An individual, typically a mathematician, who uses mathematical skills to define, analyze, and solve complex business and social problems involving insurance and employee benefit programs. Actuaries analyze contingencies such as birth, marriage, sickness, accidents, loss of property, third-party liability, retirement, death, etc. to determine the financial effects that these have on insurance and benefit programs. An actuary’s work impacts decisions such as rate-making, premium determination, loss reserves, investment valuation, pension benefits, and insurance statistics. Many organizations involved in Risk and Insurance Management monitor and manage their exposure in real time using PureShare® ActiveMetrics®, a proactive metrics management application.
After Call Work (ACW)
The work done by a call center agent besides taking calls like entering data, filling up customer information and making necessary outbound calls that are required to complete a transaction process. It is also known as wrap-up or post call processing (PCP). During this process the agent is not available to accept any additional inbound calls.
Automatic Call Distributor (ACD)
An Automatic Call Distributor is a specialized phone system developed for handling high-volumes of incoming voice traffic to a call center. Using the ACD, incoming calls can be automatically distributed among available call center agent telephones. PureShare web-based applications provide CIOs and Help Desk managers with critical status information at a glance, consolidating data from any ACD system – or directly from the enterprise phone switch.
A corporate management and performance measurement system originated by Robert Kaplan and David Norton. The system is strategic and measurement-based, providing a method of aligning specific business activities to the strategy and monitoring the performance of strategic goals over time. Within this context, a scorecard is a tool that describes strategic goals, the means connected to measures, and indicators of the realization of those goals. PureShare ActiveMetrics supports balanced scorecard management by enabling organizations to create custom dashboards that align with scorecards.
A performance measurement method that compares an organization’s business processes and outcomes with those of industry-leading organizations. A benchmark is an agreed-to industry standard against which a business can measure and assess an aspect of its organizational performance. PureShare’s ActiveMetrics product help companies benchmark business performance proactively and in real time.
Budget vs. Actuals
A common business chart in which actual spend data is overlaid onto previously budgeted figures. This chart lets companies measure the deviation between their planned and actual spending over a set period of time. PureShare applications proactively monitor key metrics and status across the business to provide a real time view of budgets vs. actuals status.
A bullet graph is a variation of a bar graph developed by data visualization expert, Stephen Few. Inspired by traditional thermometer charts and progress bars found in many dashboards, the bullet graph is designed to replace dashboard gauges and meters. Bullet graphs were developed to overcome the fundamental issues of gauges and meters – specifically, that they typically display too little information, require too much space, and are cluttered with distracting decoration. Read more here: http://www.perceptualedge.com
Business Intelligence (BI)
A broad category of technologies that generally enable a business to gather, store, access and analyze data to help them make better business decisions. Data may include customer data, performance metrics, financial data and more. PureShare ActiveMetrics provides a web-based overlay to existing BI systems, enabling custom dashboard views and web-based enterprise reports that draw from information across existing data stores. PureShare applications can also help enterprises without BI to get started.
Measurements of a business’ performance in terms of activities or resource utilization. PureShare ActiveMetrics provides organizations with a highly visual, web-based means of monitoring business metrics at a glance, and within the individual manager or user’s context.
Business Process Outsourcing (BPO)
Business process outsourcing is when a company contracts a specific business task, such as payroll, billing or purchasing to a third-party service provider.
An insurance company owned by the same company that it insures. This arrangement is used in risk financing or self-insurance, wherein a subsidiary corporation or association is established to write insurance. Captives are domiciled either in a country outside the United States or in one of the few U.S. states that authorize them and designed to escape uncertainties of commercial insurance availability and cost. Many organizations involved in Risk and Insurance Management monitor and manage their exposure in real time using PureShare ActiveMetrics, a proactive enterprise risk management application.
The management of claims that have occurred. This includes certifying a claimant’s eligibility; monitoring adjusters, attorneys and medical service providers; and preparing reports. Many organizations involved in Risk and Insurance Management use PureShare ActiveMetrics, a proactive claims metrics management application to monitor and manage their claims exposure in real time.
