desk having to manually save documentation & correspondence to the system.
4. Cloud based storage is slowly going from being the latest shiny new thing, to an increasingly accepted necessity. It offers instant accessibility at any location, on any web enabled device. This supports the increasingly popular, and sometimes necessary, drive on flexible working. It also allows closer collaboration and sharing of relevant data with different departments or suppliers.
5. MOJ portal. Since 2013 those needing to process small claims have been able to do so at a reduced cost through the MOJ portal. Having a system integrated with the MOJ Portal avoids laborious duplication of data entry.
6. Management Information. In line with advancements in technology, Managers’ expectations of data interrogation and reporting have risen dramatically. A series of manually updated graphs in Excel showing a snapshot of your data are no longer enough. We are expected to make the most of our data.
It seems obvious, but you should be able to report on anything in the system. MI should take the form of real-time dashboards showing RAG status, aggregating data from across the company, comparing historical trends…
7.…and data heatmaps are the ultimate tool, enabling fast visual trend analysis. You can quickly identify claims hotspots and drill into the relevant data. It can even be helpful in identifying possible fraud.
Yes, technology has come on in leaps and bounds. So if your claims management system hasn’t been updated in the last 10 years, it just won’t be up to scratch…
Not wanting to blow our own trumpet, but at 3Sixty Systems we’ve made our own technological advances in the past few years too. We've built upon our existing Claims Management solution, EvoClaim. Not only is it the only system to have been designed in conjunction with councils as well as legal experts, and built by technical experts, it also incorporates EvoSafe Health & Safety Management, the world’s first fully integrated risk management system. So now, you can go from logging a Health & Safety incident, right through to claim resolution without skipping a beat. And you can analyse all the relevant data to enable proactive incident prevention.
So whatever the next 10 years brings, you’ll be ready to react.
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