An Innovative Approach to Total Cost of Risk

Alright. Hello, everyone. Thank you for joining our solution showcase, an innovative approach to total cost of risk. My name is Trish Kelly, and we are so glad that you’ve joined us today. Today we’ll be demonstrating Origami’s new AI powered TCORE analytics solution and show you how you can measure, analyze, and communicate your risk costs with stakeholders across your organization. We’ll walk through the components of a TCORE model, how you can efficiently create different cost types in a variety of ways, and use TCORE factors to normalize your data over time. We’ll also show you how you can automatically send allocations to individual business units or locations based on your TCOR data. And finally, we’ll preview the reporting and analytics capabilities with the option to leverage our AI model using natural language, allowing you to create powerful visualization so that you can easily and efficiently communicate your results. Before we get started, couple of quick housekeeping items. All participants are in listen only mode. If you have any questions, please feel free to use the q and a button at the bottom of your screen, and we’ll take as many questions as we can after the demo. Be a lookout for the recording of the solution showcase via email in the next seventy two hours. Okay. Let’s get started. Today, I’m joined by Josh Josh Singletary, manager of our technical sales consulting team at Origami. And now I will pass it over to Josh for the demo. Using our new TCORE models feature, users are able to create various models with TCORE related costs, both manually as well as systematically, and then to easily report on those using Origami’s built in dashboards and reporting, as well as our new Origami Analytics functionality. Let’s get started. What you’ll see here is a new TCORE models domain. The TCORE models domain can contain various different model types, either actual or estimated, but other model types can be added as well, such as budgeted or or forecasted. Let’s take a look at an existing model we have in place for twenty twenty four. Within this model, we have a banner at the top of the screen showing you your total cost of risk for that particular period as well as a breakdown of all the different costs that make up that summary amount, noting their category, detailed category, if a major coverage applies for grouping, as well as how that cost was derived either manually from the system or through a formula. We also have the ability to show when that value was calculated as well as lock those values should you want to retain that value at a certain point in time. Now let’s go through creating a new cost. What I’ll show here is a new TCORE cost screen. So, again, this is completely configurable. We’ll provide a name, a description. You’ll choose which category, which are also configurable. Categories can drive different detail category codes, as you’ll see here. And then as far as cost type, we’ll go through a few examples, within the model in a moment, but you can choose a manual entry. So, keying in a specific amount, you can derive an amount from the system, or you can actually use a formula to determine what that amount should be. Let’s go through three examples now of those that are already in place. So starting with the manual entry, we’ll go into, for example, the risk management payroll. So as you can see here, we’ve got a description of that. It’s part of the expense category, administrative expense, manual entry, and we’re actually keying in this amount that’s just over a million dollars. Taking a look at a example that was derived from the system, we’ll look at auto premiums. So in this case, we’re actually choosing to look in the air into the policy domain area of the system, and then from there, choosing to aggregate the premium amount. And the way we filter this is just by creating a filter here, and this is very similar to the advanced search filters that you’re familiar with throughout Origami. And then finally, with the formula, I’ll go ahead and choose property retained losses. So, again, this will allow you to choose a specific area. And then within that area, you can define a formula. So for this specific case, we are looking at the total paid across all different claims, but we’re capping it off at twenty five thousand dollars. So if it’s less than twenty five thousand, we’re returning that amount. If it’s greater than twenty five thousand, we’re just returning twenty five thousand. And, again, we’re placing a filter on that so that we can, focus on a specific, set of claims. One of the additional domains that are in that’s included with the new TCORE model is the cost domains. What this allows you to do is capture maybe any other costs that aren’t exclusively related to a specific location within Origami. So examples of this could be broker fees that aren’t associated to an existing policy, could be software fees, could be TPA fees as you’ll see here, a lot different loss control measures, such as the implementation of handrails. So, again, this is just a more generic domain to track all different types of costs, that may not be directly associated with an existing, record within origami. Regardless, though, of how you’re inputting these costs, whether it’s gonna be manual or deriving it from the system, yet another way to import these costs essentially is to actually download a template, and then you can