Corporate Performance Management (CPM)
A systematic, integrated management approach that involves methodologies, metrics, processes and systems to monitor and manage enterprise performance against business, financial and other goals. CPM generally provides planning, budgeting, analysis and reporting capabilities. PureShare applications support and enable CPM activities by allowing organizations to see and report on any aspect of business performance at a glance, and to drill down to learn what factors contribute to corporate performance.
The process of gathering and disseminating corporate financial information to key stakeholders, shareholders or the general public. PureShare applications help C-Level managers, boards, and the Finance office provide up-to-date financial metrics, status summaries and visual presentations on enterprise performance to a variety of key groups.
Cost of Risk
The total of an organization’s costs created by risk. Cost of risk is the sum of:
- the cost of accidental casualty losses not reimbursed by commercial insurance or other contractual transfers of risk;
- cost of commercial insurance or other risk financing or transfer payments;
- loss prevention and loss control program costs; and,
- all risk management and claims administration costs.
Many organizations involved in enterprise risk management monitor and manage their claims exposure in real time using PureShare ActiveMetrics, a proactive metrics management application.
Customer Relationship Management (CRM)
A term for methodologies, software, and usually Internet capabilities that help a business manage customer relationships in an organized – and often automated – way. PureShare has worked with clients to integrate their CRM solutions into corporate performance management, allowing them to track customer relationship key performance indicators and performance metrics.
Dashboard (executive dashboard, console)
A visual display of business metrics that provides a high-level summary of business performance. According to Six Sigma Qualtec, “Every participant in a Six Sigma deployment – from the CEO to a factory floor worker — should have his or her own dashboard with function- and level-appropriate data summaries.” PureShare ActiveMetrics provides for personalized, custom dashboards accessible via the web.
The process of extracting meaningful information (such as performance trends) from a large data set or data warehouse. PureShare eliminates the need for complex, labor-intensive data mining tasks by making it simple to create custom dashboards and enterprise performance reports via the web. PureShare’s ActiveMetrics application can automate complex data mining so that users can spend their time acting on the information that is revealed.
Also called “Drill-In”. A feature of a real time web report that allows users to hone in on specific metrics to reveal contributing factors to their performance. Using PureShare applications, financial managers can drill down and investigate any aspect of the business that ActiveMetrics helps to visualize.
An element management system manages one or more of a specific type of network element. It also allows implementation of architectures that let service providers meet customer needs and quality of service requirements. PureShare web-based applications provide CIOs and operators of multi-function IT service management organizations with critical status information at a glance, consolidating data from network management, element management, and system management systems.
Enterprise Risk Management (ERM)
A structured framework for reporting, assessing, prioritizing and addressing risks that could impact enterprise performance or threaten strategic corporate objectives. PureShare’s risk and insurance management applications provide risk managers, insurance providers, and claims administrators with real time enterprise risk management tools that give answers to drive the business.
The process of producing reports that draw on any number of data sources – and views of that data – throughout an organization. This requires technology that can query various data sources using a variety of logical models, then translate that into a useful business report. PureShare applications provide a light-weight, non-invasive overlay to existing enterprise reporting platforms and business intelligence systems, making it simple for non-technical users to create, distribute and automate routine reporting tasks via the web.
Enterprise Resource Planning (ERP)
Enterprise resource planning (ERP) systems integrate internal and external management of information across an entire organization-embracing sales and service, finance/accounting, customer relationship management, manufacturing, etc. ERP systems automate this activity with an integrated software application. ERP enables information flow between all business functions inside the organization, and manages connections to outside stakeholders. PureShare can automate and consolidate metrics retrieval from your systems so that information can be shared and distributed to the appropriate groups.
Financial exposure refers to the amount of money an organization could lose in an investment, insurance claim or other financial endeavor. PureShare ClaimsMetrics helps managers monitor claims activity, better manage risk programs and provide early warning of risks so that financial exposures can be proactive minimized or avoided.
