Actionable, Easy-to-Use Analytics in Risk Management Information Systems with Origami RiskJune 26, 2012 No Comments
The following is a guest post from Steve Fischer, CTO, at Origami Risk, a leading risk management information systems solutions provider.
In insurance risk management there’s a lot of data and users need to analyze it quickly and effectively. With Origami, we were trying to achieve a seamless user experience for the analytics where it was very easy for any risk manager to drive into the data. We wanted to be able to embed a reporting tool into our application so it still looks like Origami and is very easy for the risk manager to use, but also has powerful dashboard and reporting capabilities.
We were trying to achieve an ‘analytics everywhere’ approach.
Analytics How the Customer Works
In many systems that we compete with, when users want to run a report, they must go to the reports module, then define and build a report. But that’s not how a risk manger works. A risk manager is looking at a claim and wondering, “Is this an expensive claim? How does this compare to other claims?”
So with Logi, we were able to embed in our claims screen what we call a “Claims Comparison Report.” It takes the data elements from the current claim, compares it to other similar claims in the database and presents it on a scatter chart. The chart then shows the current claim and related claims with a standard deviation above and below for comparing that claim to its peers. It’s a very powerful analytic for a risk manager because now it helps answer questions such as, if it’s an expensive claim, if it’s going into litigation, should I settle, should I work it and make sure the cost stays low? That’s actionable information we’re able to present.
We don’t have to present database fields. Instead we can present concepts that make sense to an insurance risk manager. It was very easy for us to present any kind of insurance specific user experience to the risk manager, so it’s very simple for them to define report parameters where Logi produces sophisticated analytics, but they didn’t have to really think about it.
Of the selling points of Origami, ease of use has been a big one and speed has been another one and Logi hasn’t let us down on that end either. The reports have been very fast, much faster than our competitors.
Origami Risk was founded as an alternative to the older legacy technology used by many RMIS suppliers. We started the company because the pace of innovation within the risk and insurance software industry has slowed dramatically in recent years.
In two short years, we have built an award winning product, competed against and been selected over every major RMIS vendor, and have a list of successful clients who will vouch for our dedication to making them successful. We are growing rapidly and are profitable.
Follow Origami Risk on Twitter @origamiriskBlogs, Featured Blogs, SOCIAL BUSINESS