Is the Data Mafia In Your Organization?

Is the Data Mafia In Your Organization?

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Vantage Agora logo Executing Strategies to Success

Is the Data Mafia In Your Organization?
 

 

“CEOs tell me: ‘We have the data mafia. Nobody gives me anything. How can I run the company? Not only that, I have to take this company to the promised land of operational excellence and mission/vision.”
— Harsha Chaturvedi, COO and co-founder of Vantage Agora
 
There’s a huge chasm between employees and leadership in many organizations.
But there’s hope. Leaders can use two tools that can yield positive change:

Gamification + Social Judgment
 
Vantage Agora’s Harsha Chaturvedi gave a TEDx talk earlier this year about these issues, hosted at PES University in Bangalore, India near Vantage Agora’s Global Services Center.

 

In The News: New E-Signature Tool  
 
Vantage Agora Adds Electronic Signature Capability to Its ox zion Enterprise Platform. Read the story in ProgramBusiness.com’s Daily News Flash.

 

When Does Outsourcing Make Sense?
 
What should carriers, reinsurers and agents/brokers — ranging from large to small — consider when they explore outsourcing?
In our experience with multiple client engagements, the key reasons for insurance firms to consider outsourcing are:
1) They can’t find the people to do the work.
1a) They can’t keep the people who do the work.
2) The work is not within their wheelhouse … their core business.
Those are simple statements, so let’s look at how they work in reality for an underwriting services firm:
RISCOM (Regional Insurance Services Co., LLC) is an underwriting management company. The firm specializes in commercial lines (commercial auto, commercial general liability, commercial property, inland marine and garage products).
“We became involved with Vantage Agora in 2006 when we wanted to provide better service to our customers, says Laura Brown Dugan, executive vice president and underwriting manager of RISCOM. “Vantage Agora has given us the opportunity to do so.”
“We have been able to provide 24-hour service to our customers” through an outsourcing relationship with Vantage Agora.
Tools and services used by RISCOM on an outsourced basis from Vantage Agora include:
 
1) Executive dashboards to manage underwriting and underwriters
2) Overviews for underwriters showing losses, rating information and account summary
3) Automated emails on accounts flagging those that need follow-up by underwriters
4) Automated emails showing production every hour on the hour
5) Policy rating
4) Policy issuance and endorsements processing

“There are so many great tools that Vantage Agora has brought to RISCOM and that we have built together,” explains Dugan. “It’s an incredible opportunity to work” with the Vantage Agora team to help RISCOM manage its business. “… ‘outstanding’ is what I would say when I say Vantage Agora.”

 

All companies want to run operations efficiently and at a good quality level while maximizing profit. Focusing on core business operations while working with an outsourcing partner to perform non-core tasks is an approach that benefits many of our clients.

Two Areas Especially Ripe for Outsourcing
  

 

Pre-Underwriting: On the insurance “assembly line,” companies can gain efficiency and effectiveness by compartmentalizing tasks such as data entry, application review and screening, and web-based data gathering. Using outsourcing resources to screen applicants before making the larger investment in underwriting can speed up cycle time, decrease costs and improve risk.
Back-Office Processing: Bottlenecks such as paper jams, workflow atrophy, and administrative overload (caused by backlogged underwriting requirements, neglected applications, and claims discrepancies) slow progress and erode profit. Outsourcing administrative and processing functions makes it possible for risk management specialists to focus on what they do best. The result: Underwriters, claims examiners, and other specialized personnel are not diverted from core competencies to perform tasks that could be done more cost- and time-effectively if outsourced.
Want more perspective on outsourcing? Contact Mike Fieseler here at Vantage Agora.

 

 

Just for Fun: The Wisdom of Experience

 

With age we gain perspective. Enjoy this joke from the world of golf.
 
A young man with a few hours to spare one afternoon figures that if he plays very fast, he can get in nine holes before heading home. As he is about to tee off, an older gentleman shuffles onto the tee and asks to join him. While concerned this will slow his game, the young man agrees.
 
The older gentleman plays quickly: He doesn’t hit the ball very far, but it goes straight.
When they reach the ninth fairway, the young man faces a tough shot: A large pine tree sits in front of his ball, directly in the path to the green.
 
The older gentleman says, “When I was your age, I’d hit the ball right over that tree.”
 
With the challenge before him, the young man swings hard, hits the ball, watches it fly into the branches, rattle around, and land with a thud a foot from where it had started.
 
“Of course,” says the gentleman, “when I was your age, that tree was only three feet tall.”
 
— source: Golf Magazine
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