CHEYENNE, Wyo. (PRWEB) September 30, 2005
OCI today announced its collaboration with ABB Inc., a global leader in power and automation technologies, to improve ABBÂs, risk management tools by streamlining and consolidating the firmÂs certificate of insurance process into a Web-based platform integrated with its Risk Management Information System (RMIS).
In todayÂs business environment, insurance costs continue to increase aggressively. Healthcare costs alone increased 12 percent in the past year, according to the PricewaterhouseCoopers Health Research Institute. ÂOne in four companies said double-digit healthcare cost increases may force them to lower wage increases, and one in five expects to slow hiring in the year ahead,Â according to survey respondents. Increases like this are driving the need for better, more accurate and timely information. There is an ever-present need to streamline and reduce the administrative burden of risk managers to allow time to proactively manage risk.
ÂOCIÂs platform makes it more efficient and easier for the people in the field and the ABB risk management staff to get the job done,Â said Stephen Raimondi, ABB Director of Risk Management Services for North America.
ABB issues about 3,000 certificates of insurance annually to demonstrate that its North American locations are appropriately insured. Historically, ABB used a legacy, broker system to manage those certificates. The system was highly manual and required forms to be filled out by hand and faxed in. The dated system lacked numerous features, including the ability to print effectively, to capture and store the necessary textual information with each certificate, and to provide an audit trail of certificates requested and issued. Additionally, because of the systemÂs age, support for problems and upgrades were not guaranteed by the broker.
In addition, ABB was in the midst of centralizing its risk information system, and program managers were looking for a system that is fully integrated in a single online location to offer ease of use.
ABB turned to OCI to build on the application solutions they have collaborated on over their six-year relationship. OCI provided a web-based Certificate of Insurance application that significantly modernized ABBÂs certificate handling process and filled the gaps left open by ABBÂs previous, manual system.
Now, 50 of ABBÂs users manage certificate requests and issuance from the OCI-developed system. The Web-based tool has improved operational efficiency by placing the process within a single platform, which many of the certificate users already use for other risk management-related activities and functionality; thus reducing the administrative burden from using the legacy process.
ÂOur broker, who retains its role as process Âgatekeeper/administratorÂ is very positive about it, too,Â Raimondi said. OCIÂs Web-based Certificate of Insurance solution has resulted in improved access to certificate data and more efficient management of the certificate process.
Companies are recognizing the role todayÂs technology solutions can play in transforming manual, error-prone methods into efficient processes for delivering accurate information. By itself, though, technology is only an enabler. OCI offers end-to-end solutions built on a deep understanding of the problems risk managers face and the ways that technology can be used to help solve those problems.
ABB Inc.(http://www.abb.com) is a leader in power and automation technologies that enables utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people.
Since 1984, OCI has delivered flexible, integrated solutions to companies that need timely information to effectively manage their risk programs, control costs and improve productivity. As a premier application service provider, OCI delivers customizable information solutions exclusively over the Internet, managing the technology so companies can focus on managing their businesses. For more information, visit http://www.oci.com or call (800) 678-6604.
Matrix Marketing Group, Inc.
866.456.9100 Ext 714
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