actually import cost into the system. So you can either download existing cost or you can use a new template, create new cost, and actually drag and drop those in a template, and they’ll upload to the appropriate model. The last item that I wanna focus on within a specific model is the TCORE factors. So these can be found via the more button, UTCORE factors. What these will be used for are for any cases where you need to use maybe exposure values, or the or or something similar to help level the cost between high and low risk locations, for example. These can take into account major coverage. So you can have more property related values focused to property claims, more auto liability, values related to, like, auto liability claims, for example. And these can be helped to derive the TCORE rate, which we’ll cover a bit later within the demo. And finally, as this relates to allocations, we do have a simple way to push these costs that have been aggregated now to an allocation worksheet. So if you, again, go to the more button, you’ll see an allocation area here called create allocation. And with a few button clicks, we can now create a new allocation worksheet based on those costs. And what that can look like is something like this, where we’re taking all the costs we saw on the previous screen. They’re now pushed over to my new worksheet, ready to be allocated. So now all I would need to do is just determine what locations these costs should be allocated to and then if there’s any sort of additional calculated values or formulas that need to be applied. Taking a step back from the actual TCORE models now, we’ll take a look at the analytics. So we have two ways to show the new TCORE model data. One is using, kind of tried and true, origami dashboards, and reports. So an example of that, is here. This, just like any other dashboard in origami, as long as it’s a data point, you can pull it into a dashboard. So we’re actually identifying various different TCORE amounts, models, rates, different cost and categories, and the like. So this is just a quick example of what a TCORE dashboard could look like. And, again, same case applies for any sort of, ad hoc reports, report templates, and the like. Again, those can be reported on very easily within the system. One additional way of reporting this is with the new Origami Analytics feature. So on a previous screen, I have the models here. I have all the different models. When I go to Origami Analytics, what this will do is actually take that data. And now using Origami Analytics, it will allow us to create a whole new library of different visuals. So here’s just an example of some visuals that we have put together that are focusing on the T Core models. We’ll go through an example in a few moments to show you how to create these not only from scratch, but also using our new AI search capabilities. So to create a new visualization from scratch and post it to your live board, which is what this is called, We’ll go to define visualization. And here, you’ll just simply key in what you want to have in your visualization. So, for example, let’s just say we want to focus on our total costs for a specific model that we have in place, and we’ll wanna maybe separate it by major coverage code. So what I’ll do is just start typing in total cost, and it will show me, one variable there. So I’ll go ahead and select that. It’s gonna lock that in. What I’ll do now is, type in the model name. I want to show it by model, so I’ll just start again, start typing model and find my model name here. And then lastly, I’ll start typing in major coverage. And I want the code in this place, so I’ll choose that. Once I have this in place now, I can click off the screen, and it’s automatically going to attempt to build out a visualization for me. So with this visualization, I can not only see an example of what this chart might look like, I can also look at the underlying data, and I can export this out if needed. I can also adjust the chart type. So by coming over here, I have a new library of different formatting options so I can look at this entire library of available charts and graphs. For example, if I wanted to make this be maybe a stacked area, I could do that or go back to stacked column. And then once I’m satisfied with this particular chart, I can then pin it to my live board, and then it will then be posted here on my LiveBoard so I can look at it at a later point. The last item with this, again, is the Origami AI search capability. So rather than actually keying in certain data fields and then adjusting the the chart types and so forth, I can actually just type in a a a question, a business prompt, basically. So to do that, I’ll go to Origami AI search. And what this will now do is say, well, ask a business question in a natural language. So I’ve got one question already stated here. So I’ll say, what are my very similar to what I just kind of keyed out but focusing on expense category. And now what you’ll see is the AI search has attempted to build this chart out for me based on my prompt. And, again, I have those same types of formatting options and the option to, again, pin this if I’m satisfied with these results. So this concludes our demo of the new t four models domain and the introduction to origami analytics. Thanks for joining, and please let us know if you have any questions. Alright. Thank you, Josh. Before we move into the q and a, apologies if