Atlanta, GA – Riskonnect recently announced Riskonnect ClearSight 19.1, the latest version of its integrated risk management platform. The update delivers several enhancements that better inform risk professionals on how they’re performing from a claims management perspective. This insight drives better risk management practices and business outcomes.
The new workers’ compensation benchmarking model enables companies to compare their performance in managing claims against peers and best-in-class performers in other sectors, based on data from millions of workers’ compensation claims across a wide variety of industries. The system measures an organization’s claims operation across several industry relevant key performance indicators (KPIs). Companies can visually see how they’re performing overall and against each KPI, and track trends over multiple years.
With these deeper insights, risk professionals know exactly where their claims processes need to improve and can create best practices and allocate more resources to address under-performing areas. The ability to make these data-driven decisions improves the way claims are handled, which drives workflow efficiencies and lowers costs due to reduced claims payouts.
“It’s impossible to make a key business process run smoother without knowing what’s wrong or how performance stacks up to industry standards. We’ve invested in our claims analytics capabilities with this need in mind,” said Andrea Brody, Chief Marketing Officer of Riskonnect. “This new tool is a perfect complement to our workers’ compensation severity model. Putting adverse claims data together with overall market perspective enables organizations to easily see where there’s room for growth and gives them a road map to boost their performance to the next level.”
Riskonnect ClearSight 19.1 includes compliance enhancements integrated into the workflow which increases efficiency and time-to-value for customers. The platform is backed by a dedicated team of compliance experts that help customers stay on top of regulatory changes.
The release also comes with updates to the user interface and design of the Riskonnect ClearSight platform, including a new app launcher, better scrolling features and an enhanced look and feel for usability and readability.