Carriers are focused on improving claim outcomes, and, in today’s increasingly digital world, there is no shortage of solutions and tools to achieve this goal. Due to the rapid technological advancements over the years, a landscape has been constructed where performance and processes are largely controlled and driven by quality strategic insights. Ahead of hosting live demonstrations at RIMS in May, Joe Powell, SVP — Data & Analytics, explains how Gallagher Bassett’s (GB) suite of decision-support tools help carriers turn idle data into actionable strategies for operational success is the path forward for carriers to cement their competitive edge.
Luminos: A Hybrid RMIS Solution
Our Luminos RMIS platform combines superior software capabilities and expert data analysis to streamline operations for growth and success. In fact, the annual RMIS Report from Redhand Advisors has recognized Luminos as the most comprehensive product offering in the bundled TPA space for six consecutive years.
Luminos streamlines risk management for carriers by identifying anomalies in risk programs, improving KPI transparency, and analyzing program expenditure and claim adjudication metrics. Its user-friendly menus, modules, and data drill-down features ensure a seamless experience. Additionally, Luminos’ advanced data integration capabilities help connect all facets of a risk management program. Let’s explore five ways GB’s decision-support solutions help carriers enhance risk management practices and support superior outcomes.
- Enhancing Risk Program Results
Stockpiling transactional data is one thing, but utilizing predictive analytics and tapping into risk information insights is what ensures organizations rise above their competitors. Luminos enhances claims efficiencies by allowing carriers to review litigation management programs, legal firm performance, and risk program KPIs, as well as investigate individual claims. Interactive dashboards, core analytics, and custom program results also make it easier to derive actionable insights, while the visibility of resolution management files, individual incident claims, and claim tracking means the platform can identify where carriers can make improvements to their TCOR.
- Empowering Loss Control Initiatives
A key feature of Luminos is its ability to improve carriers’ TCOR by delivering leading loss control functionalities to support life safety and near-miss accidents. By equipping users with audit modules and workflows that simplify data collection activities, document hazards, track audit findings, and identify remediation opportunities, they can efficiently manage their life safety compliance programs and foreshadow future workplace injuries and catastrophic losses. Underpinning these data insights are the platform’s First Report of Injury and Incident Management modules, which help identify corrective actions before accidents occur and, in turn, protect employees and minimize loss control.
- Taking a SMART Benchmarking Approach
GB’s focused approach to benchmarking claim outcomes —Severity Mix Adjusted Rating Technique or SMART—factors in variables such as accident type, jurisdiction, job class, and diagnosis to compare each client’s individual claims to hundreds of others of similar complexity. Our SMART Benchmarking Dashboard allows clients to interactively drill down into root causes of opportunities in real-time and across more than a dozen metrics. By effectively creating a 24/7 stewardship, SMART improves the accuracy of claim range, provides clarity into how to reduce the total cost of claims, delivers in-depth insights on year-over-year claim trends, and creates targeted recommendations on where to focus efforts on proactive program improvement.
- Streamlining Insurance Renewals
Streamlining insurance renewals and identifying potential gaps that can result in catastrophic financial loss is a priority for all carriers. Luminos turns that ambition into reality. Courtesy of the platform’s disparate Excel data collection upload capabilities, carriers can have confidence that payroll dollars, fleet industry classification types, and business-use classes are up to date. Other benefits include collecting claim experience and managing exposure data, while exposure values can be seamlessly tracked and maintained by the ability to manage building construction class codes, occupancy types, and property square footage.
- Bolster Organizational Risk Awareness
Luminos is helping carriers manage complex risk programs, with its flexible charge-back feature connecting them to insights that enhance safe practices and risk management. Activity Alerts and automated report distribution tools notify users of new claim notebook entries or when payments are dispersed and reverses are changed, while the Luminos Enterprise Risk Management module supports businesses concerned by supply chain interruptions and capital cost escalations as it holistically reviews all aspects of operational risk. Carriers can also use Luminos to model individual risk elements, manage ownership and appetite data, set and track velocity and vulnerability rating changes, and edit action plans.
Don’t miss the opportunity to discover how our decision-support tools can revolutionize your risk management practices, streamline operations, and drive superior outcomes for your business.
Experience the power of Luminos and SMART Benchmarking firsthand by booking a personalized demonstration at RIMS this May in San Diego.
