Insurance is a necessity for policy holders and a potential risk for insurance underwriters. Insurance policy holders deal with a risk manager at one point. Risk managers plan for the unexpected. Gathering the information to forecast potential disaster is not only tedious but also time consuming (Sutherland, 1993).
In order for a risk manager to succeed, being proactive is important. The traditional way has been the paper method. The paper method has been used to organize the information in case of a critical loss. Each situation has a manual containing information on what to do in case of a loss (Sutherland, 1993). This method may be inefficient since the amount of paperwork would be large. There would be thousands of pages written and stored. Finding the needed information in a timely manner might take a large amount of time.
Computer technology and programming has advanced. With such advancement there are various programs which cater the risk management group.
The programs have been developed to expedite locating information in case of a loss. In order for the programs to be helpful, these programs will need to suit the needs. Risk managers need to know what to look for in the programs (Sutherland, 1993). Once the program is functioning well, the risk managers will not need to go through all the paperwork.
The hypothesis in this situation is that technology will help expedite risk managers deal with a critical situation. This hypothesis was used by looking into the advantages and being prepared for any disadvantages that using technology may have. First the risk managers would have to look into the individual needs. Does the software satisfy the needs? If the answer is yes, then the risk managers need to implement this software in order to determine whether the software satisfies the needs...