The Loss Control Maturity Model has transformed the way companies think about their processes, particularly with the introduction of FinTech solutions.
Risk Control Technologies has garnered insights from over 150 customers. It has found that the majority of loss control departments could have benefitted from a software platform much earlier than they realised. The primary challenge? Many didn’t know where or how to initiate the journey.
For businesses, aligning loss control maturity with profitability goals is paramount. It offers a roadmap indicating the optimal point for each company to jump-start their transition. As the saying goes, “standing still is falling behind.” Indeed, in the fast-paced world of FinTech, stagnation can lead to obsolescence. Companies must ensure they are always progressing, lest they risk being overtaken by more innovative competitors.
When examining the Maturity Model Stages, the journey begins at the basic level. This stage is somewhat fluid, changing based on the size and scope of the company. However, it’s a universal starting point for all. As businesses grow and adapt, they transition into the systemised stage. This is where things begin to take shape. Processes are more structured, with the use of digital means to enhance information sharing becoming commonplace.
Next comes the optimised stage. This pivotal point is marked by the introduction of process automation, repeatability, data analytics, and a stronger connection to underwriting and third-party data sources. The result? Enhanced efficiency and a more streamlined workflow.
Lastly, companies can reach the pinnacle, the predictive stage. Here, automation is almost ubiquitous, especially concerning survey and data capture processes. Advanced analytics come into play, allowing businesses to not only respond to risks but predict and prevent them. This is achieved using alerts and automated workflows that span across multiple divisions and teams.
For more information on how to align Loss Control maturity and Profitability goals, read the full report here.
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