Client story Risk management
Ebix Solution implemented — RiskEnvision
What was the business really spending on risk?
A risk team brought claims, reserves and financial information together to investigate cost across its locations.
Based on Ebix implementation experience. Client details have been omitted.
The total was easier to find than the cause
A business with multiple operating locations received claims information from its administrators, policy details from its insurance partners and cost information from finance. Management could see expenditure, but the risk team had difficulty explaining differences between locations.
The reports covered different periods and used different definitions. Before discussing prevention or claims performance, the team had to establish what could reasonably be compared.
The team built a common reporting view
The team brought TPA feeds, carrier information, reserves and claim history into RiskEnvision, with financial information supporting total-cost-of-risk analysis. Structured incident intake provided another source of operational context.
The team agreed reporting periods and distinguished paid amounts from reserves and incident counts. It also preserved differences in location size and activity. Combining the figures did not make those distinctions disappear.
A pattern led to an investigation
The review examined a recurring incident pattern in one part of the operation. The team returned to the underlying records before assigning a cause. Differences in reporting practices, exposure and claim maturity were considered alongside the apparent trend.
An owner then took responsibility for the investigation and any agreed action. The next review distinguished an action completed from an outcome demonstrated, rather than assuming that a change in procedure had already reduced losses.
A clearer basis for management decisions
The workflow gave the risk discussion a common starting point. Management could examine a cost pattern, see the records behind it and understand what remained uncertain. Questions about the figures and questions about the operation were handled separately.
The value lay in the connection between the figures and the work behind them. The team had a common basis for investigating cost patterns, recording its conclusions and assigning responsibility for the next step.
A useful risk view connects the number to the decision behind it.