Risk management is central to the work of insurers and to the service the insured receive. Effective risk management reduces claims and drives down payouts, premiums and paperwork. QBE Europe, the business insurance specialist, had reams of risk exposure data and no way to effectively view it. Together with our partner Risk Solved Limited, we created a bespoke system to solve their problems.
QBE needed an innovative way to ensure the complete management of its data. This would enable risk managers to work more efficiently, focusing on specific activity and easily identifying trends. With the amount of risk data set to increase following a recent acquisition QBE needed to take tighter control of its data to improve its risk information and service to clients.
The system, known as QRisk, is a secure web enabled system that allows risk data to be shared, viewed and analysed effectively between internal staff, clients and suppliers. The solution provides a unique single view of a client’s risk profile, regardless of the complexity of the situation. Our bespoke solution raises awareness of risk management issues and offers guidance and recommendations for further improvements. The entire process is contained within one system and can be used to create reports, identify and monitor trends and provide robust data.
One of the crucial benefits of our bespoke system for QBE was that it took away much of the secondary dual keying of information. And it allows for the ability to conduct trend analysis linked to claims data. The system has also reduced administration time and cost and subsequently has reduced service delivery costs for QBE. Valuable resources have been freed up and users can do more with the time available.
If your organisation needs help aggregating data to make better business decisions, get in touch with us today.
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