WEBRISK NOW DISPLAYS KEY RISK INDICATORS

New KRI module helps guide your risk and insurance management program

Effisoft has introduced a new Webrisk business intelligence module that defines and displays key risk indicators (KRIs). The module is based on a suite of state-of-the-art business intelligence tools recently added to Webrisk, the industry-leading RMIS.

The new module helps risk professionals improve their performance, gain clarity about their deliverables, and provide quick answers to questions from senior executives.

"Displaying KRIs helps risk managers to do their jobs better," says Pascal Stopnicki, co-founder of Effisoft. "Webrisk users can quickly and easily identify emerging risks, measure the impact of their actions and determine the savings achieved."

Clients can always additionally call on Effisoft's decision-support specialists. They will help users define risk indicators appropriate to their company and their activities. Depending on their needs, users can then access dynamic KRI dashboards through Webrisk or independently develop their own reports.

Users can determine the most relevant KRIs, including: 

-N/N-1 (year on year) comparisons: values, premiums, claims, and more

-Loss ratios: by country, activity.

-Distributions: losses by cause or consequence, premiums per insurer, insured values by type of site.

-Claims statistics:  by hour, day and month

-Rankings:  The top-three insured sites, the most important claims, brokers most in demand

-Progress: collections, premium invoicing, policy issuance, implementation of recommendations

-Evolution curves: for claims settlement and claims notifications

Pascal confirms that many Webrisk clients are already reaping considerable benefits from this enhanced functionality:

An optimised organisation: defining target indicators creates an opportunity to formalize new working methods and apply management rules consistently. This helps you avoid, for example, obtaining different results when calculating the amount of premium per entity. (What are the exclusions?  What exchange rates apply?)

More flexibility:  Webrisk users can now generate custom reports for themselves without having to call their Effisoft contact to add filters or columns to a table.

Better performance: teams that create new reports often do not have time to study the results. Now, Webrisk users can realise significant time savings by using reports that already exist and that are automatically updated. Users simply select and run the report. This provides them with far more time for analysis and to truly add value.

High-impact graphics: The use of graphics results in easier-to-understand reports. For example, to follow the evolution of bonuses between fiscal year N and N-1 by business unit, the manager almost always relies on a dynamic Excel table. The table, which depends on the number of business units, can quickly become illegible or unintelligible. In contrast, Webrisk generates a crystal- clear bar chart. In meetings, you won't have to read a complex table. The visuals make immediate sense and are easily interpretable by all.

Quick response to questions from executives: Have you ever received a last-minute phone call from an executive asking you to justify premium increases in certain countries?  In the past such a request might have proved difficult.  Now, with the Webrisk BI module, you can easily:

-Compare countries with each other or in groups.

-Identify the activity or acquisition that generated the premium increase

-Use the drill-down function to identify the region, then the country and finally the company that has the highest loss ratio, etc.

Source: http://www.effisoft.com/en/News/Webrisk/webrisk-now-displays-key-risk-indicators.html