Financial Performance Metrics
Financial performance metrics refer to any data points that help to measure the financial performance of an organization. PureShare ActiveMetrics provides organizations with a highly visual, web-based means of monitoring financial performance metrics at a glance, and within the individual manager or user’s context.
First Injury Report
A report filed by an employer with the workers’ compensation insurer and appropriate state agency immediately upon receiving knowledge from any source that an employee has been injured on the job. PureShare ActiveMetrics, a proactive metrics management application, helps monitor insurance risk exposure and claims such as injury reports.
Also known as a Preferred Provider Organization (PPO), this is a health care organization composed of physicians, hospitals, or other providers which provides health care services at a reduced fee. It is similar to an HMO, but care is paid for as it is received rather than in advance in the form of a scheduled fee. After any visit, the policy holder must submit a claim, and will be reimbursed for the visit minus his/her co-payment. PureShare ActiveMetrics, a proactive metrics management application, monitors enterprise risk exposure and offers insurance claims management.
Health Maintenance Organization (HMO)
A group health care plan that provides a full range of health care services to its members. Members of an HMO must typically receive all of their medical care form health care providers in the HMO network, coordinated by a primary care physician. All visits, prescriptions and other care must be cleared by the HMO in order to be covered. A primary physician within the HMO handles referrals. It is similar to an HCO, but care is paid for in advance in the form of a scheduled fee, rather than as care is incurred.
Compensation for an incurred injury, loss or damage. For risk and insurance management, PureShare ActiveMetrics can proactively track and monitor indemnity and other forms of exposure.
IT outsourcing involves the transferring of a business function to an external supplier who is responsible for the completion of the given task.
IT Service Management (ITSM)
A discipline for managing information technology (IT) systems that combines proven process management and IT best practices to satisfy customer business needs and meet performance expectations specified in customer service level agreements (SLA). PureShare web-based metrics management and enterprise reporting applications provide consolidated performance metrics for IT service management organizations to help measure performance in real time and to monitor the status of SLAs and OLAs.
A statistical measure of how well an organization is doing. KPIs represent quantifiable goals or targets established in a business’ strategic plan. PureShare ActiveMetrics allows business managers and individual staff to monitor KPIs that are relevant to them, in a customized view that makes sense for their individual context.
An insurer’s estimate of the amount an individual claim will ultimately cost. On an insurer’s financial statement, it is the amount of estimated liabilities for known claims not yet paid and incurred but not reported claims. PureShare ActiveMetrics, a proactive metrics management application, helps monitor risk exposure based on claims metrics like loss reserves.
In California, any entity or group of providers approved as a Medical Provider Network by the Administrative Director pursuant to Labor Code sections 4616 to 4617.
Managed Service Provider (MSP)
A managed service provider is a third-party contractor that delivers network-based services, applications and equipment to enterprises, residences or other service providers. It is the practice of outsourcing day-to-day management responsibilities as a strategic method for improving operations and cutting expenses. This can include outsourcing HR-activities, Production Support and lifecycle build/maintenance activities. With PureShare MSP you can automate the gathering, consolidation, transformation and publishing of IT performance metrics across disparate IT systems, processes and tools.
A metric is a standard unit of measure. In the more general context of business metrics or business performance metrics, many metrics form a system of parameters that are used to quantitatively measure or assess some aspect of the business or its operations.
The process of managing a business or organization through a common understanding of accurate enterprise information and measurements. Pureshare applications offer proactive metrics management by providing a single vision of how a business is doing, within concise contexts that are relevant to each user.
A Network Operations Center is the physical space from which a telecommunications network is managed, monitored and supervised. PureShare IT is a modular solution set that allows Network Operations Centers to assemble the combination of proactive metrics they need over time, and to view and publish these via the web.
An acronym for “online analytical processing.” OLAP describes a type of software that analyzes and manipulates multidimensional data from a variety of data sources. PureShare applications help organizations to streamline and centralize the retrieval and reporting of OLAP-based data.
An agreement that defines the delivery of services which support the IT organization in their delivery of services. PureShare products help IT organizations to monitor performance against OLAs in realtime.
