Royal & SunAlliance USA, based in Charlotte, N.C., announced improvements to its Advanced Risk Management System, known as ARMS, which now features a series of enhancements that will enable clients to make business decisions more efficiently and effectively.
Changes to the Web-based system will make it quicker and easier for Royal & SunAlliance clients to gather risk management information on-line, with real-time access to electronic claim files. ARMS can be customized to meet the specific needs of a client and can be used for claim management information, risk consulting, claim performance monitoring reports, insurance renewal analysis and budget forecasting.
“Our customers can now generate on-line web-based reports via ARMS significantly faster than before,” said Tom Lott, Customer Services director for Royal & SunAlliance USA’s Business Insurance Division. “I think this reflects our commitment to creating business solutions for our clients.”
The company said the ARMS improvements include:
Loss Development Triangles—an actuarial forecasting tool that allows risk managers to measure the rate of increase of their claims for the purpose of projecting the ultimate value of claims. It is used for budgeting purposes to evaluate different risk retention plans. ARMS now provides clients with the ability to produce their own triangulation for actuarial analysis.
Period Reporting Templates—allows clients to run reports that show change in incurred, paid, and claim count between any points in time. In addition, it can provide these data in a report that compares distinct periods of time, such as winter 2001 to winter 2002.
Loss Sensitive Billing—provides real time delivery of invoices, financial information and financial analysis. For example, clients can now drill-down from an invoice to claim files and associated backup reports. Clients can also access more meaningful and user-friendly information that simplifies analysis and verification of invoices.
This new functionality paves the way for future enhancements, based upon the needs of the company’s customers.
“Royal & SunAlliance customers require immediate access to accurate and up-to-date information about their risk management activities,” said Larry Ely, Royal & SunAlliance USA Customer Services product manager. “Our ongoing analysis of customer demand and competitive intelligence clearly demonstrated the need for these enhancements to ARMS. We believe that our customers will benefit greatly from these improvements. We have done our best to craft solutions that will provide value to our clients in a measurable way.”
These new features and improved performance leverage data warehousing technologies. A new claims database, CHEDA, is at the heart of ARMS. It holds 7 years of claim data and is capable of processing requests against more than 750 million records. For the first time, ARMS customers are able to view historical claim snapshots on the Web.
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