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Knowing that your data is accurate, current, and available for analysis can help you make the right business decisions. When your data is spread over multiple, even aging, systems that challenge may seem insurmountable. The right infrastructure can help you comprehensively manage employee, liability, and property risks, while delivering cost savings and improving productivity.
Leveraging Technology
Data integration continues to be one of the toughest challenges facing business today. In addition to the difficulty of reviewing your own data, comparing results against industry peers and best practices, while critical, may seem impossible.
To fully understand your cost drivers and track your losses, claims information and data need to be entered in a timely fashion and then made available for analysis. The right business processes and technology systems can make that happen—building a realistic picture of your risks and associated costs. More importantly, you can benchmark your programs against industry peers, see how you rank, and then identify opportunities for improvement.
Smart, cost effective technology investments can help you integrate your data, streamline business processes, and support business goals.
What Will You Say When They Ask What Happened?
When considering current data management capabilities, executives should ask themselves the following questions:
- How accurate is my data? Are my systems integrated?
- Am I investing in the right technology?
- What business processes can/should I streamline?
- Have I maximized my Risk Management Information Systems (RMIS)?
- Do my risk management and business processes support the organization's goals?
- Can I accurately track my workers' compensation costs and disability claims?
Who's Looking Out for You?
Marsh's Risk Information Consulting team can help you optimize data to make strategic decisions and better manage the costs of risk by:
- Redefining business process
- Leveraging information technology
- Identifying cost drivers within the organization
- Using technology to benchmark best practices against your peers
With the following services, the Marsh team can help address your process innovation and data management challenges while maximizing your technology investment.
Benchmarking: Using Marsh's proprietary DimensionsTM database, we can help you compare your workers' compensation losses and trends against industry peer data — answering the question, "How are we doing?" Tracking workers' compensation claims from carriers, third-part administrators, and state funds as well as self-insured programs, we can:
- Demonstrate how your losses compare with other like businesses
- Identify opportunities for improvement
- Establish a baseline from which to measure future change
Process Consulting: The risk management industry has not benefited from the process improvement wave that has been seen in other industries, such as financial services. Marsh can help you streamline and automate many risk management back-office functions, including issuing certificates of insurance, educating field operations, exposure data collection, contract review, and cash flow management associated with premium tracking. In addition, the Risk Management Diagnostics tool will help you map and plan an efficient risk management process.
Data Management: Marsh consultants can help you evaluate the accuracy and validity of corporate data in order to use that information effectively. We can help you set up, design, or change your Risk Management Information System in response to evolving business demands. Specific services may include system identification, selection, and implementation; outsourcing; technology audits; needs assessments; data validation; and systems gap assessments.
Integration: Corporate mergers and acquisitions combined with disparate internal systems have left companies with a variety of data sources and technology platforms. Data integration continues to be one of the toughest technology challenges that businesses face today. Marsh can help you:
- Inventory your multiple information sources
- Identify opportunities for synchronization and integration
- Develop an action plan that is cost effective and results-driven
- Identify the most appropriate third-party vendors and manage the project
If you have any questions or would like additional information, please contact us.
If you are seeking information about insurance and related services, please visit marsh.com.
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