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Changing risk management software providers?

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We learned last week that Crawford & Co. has reached an agreement to sell the stand-alone installations of its risk management information systems software solution, provided by Risk Sciences Group (RSG) to Origami Risk, in what is being called a “Client Refocus”. This has to be quite a blow to those long-term RSG clients, who are now faced with the prospect of their RMIS provider leaving the marketplace and having to go through a market search for a replacement solution.

In my career as a risk manager, I had something similar happen once. Our lead underwriter on the global property placement decided to leave the marketplace. We had not anticipated the change and, with 90 days until renewal (they just hit the “magic” 90 day “tacit renewal” period), leaving me with a full-on scramble to find the needed capacity and services. The result, for my situation, turned out to be very positive in the big picture; as we found an interested underwriting partner with better services and a greater global reach than our original partner had offered.

While painful, this may be a positive for those RSG clients, who have an opportunity to explore a marketplace that has evolved significantly in the past several years. Data analytics, data visualization techniques, reporting, and self-service (less expensive) service and customizations have all come into the market recently. While painful right now, this change may lead some of these RSG clients to new functionalities and better performance from their risk management technology solution.

Over the course of the coming months, most of the RSG clients will be faced with the need to search for, evaluate and contract with a new RMIS vendor. To help accomplish that task, I can point to a couple of resources to make the process a bit easier.

First is a “Buyers Guide” to help first-time buyers and those looking for a replacement RMIS system.  

Download "A Buyer's Guide to a Risk Management Information System"

Last year, I participated in a webinar titled Evolution vs. Revolution: Take Control of Your Risk Technology Journey and offered some tip sheets which you may find of value. You can access the tip sheets and the webinar recording here.

As the Buyers Guide tool points out, you can’t start too early, either in your search or in the implementation process. The more time you take and planning you do, the easier the conversion will be.  We all wish the impacted RSG clients well.  No matter what their relationship has been over the years, they are really “sold down the river”, and that is never a good feeling. I hope these tools help make the transition easier and result in a more effective RMIS solution down the road.

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Jeff Gehrke is Ventiv's Chief Risk Technology Evangelist. Contact Jeff at [email protected] or +1.720.445.9531. Connect with Jeff on LinkedIn: https://www.linkedin.com/in/jeffjgehrke 

 

Download The Buyer's Guide to a Risk Management Information System

Topics: Insights