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RMIS automation opportunities: property renewals & incidents and claims

RMIS automation opportunities: less paper with a risk management systemRisk management departments have squeezed efficiencies out of every process, computer and employee. Yet have they maximized the efficiencies in their risk management information system? An essential RMIS benefit is the ability to automate processes. But which processes? How many make good candidates for automation?

Automation can revolutionize the way risk managers manage premium allocations, renewals, incident reporting and essentially any type of risk data gathering from the field. 

With a RMIS, risk managers in their central offices, on the plane, or in hotels on the road can access their dashboard (in fact, the whole system) and ping their representatives in the field through designed workflows. On their end, the staff in the field possesses an easy web-based tool to facilitate everyday tasks.

Two of the primary uses of RMIS automation are data collection for property renewals and for incidents and claims.

Automation for Property Renewals

Historically, the task of collecting data for property renewals was a team endeavor fraught with tedious effort and error. A large multinational company might have four, five or maybe even 10 managers around the world tasked with capturing property renewal data. Their tools? Spreadsheets. Pencil and paper. If they were in international locations, they might enter the data in their different native languages and currencies. Yet another person would be responsible for consolidating these notes and spreadsheets. 

It does not take much to imagine the effort involved in translation, or the risk of a spreadsheet error "“domino effect."” One error in one cell in one spreadsheet leads to errors across all spreadsheets until the entire effort to get underwriters accurate, complete data for renewals is compromised.

A real-world example: Before becoming a RiskConsole client, one global beverage maker operating in 75 countries had been collecting its renewal data from 50 financial heads from around the world – yes, in different spreadsheets.

By moving to a risk management system, risk managers push collection to the actual people gathering the data on-site. The system can even auto-convert languages and currencies. And because it is cloud-based, a RMIS allows all users to monitor the data, as updated, in near real time. Such a tool can be powerful, and customizable. Another RiskConsole client, a logistics firm, used its RMIS to include in each of its building records the values for customer-owned goods, as well the value of the structures.

With a RMIS, delivering this meaningful, accurate and up-to-date information – along with year-to-year comparisons – to underwriters becomes effortless. The result: Underwriters are able to price your risk (i.e., lower premiums) and better understand how well you manage risk overall.

Automation for Incidents and Claims

A large and growing big-box retailer recently created a new incident reporting procedure through its RMIS. Incident reports come in digitally from the field directly to the risk management staff, who then reviews and triages them. Some incidents can be directed to be paid medical-only, avoiding the need to pass them to the TPA, for instance. Or, risk staff can decide to give a gift certificate to a third party to mitigate a slip and fall – soon after that slip and fall. The benefits of speed and efficiency lead, seemingly conversely, to increased control over the data, which then leads to improved claims and safety, and lower costs, because fewer incidents end up as claims at the TPA.

Companies can derive the benefits of automated incident reporting no matter how many incidents they experience. For example: Another RiskConsole client, a long-term care operator, needed a tool robust enough to process the 10,000+ incidents reported per month in their facilities.

With the most powerful RMIS software tools, these two automation workflows, as well as any other a risk manager can envision, can be the result of "self-service" tailoring. They can be customized to match a risk manager's needs, by the risk manager and/or the in-house risk staff, without having to bring in IT and the coders to build it. Or, if a risk manager simply wants to apply a workflow built on the best practices of leaders in their respective industry, they can use one of many pre-defined automations built into the RMIS. In the case of RiskConsole, this leverages the thought leadership and years of experience of thousands of Aon’s insurance brokers and risk consultants.

RMIS Guide

Aug 22, 2013

 | Originally posted on 

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