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Top factors for evaluating a risk management system and suppliers

As well as ensuring your preferred risk management information system provider speaks your language, you'’ll need to thoroughly assess the usability of the system. Below are six important considerations to help you evaluate systems and suppliers.

Topics: risk management software data management Analytics, Reporting & Data Visualization

If paperless is so great, why isn’t all claims administration paper-free?

On June 20th, I hosted a webinar for clients of Aon'’s iVOS claims administration platform entitled “Document Imaging: The Benefits of Working in a Paperless Environment.” Following the webinar, a client asked me a question I'’ve been pondering ever since: “If the case for going paperless is so strong, why isn'’t every claims organization already paperless or moving quickly in that direction?”

Topics: Claims Administration

How a risk management system delivers ROI savings

A risk management information system (RMIS) provides you with a broad view of all your risks and exposures so you can make informed decisions that drive short-term profit and increase long-term organizational value. Furthermore, by providing you with more accurate and reliable data, you will be empowered to make decisions on what risks to retain or transfer, risk-retention strategies and how to effectively transfer risk, which all helps lower your overall cost of risk. Below are some key areas in which a RMIS can deliver ROI savings:

Topics: risk management risk management software total cost of risk

Transforming risk management and our world through maps: Thoughts from Esri's user conference

I recently had the good fortune to attend the Esri Business Summit and User Conference  in San Diego. Esri is the leading global provider of geographic information systems (GIS) and provides the software behind Aon’s Intelligent Risk Mapping application. The conference drew some 15,000 attendees from all parts of the globe who use Esri’'s software. At the Business Summit I was honored to present two papers on how Aon eSolutions has implemented Esri’s GIS software within our RiskConsole risk management information system and the value it is providing to our customers.

Topics: risk management software Analytics, Reporting & Data Visualization

Data mapping in a RMIS: Help your risk data find its way

describe the imageAs the director of Data Services with the Aon eSolutions Professional Services team, I can'’t stress strongly enough the importance of carefully managing data as it’'s being brought in to a risk management information system (RMIS). A strong data integrity plan enables risk management software to efficiently extract data from a multitude of sources, formats and files and then convert it flawlessly to the new data structures established within the RMIS.

Topics: risk management software data management

Total cost of risk: How does yours measure up?

Is it a mystery what the C-suite wants from its risk management department? Simply put, senior leadership wants it to be less of a cost center. That is the beauty of the total cost of risk (TCOR) measurement. It demonstrates a risk manager's success at achieving that, while also succeeding in protecting the company from risk. But the seeming simplicity and clarity of the measurement also explains why TCOR could be a bane for risk management – because the C-suite might pay very close attention to it!

Topics: risk management software total cost of risk

4 ways a risk management system stacks your deck with data

Risk managers get it. Data is king. Accurate, reliable data allows risk managers to make confident, informed decisions, like a poker player with all aces in hand. This leads to everyone affected by risk managers' decisions up, down and across the enterprise – to be confident in them.

Topics: risk management risk management software data management

If risk managers don't see RMIS benefits, how will their bosses?

Risk management departments are often caught up in the day-to-day. How much valuable time must be spent keeping in touch with people in the field to ensure that incidents are being recorded properly? How many hours are devoted simply to collecting data from systems and spreadsheets siloed across the organization and at every vendor? Risk managers must then try to find the time in a 24-hour day to apply all of this business intel into insights that help them devise new loss control strategies and refine how they retain and transfer risk.

Topics: risk management software