As organizations, risk management pools are created to serve and benefit their members. When members are actively engaged with the pool, not only is this primary mission being fulfilled, but the organization also gains the opportunity to provide higher value services that can help members make strategic decisions and drive down costs. Paper-based and labor-intensive processes, legacy systems that struggle with modern requirements, and data stored in disparate, unconnected applications all run counter to this effort. Origami Risk, however, provides several features that allow pools to fully engage with their membership and deliver actionable, strategic data that can impact members’ bottom line. … read more
This is the second part of a three-part series that we hope will prove helpful in the RMIS selection process. Part 1 explained how moving from spreadsheets to RMIS can be beneficial and included some suggestions for determining if the switch to a RMIS might be warranted. In Part 3, we’ll take a look at what many cite as a major concern or roadblock when considering the move to a RMIS–implementing a new system.
Whether you’ve decided that using spreadsheets to collect, analyze, and report on risk, claims, and insurance data no longer works for your organization or you’re faced with the need to replace an existing RMIS system, choosing the right RMIS takes research and careful consideration.
The suggestions that follow are intended to help you find a solution that meets your current needs and is ready for the new challenges that will emerge as your business grows.
Who else needs to be involved?
Many organizations have internal policies and procedures in place for procurement that require the involvement of stakeholders across several departments. Some initial investigation on this front can help to prevent delays down the line. Examples include the following: … read more
2017 was an eventful year in business. From record-setting natural disasters, to high profile announcements on technology choices, to the expansion of self-service technology further into all sectors of business, businesses faced several key challenges this year. We’ve put together a list of trends in 2018 that may emerge from these issues.
Renewed Focus on Disaster Recovery/Continuity
With a record-setting hurricane season and overall losses estimated at over $360B, Munich Re reports that 2017 was the second most expensive year for natural disasters ever recorded. In the US alone, fires ravaged California and the pacific northwest, floods and hurricanes struck the southeast, and no fewer than five major tornado/hail outbreaks occurred, each causing more than $1B in losses. Globally, the past year’s other disasters included typhoons, severe flooding, earthquakes and volcano eruptions. Ernst Rauch, head of Munich Re’s Corporate Climate Center, stated that these patterns were likely to continue. “We have a new normal. 2017 was not an outlier.”
As businesses are faced with operating in environments where large scale natural disasters are increasingly common, expect to see a renewed focus on disaster recovery and business continuity. Rebounding from these events and returning to normal operations will become another factor on which businesses need to compete. One of our clients used Origami Risk to monitor and track the progress of relocations and reopenings after the floodings in Houston, demonstrating an innovative way to utilize RMIS technology to overcome these challenges.
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This is the first part of a three-part series. In upcoming posts, we’ll provide more information that we hope will prove helpful in the RMIS selection process. Part 2 weighs in on additional topics to consider, including who to involve in the process, budgeting, and initiating the process of working with a RMIS vendor. In Part 3, we’ll take a look at what many cite as a major concern or roadblock when considering the move to a RMIS–implementing a new system.
It’s 2018, and the RMIS industry is well into its fifth decade. RMIS vendors continue to develop and refine tools that give users the ability to integrate data from multiple sources, automate workflows, and improve analysis & reporting.
So, who’s still using spreadsheets to collect, analyze, and report on risk, claims, and insurance data? Plenty of people, it turns out.
According to the recently released 2018 RMIS Report, 26.8% of RMIS Report User Survey respondents indicated that they do not use a RMIS. Asked to specify the primary reason for not doing so, 23% cited the use of spreadsheets. Assuming the likelihood of at least some “non-RMIS users” opting out of responding to a RMIS survey altogether, it’s safe to assume that the actual number is probably even higher.
For some smaller organizations, using spreadsheets instead of a RMIS may still make sense. Perhaps the process of pulling together data and calculating a business’s total cost or risk is straightforward and easily accomplished. Maybe the annual volume of claims or the number of properties for which exposure values must be collected is small enough that investment in a RMIS isn’t warranted.
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The Importance of Technology Partners
Choosing a technology partner is increasingly becoming a more critical strategic decision for TPAs. In Accenture’s Technology Vision for Insurance 2017, 76% of respondents agree that “competitive advantage will not be determined by their organization alone, but by the strength of the partners and ecosystems they choose.” Identifying technology solutions that support the company mission and differentiate your organization from the competition is an important part of developing an effective business strategy. … read more