Assisting Insurers Mitigate Risks
AMES, IA: With the rapidly growing complexity in insurance plans, associated with unexpected financial losses has compelled the carriers to implement risk management solutions as a critical part of their infrastructure systems. To help insurance companies mitigate risk and streamline business processes Workiva, a cloud-based productivity platform provider, is set to expand its Wdesk platform for public and private insurance companies. “The need to simplify processes and improve accountability among hundreds of collaborators is driving Wdesk seat growth for expanded use cases within insurance risk and management reporting,” said Matt Rizai, Chairman and CEO of Workiva. Wdesk increases insurer’s efficiency and control in statutory reporting, and ensures accuracy in the operation by enabling them to link data from anywhere automatically.
Workiva operates in a marketplace competing players like EPIC Insurance Brokers & Consultants, Litera, and Fiserv, to make several public and private insurance companies prepared for mitigating future risk, regulatory and internal document management compliance. With Wdesk, insurers can reduce their insurance documentation and review time by 75 percent and use the time for additional value-added work. The adaptation of Wdesk for producing internal management reports, and presentations, audit reports helped American Enterprise Group, a privately held insurance company, with enhanced efficiencies and transparency. “We were able to set up a risk control matrix in Wdesk, so each control owner was clear about the control and the risk associated with that control,” said Steve Wilson, Director of Internal Audit and Risk Management at American Enterprise.
By leveraging Wdesk’s advanced control and accuracy, transparency and tracking, and certification and reporting system, insurance companies will continue to bridge the gaps between customers and their products. It’ll also help insurers to efficiently track the future of the marketplace to mitigate the risks in the future.