Is your data holding you back?
Transforming data from multiple systems, various formats, and different regulatory reporting requirements into usable information can be overwhelming. All that work gobbles up limited resources, drags down productivity, and pushes up costs. So, where’s the upside?
Data Transformation Services
Riskonnect has a fully dedicated Data Transformation Services team to help you process data efficiently and cost effectively. Our professionals are among the most knowledgeable and experienced in the industry, processing 150+ million claim records, 34,000 files, and more than 500 new data conversions annually, as well as converting 1,000+ different data sources monthly. In addition, our industry-leading data transformation services can efficiently consolidate data into a centralized system to provide an accurate view into your risk and claims. Data is seamlessly and securely transported between organizations, carriers, and government reporting agencies so you can focus on more strategic priorities while reducing operational costs, financial penalties, and potential reputational risks.
For corporate use:
- Converts, consolidates, and validates data from any source onto the Riskonnect platform.
- Customizes data extracts to feed downstream systems.
- Validates data using current reporting rules, formats, and requirements.
- Leverages a library of hundreds of templates to expedite data conversions and increase accuracy.
- Resolves resourcing challenges with advanced data-transformation tools that support customized, automated processes.
- Processes data according to your schedule.
- Cleans data at the source with both standard business rules and customizable edits.
- Annually processes nearly 450 million claims and 400 million transactions.
- Monitors data security with regular SOC 1, Type II audits in accordance with SSAE16 and ISAE 3402 standards.
For carrier/TPA use:
- Aggregates complex data transformations consistently and uniformly across multiple disparate systems.
- Configures workflows and automates checks and balances.
- Performs complex data derivations, rules, validations, and suspense protocols.
- Consolidates data from TPAs and submits NCCI and state medical data calls.
- Combines and validates policies.
- Creates custom extracts in your layouts, according to your business rules.
Why Insurance Data Governance Should Be Your Priority
The insurance industry uses data analytics to support its critical business decisions – e.g. whether to provide an organization coverage, what types of coverage to underwrite, and what level of premiums to set. All of this data has an enormous impact on the financial forecast for the profit and loss statement of an insurance organization. Good data is arguably one of the most valuable assets.