LUMINOS: Expand Organizational Risk Program Awareness

But what kind of data should be analyzed to help you expand your organizational risk program awareness?

As risk professionals, we often focus on individual line-item program details. Claim counts, total incurred dollars, lost workdays, and OSHA recordable incident rates are all relevant measures of our ongoing program performance. But to successfully manage today’s complex risk programs, it is also important to widen our lens and establish clean conversation lines between all operating divisions, organizational entities, and valued business partners to ensure that all are aligned on our risk goals, strategies, and action plans.

Let’s look at the ways in which LUMINOS can help you expand your organizational risk program awareness.

1. Predict accidents, injuries, and catastrophic losses in the workplace:

Use LUMINOS’s First Report of Injury (FROI) and Incident Management modules to effortlessly analyze near-miss accident data details and applicable investigation notes as a predictor of risk. This will help you uncover opportunities for corrective action before accidents occur. Although near-miss incidents cause no bodily harm or property damage, they may foreshadow issues in the workplace that can be course corrected.

2. Strategize and create actionable ideas to meet ever-changing risk management challenges across your organization:

Many enterprises around the globe rely on LUMINOS’s Cost of Risk Allocation (COR) models to evenly distribute topside risk and claim costs down to operating units, divisions, and manufacturing locations. Improve accountability by working through allocation strategies with your teams and then successfully apply them with our flexible LUMIONS charge-back feature sets. This will help open-up thoughtful conversations with entity employees empowered with greater information to thereby simplify program complexities, align strategies, and develop actionable ideas that drive safe practice behaviors.

3. Real-time reporting on relevant risk management activity:

Use the Activity Alerts from LUMINOS to receive real-time updates via email or SMS on the relevant events affecting your risk programs. Get notified anytime, anywhere when claim payments are dispersed, reserves are changed, and new claim notebook entries occur. Receive new loss counts, litigated claim totals, and incident reporting lag information while on the road or away from the office.

4. Organize and define your operational risk-management efforts:

LUMINOS changed the TPA RMIS landscape with the integration of our new proprietary reporting analytics. Leveraging our TCOR management intellectual capital, LUMINOS provides a sophisticated suite of data benchmarks, scorecards, and AI-driven predictive analytics to deliver the actionable information required to drive superior claim outcomes and cost-of-risk reductions. LUMINOS tools like Automated Report Distribution help you share risk data across your organization. This means you can generate custom program detail reports and data sets with our ad-hoc report-writing tools to foster information collaboration within departments.

5. Improve overall productivity and organizational risk agility:

Use the Enterprise Risk Management module to model individual risk elements and manage all relevant ownership and appetite data. In doing so, organizations can review and revise action plans and risk processes based on velocity and vulnerability ratings. Similarly, review governance activities across the organization, monitor follow-up tasks, and model changes throughout the year.

 

Are you ready to harness the power of LUMINOS to expand your awareness of your organizational risk? Connect with Jennifer Turner, SVP – LUMINOS today to learn more.

Jennifer Turner

SVP – LUMINOS

More Posts

Insights

Introducing SMART Benchmarking, a new Dashboard from LUMINOS

Digital technology is already one of the biggest trending topics this year, and carriers are looking to tap into new capabilities to improve claims programs. We are excited to introduce you to the new Luminos dashboard, SMART Benchmarking, a unique approach to claims outcomes offering unparalleled data insights into your performance. Explore the benefits this could add to your claims programs in 2023.

Read more
Insights

Finding Your Differentiator

Now that we’ve entered 2023, there’s never been a better time for mutuals and mid-markets to ask themselves where they fit in today’s industry. These answers will not only inform future business decisions but help you stand out from the competition. Caryn Siebert and Amy Cooper share the top tips to find your market differentiator.

Read more
Insights

Overcoming legacy IT infrastructure challenges

As a global carrier’s legacy source systems were set to be discontinued, find out how Gallagher Bassett stepped in to take over management of its portfolios for Workers’ Compensation and primary Property & Casualty lines.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!