there were issues with the, the demo coming across as blurry. We will be sending this out on demand, and, hopefully, that will it’ll come across more clear. So apologies if you had some trouble seeing the screen. But we are gonna move over into the q and a, and we’ll answer as many as we can in the next couple of minutes. So, Josh, if you could hop on and, and help me out with this first one. So a question from Sandra Lee, about allocation worksheets. Are those still required to be used with the new TCORE solution? Alright. Can you hear me? Yes. Perfect. Great. So, yeah, it’s a great question. So if you’re intending to actually allocate these these costs back out to the various locations or territories, you’ll still need to use the allocation worksheet. What the new TCORE model does is just make it easier for you to grab those costs throughout the system or in other or through external sources and then kind of aggregate those together so that you can feed that allocation worksheet. You’d still need to go through, the other two steps of that, which is identifying what locations or territories you want to allocate out to and then what your formula or methodology would be to kind of distribute those costs based on, you know, things like claim severity, frequency, values, exposures, that type of thing. Alright. Perfect. And she actually had a follow-up question. I’m assuming, Sandra, you’re a client. But is this module available for everyone? Yeah. So another great question. So, it is available, out there. Just get in touch with your account manager. They’ll be able to kind of walk you through what the process is to kind of turn it on. I believe there is some level of of configuration, kind of initially, that we’ll be able to kinda help you out with, but your account manager would have all that information, to provide to you. Yep. And just to expand on that, if you are an existing client, this is included in our standard Remus packaging, so it’s not an additional cost outside of any implementation that would, need to take place. As Josh mentioned, it’s that that the effort is fairly nominal. Alright. Another question here. Can you talk about the API and importing data from other platforms without much configuration or customization? Yeah. As far as the, I mean, if if by API, we’re referring to the the AI piece of it, that part is essentially already kind of set up once, it is enabled and and once that agreement is kind of in place. So there isn’t actually too much, just around that. However, if the question is more around, you know, using, you know, web services to push and perhaps pull data, you know, in and out of the system, Definitely, again, something you can kind of chat with your, account manager on, to kind of get the specifics on that, and then we’d be happy to kind of set up a one off call with you to discuss that. Perfect. Alright. And a couple more here. Josh, can you include costs that are not insurable cost types, in the TCORE model? Yeah. Absolutely. So, a couple versions that we we went through are, you know, just a manual cost, obviously. If we’re capturing within the system, we can go and use filters to grab that, and then we can formulate costs essentially using our formulas manager. But within that cost area, you’re really able to track anything. So these could be, you know, safety initiatives, loss control measures, that you want to just kind of track within, the system that don’t really relate to an insurable cost, that you want to pull into the overall model. Could be fines, fees, regulation, fees, that type of thing, which, again, aren’t maybe specific to any one claim, but just need to be included in that overall model. Using that cost domain, you’re able to document those, and then pull those into, really any model that needs to reflect them. Alright. Perfect. One more quick one. In regards to the AI component, is there an option to opt out of using AI, and still be able to use the TCORE solution? Yes. So another great question. So, it’s actually an opt in. So it’s reverse. With the TCORE model, you’re gonna get the standard kind of domains that that we’ve kinda gone through within the system, allowing you to create the models, track the cost, and so forth. And then with the dashboard side of the reporting and the analytics, because it’s a data point within Origami, you’re able to easily pull data into a dashboard or report on it using traditional reporting, again, all without the AI component. So if, you’re currently evaluating, you know, kind of your AI stance and or needs, you can opt in that later on. But by default, it will just be within Origami, specifically and won’t include that AI piece. You’ll have to, again, kind of opt into that. Great. Perfect. Well, unfortunately, we cannot get to all of the questions live. If you did ask the question and we were not able to address it, we will follow-up with you directly. Please make sure if you’re asking a question that you, do it do so not anonymously and include your name so that we know who to follow-up with. But with that, if you want to learn more about Origami or our new TCORE analytics solution, please do shoot us an email at info at origami risk dot com as you can see here. And, again, apologies, for the the blurriness on the video. We will be sending this out on demand. You can expect that in the next couple of business days. So with that, thank you so much for joining, and hope everyone has a great day.