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A look at who’s using risk management information systems

Risk management information systems: dominosA risk management information system isn'’t suitable for all businesses.

Typically, businesses using sophisticated enterprise risk management software, like Aon’s RiskConsole, have one or more of the following characteristics:

Visibility challenges:

  • A large number of risks to track, for example, properties, policies, business units, vehicle fleets
    and assets.
  • Multiple risk information sources with no integrated, single view.
  • No overview of incidents/claims below the deductible.

Admistrative process challenges:

  • Complex claims management processes and/or third-party administrators to manage.
  • Renewal headaches – lengthy data collection and consolidation processes.
  • Outdated systems or spreadsheets for information processing.

Risk financing challenges:

  • In-depth risk financing approach. 
  • Complex insurance set-up with multiple insurers.
  • A large amount of self-insured retention with a limited overview of incidents/claims below the
    deductible level.

International/global challenges:

  • Complex/dynamic organizational structure.
  • Large and/or complex international insurance policies.
  • Multi-language and/or multi-currency requirements.
  • Geographically dispersed – data-entry and reporting from multiple locations.

 

Is a risk management information system software right for your organization? Find out by downloading our new Definitive Guide to a Risk Management Information System.

RMIS Guide

May 30, 2013

 | Originally posted on 

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