Reinsurance risk mitigation using digital risk management solutions

Reinsurers face a high level of risk from multiple market forces, including claims leakage, the arrival of new players, poor management of aging recoverables, and inadequate business intelligence capabilities. Implementing the right digital solution is absolutely crucial for minimizing these risks.

What good risk management solutions offer

The “right” solution is one that addresses all of your organization’s risk management needs without requiring extensive customization. The customization process delays time to value, increases implementation costs, reduces adoption rates, and increases the chance of unexpected results. Your digital risk management solution should include out-of-the-box capabilities like claims and event management, policy management, technical accounting, statistical and regulatory reports, and advanced business intelligence.

Ensuring successful solution implementation

Successfully implementing a risk management system isn’t easy. In addition to ensuring that the solution possesses all the functionality your organization needs, you must also integrate it with your other existing information systems and configure it to align properly with company-specific internal policies and workflows.

The implementation project’s success hinges on open and efficient communication between your solution implementation partner and internal project team. Delays in the decision making and approval process on either end can cause the project to go over budget or create gaps in your expectations and actual solution functionality.

Avoiding claims leakage

Digital risk management systems can help reduce claims leakage using self-auditing capabilities, improved monitoring claims personnel, robust claim data modelling capabilities, and integrated, automated claims workflows that minimize manual intervention.

Enhancing operational processes

Automating internal business processes and integration with external systems are important ways to improve efficiency and minimize errors. Automated processes are also easier to audit and analyze, providing better visibility and accountability.

It is critical to adopt modern technology to achieve operational efficiency and mitigate risk. Digital technology also helps reinsurers control costs across the whole reinsurance value chain while also improving business relationships. Choose a dependable technology vendor who has experience in handling reinsurance projects and a solid implementation track record. Please contact Visionet Systems today for a complimentary solution demo.

5 ways of achieving flawless EDI integration with Microsoft Dynamics 365

EDI is the most widely used structured electronic data exchange between organizations. However, not all EDI solutions are created equal. Instead of operating as stand-alone applications that require manual entry and their own maintenance regime, leading EDI platforms integrate seamlessly with ERP software and other business applications to eliminate manual rekeying and duplication of business information.

Microsoft Dynamics 365 is a powerful cloud-based ERP solution. A fully integrated EDI solution can extend this power by directly connecting your implementation of Dynamics 365 to your trading partners’ ERP systems. Decision makers need to choose an EDI solution that integrates rapidly with Dynamics 365 and takes full advantage of Dynamics 365’s analytics, workflows, and other productivity-enhancing capabilities.

In this blog post, we’ll consider several factors that are important for effectively integrating your EDI solution with Dynamics 365:

The advantage of native integration

Some EDI solutions are designed to natively integrate with Dynamics 365. If you choose the correct one of these solutions, you don’t have to worry about compatibility or security issues – everything just works. This is the best way to avoid compromises or complications during or after solution implementation.

Choose a reliable integration partner and platform

If you decide to implement an EDI solution that isn’t specifically designed to integrate with Dynamics 365, choose an integration partner that possesses in-depth experience with integrating EDI solutions with Microsoft platforms. Since Dynamics 365 runs on the Microsoft Azure cloud platform, your partner of choice should be familiar with Azure-compatible enterprise application integration (EAI) tools and methodologies. To minimize business risk and avoid future upgrade costs, the integration platform should be highly secure and scalable.

Onboarding new EDI trading partners

In addition to the many security and regulatory concerns associated with transmitting sensitive data between organizations, each business that you partner with usually has its own set of information policies and standards. While integrating your EDI solution with Dynamics 365, make sure that the integration provides enough flexibility to accommodate these partner requirements.

Eliminate manual processes

The ROI of automating EDI processes varies depending on the frequency and importance of your data exchanges with other organizations. If you send or receive just a few documents each month, a fully automatic solution might not deliver enough value to justify the cost of implementation.

While integrating your EDI platform with Dynamics 365 will automate many manual processes, some ancillary processes might continue to be performed manually. Before you go the extra mile and attempt to eliminate these additional steps, define your specific EDI integration goals and determine the value you expect from automating each manual process. This will give you a clear picture of what you stand to gain from end-to-end automation of supply chain communication.

Data accessibility and privacy

If there are regulations or internal policies that prevent you from storing some types of business information in the public cloud, you will have to take this into consideration while planning to integrate your EDI solution with Dynamics 365. Instead of simply using Dynamics 365 or Azure cloud storage, you might have to implement a hybrid solution. These requirements add cost and complexity, so you should be aware of them before you begin integration.

Conclusion

Organizations that prepare a complete roadmap of the EDI integration process are rewarded with faster time to value, lower implementation costs, fewer delays, and higher ROI. For more information on best practices for integrating EDI with Dynamics 365, contact PartnerLink for a complimentary consultation.