A performance scorecard is a graphical representation of the progress over time of some entity, such as an enterprise, an employee or a business unit, toward some specified goal or goals.
The process of tracking, reporting and assessing an organization’s performance against pre-determined organizational goals. PureShare ActiveMetrics is a web-based corporate performance measurement application that proactively monitors and measures performance status across the business, within the context that each user requires.
Measurements of enterprise performance in terms of activities or resource utilization. PureShare ActiveMetrics provides organizations with a highly visual, web-based means of monitoring business performance metrics at a glance, and within the individual manager or user’s context.
In business, this refers to the ability to know what is going on “right now” – in the present time, immediately as it happens. Traditional corporate performance and reporting solutions tend to be characterized by delays that make the data they provide to users out-of-date. PureShare applications offer real-time KPI monitoring, performance metrics and enterprise reporting.
Funds set aside by an organization to cover liability for future claims under its self-insurance program. PureShare ActiveMetrics, a proactive metrics management application, helps monitor insurance risk exposure based on metrics such as reserve funds.
The procedures used to identify, assess, control and finance accidental loss; the management of the risks to which an organization might be subject; and the application of resources to reduce and finance identified loss exposures. PureShare ActiveMetrics, a proactive metrics management application, helps monitor insurance risk exposure and insurance claims.
A variable value against which other values are measured. Rolling thresholds enable organizations to monitor and measure performance in more complex ways than simply setting hard thresholds. For example, an organization whose goal is “continuous improvement” may want to measure its performance based on the previous day’s performance. PureShare ActiveMetrics support the monitoring and measurement of key performance indicators and business metrics against rolling thresholds.
The process by which projected or actual cash flow information from several projects are aggregated to present projections or actual data on the performance of a program. PureShare helps organizations automate the collection and rollup of business data, establish and stay abreast of core business metrics and evolve to pro-actively monitor key results areas.
Risk Management Information System (RMIS)
Information technology systems used to achieve the consolidation of property values, claims, policy, and exposure information. PureShare ActiveMetrics, a proactive metrics management application, complements RMIS by monitoring and managing risk in realtime and across numerous departments, systems and sources within an organization.
An insurance plan in which employers pay for medical claims out of their own funds rather than contracting with an insurance company for coverage. In this case, the company assumes the risk for its employees’ medical expenses, and will need to develop a program for identifying, evaluating and funding its losses. It is often used for workers’ compensation, where losses are generally predictable. PureShare ActiveMetrics, a proactive metrics management application, helps monitor risk exposure and insurance claims.
Self-Insured Retention (SIR)
That portion of risk or potential loss that is assumed by an insured, such as a deductible, self-insurance, or no insurance. The insured will perform all the functions normally undertaken by an insurance company for losses within the SIR, including claims adjusting and audits, funding and paying claims, and complying with applicable state and federal laws and regulations. PureShare ActiveMetrics, a proactive metrics management application, helps monitor insurance risk exposure and insurance claims.
Service Level Agreement (SLA)
A contract between a service provider and a customer that specifies both the services that will be provided and measurements against which the service provider’s performance can be evaluated. PureShare products help organizations to monitor performance against SLAs in realtime.
A claims administrator or insurance company that processes claims on behalf of a self-insured organization or multiple-employer welfare arrangement, or manages workers’ compensation claims for an employer. Services may include processing claims (including audits, adjusting, and negotiating settlements), record keeping, self-insurance certification, and notification of excess insurers. Many TPAs use PureShare ActiveMetrics, a proactive metrics management application, helps monitor insurance risk exposure and insurance claims.
A fixed value against which other values are measured. For example, an organization may set a threshold of 10 new sales per day as a means of gauging performance. PureShare enables managers and executives to easily define corporate performance thresholds, compare real-time performance against these thresholds, and trigger automatic actions when thresholds are not met.
Workforce management (WFM) encompasses all the activities needed to maintain a productive workforce. Under the umbrella of human resource management, WFM is sometimes referred to as HRMS systems, or even part of ERP systems. Recently, the concept of workforce management has begun to evolve into workforce optimization.