by Tyler Stuber, Director of Professional Services/Operations
These days, risk management has evolved beyond merely preventing and reducing losses. It’s also about maximizing areas that are within the organization’s control and minimizing the areas outside of it. This growing enterprise risk management (ERM) perspective takes a holistic look at all functions of an organization, working to understand the interrelationship of risks from different sources and wrapping them all into a coordinated organizational strategy. 1
With ERM, the seamless integration of software systems within an organization becomes critical for groups trying to optimize their operations, enhance productivity, deliver exceptional user experiences, and ultimately leverage their data for improved high-level, risk-based decision-making. Software integrations let them connect platforms by syncing data and making it easier for a variety of stakeholders to get all the information they need in one place. And that’s where risk management software like Centurisk’s AMP property risk management system comes in. AMP becomes an important piece in the ERM puzzle.
Streamlining Information-Sharing Across Platforms
Our AMP property risk management software is designed to integrate with either packaged or home-grown software applications that manage other key functions connected to the insurance lifecycle like Policies, Claims, Underwriting, and Certificates of Insurance. It also can be integrated with today’s popular RMIS systems. The connection to these systems can be set up as either a one-way or two-way integration. One-way integration means that the flow of data updates goes from one system to the other but is not reciprocal. In contrast, two-way integration involves different data types being shared system-to-system. In the case of AMP, its accurate real-time data, auditable history, and meaningful workflows make it a trusted option as your system of record for property data, ideal for documenting the details you need and passing it to another application. With AMP as your central data repository, admins can grant access to unlimited users, and at various data levels. This allows each use to see only the functionality they need and nothing they don’t, creating a personalized experience for every member of the team.
How AMP integrates with your system depends on whether you need real-time data access to support informed decision-making — as through an Application Programming Interface (API) — or whether you will be moving large batches of data to a central repository for historical data analysis — in which case, you’d use an Extract, Transform, Load (ETL) interface method. Our Centurisk Customer Success team works with your organization to spec out the business rules, triggers, and/or workflows to determine just when data is passed to another application or received into AMP.
Enhancing Efficiency Throughout the Risk Management Lifecycle
Once integrated as a part of your software ecosystem, AMP can help various stakeholders tackle the moving parts of the risk management lifecycle with greater efficiency, consistency, and accuracy. It ensures organizations are ready to take their Statement of Values to the insurance market and attain accurate coverage, using the most current property data and insurable values. It empowers underwriting with the data that underwriters need to identify high risk exposures, make educated decisions, determine ratings, write policies, and create equitable distributions for premiums. At the same time, it can help the claims department identify the insured values and determine proof of loss. By collecting all this information in one user-friendly application, AMP saves users time, streamlines processes, and makes sure everyone is aligned and accessing the most current information.
Leveraging AMP Reporting for Enhanced ERM Decision-Making
With AMP as a part of your risk software ecosystem, you can amplify your preparedness and reduce your risk before losses ever happen. AMP’s ability to report on any field in the system, in any order, provides you with the ability to make data-driven decisions, tailored to your organization’s specific needs. This real-time reporting lets you assess property risks by any number of features — dates of the last roof installation, heating and cooling inspections, sprinkler system checks, and insurance renewals, just to name a few — helping you plan for the important updates that head-off loss situations. These reports can help you pinpoint gaps in your underwriting data, meet compliance and regulatory requirements, and be better prepared in the event of a loss.
Elevating Insurability through Accurate Data
Integrating AMP into your suite of risk management software solutions not only strengthens the way you manage risk, but this accurate, current property data becomes an important asset when seeking insurance. Thorough, well-organized property data catches the positive attention of insurers, helping build confidence in your organization. That not only can translate to more accurate coverage, but potential for better insurance ratings and better rates.
Collaborative Integration for Seamless Operations
At Centurisk, we believe collaboration with our customers is key, and successful AMP integration hinges on the combined efforts of all involved stakeholders. When integrating AMP software into a customer’s risk software ecosystem, Centurisk adopts a proactive approach, emphasizing open communication and cooperation with both the client and other relevant software entities. We meet customer needs by actively engaging with external software providers, fostering transparency through regular meetings, comprehensive testing procedures, and ensuring everyone’s on the same page before implementation. Through this inclusive process, Centurisk ensures that error results, messages, and notifications are meticulously addressed, paving the way for a seamless integration that enhances overall operational efficiency and risk management effectiveness for our customers.
In conclusion, AMP’s integration into an organization’s risk software ecosystem not only optimizes operational processes but also enhances decision-making capabilities and strengthens insurability. Through collaborative integration efforts, Centurisk ensures that AMP seamlessly integrates with existing systems, empowering organizations to navigate the complexities of risk management with confidence.
To learn more about how AMP property risk management software can integrate into your risk software ecosystem, feel free to contact me at tyler.stuber@centurisk.com. I’d be happy to discuss it with you.!
Source:
- The Institutes Knowledge Group. “Introduction to Risk Management and Insurance.”
About the Author:
Tyler Stuber, Director of Professional Services and Operations for Centurisk, has been a part of the Centurisk team for 9 years and lives in Pittsburgh, PA. In his spare time, he enjoys local sports and spending time with his wife Chelsea, their 3-year-old son Colton, and their 6-month-old Mason.