Technology has changed the world, several times in fact.
There was once a time when users and information were centralized. Multiple users had access to shared systems, servers, and processing power and, as a result, data and users were naturally all in the same place.
As computing became more powerful and less expensive — and with the introduction and widespread adoption of personal computers and business software — users and information became very decentralized.
For example, it became easy for someone to maintain a little spreadsheet that tracks claims, or a side database that holds cost information, or maybe a Word table for maintaining case status. So easy, in fact, that’s exactly what many people began to do.
Unfortunately, once you multiply this capability and reality out over many, many users, a company quickly loses control over information and finds itself in a massively inefficient place with high costs, low productivity, and an inability to properly and completely report on data.
All users, uses, and sources of information in one place. This mantra is a goal of KCIC in almost everything we do. Whether deployed as a claims administration platform, a risk management tool, or in litigation support, there are tremendous technological opportunities that companies and their counsel can take advantage of to both lower costs and improve results.
Identifying, developing and deploying technological solutions can pose challenges, but they are not insurmountable. If a solution is designed well, the long-term benefits outweigh any short-term issues. The critical first steps are to understand your current situation and work with a partner who can help strategize potential solutions and also help implement them. You can then work toward connecting all users, uses, and sources of data in a single place — streamlining data-intensive processes, better positioning yourself for understanding and reporting data, decreasing costs, and making better decisions.
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Jonathan Terrell is the Founder and President of KCIC. He has more than 30 years of international financial services experience with a multi-disciplinary background in accounting, finance and insurance. Prior to founding KCIC in 2002, he worked at Zurich Financial Services, JP Morgan, and PriceWaterhouseCoopers.Learn More About Jonathan