Riskonnect, the leader in integrated risk management solutions, has released a commissioned study conducted by Forrester Consulting, leading global research and advisory firm. The study shows significant time and costs savings for enterprises deploying Riskonnect’s Integrated Risk Management (IRM) software solution.
The study provides objective evidence of the benefits of Riskonnect’s IRM platform. The customer studied – a national retailer with 1,100 locations and 20,000 employees – has experienced benefits of $442,975 since engaging Riskonnect in 2017 as a result of technology-driven enhancements to its claims processes, including:
– Over 40 hours per month in time savings from more efficient data analysis and reporting
– A 10% improvement in claims processing efficiency for every claims manager, stemming from more streamlined workflows
– A 100% reporting rate for workers’ compensation claims, improving outcomes for the company and its employees
– $261,119 in cost savings from retiring the legacy risk management solution
– A new ability to focus on higher-value work, greater stability in insurance rates, and other benefits that were not quantified in the study
“We believe that this study provides hard evidence on the benefits of Riskonnect’s enterprise-wide approach to risk management,” said Andrea Brody, chief marketing officer of Riskonnect. “Prior to implementing our platform, this customer used an outdated claims management solution that limited its ability to collect meaningful data and integrate GRC functions across the enterprise. Now, the company can integrate and manage previously siloed risk functions and get a clear view of its risk posture.”
In Riskonnect’s view, the research indicates that additional benefits will trickle in over time. As it executes on its GRC roadmap, the customer organization expects to gain a more holistic view of enterprise risk, which will enable the organization to make better, more informed decisions in the context of an increasingly fast-paced and competitive environment. In addition, Riskonnect enables the customer organization to collect comprehensive data on incidents, close-calls, and claims. The organization aims to leverage this data to inform safety policies at the store level, which has the potential to reduce claims in both volume and severity.
“We’ve made the reporting process easier because of Riskonnect. We’re about to make it even easier in the next six to nine months with a new build on Riskonnect. And the easier you make reporting – that is, how long it takes to create a report – the more information you’re going to get,” said the risk and litigation officer at the sample company.