Tag: Innovation

A Stranger is Calling — The impact of RMIS service team turnover

How many members of your current RMIS vendor’s service team have come and gone over the course of your relationship? What about the number of service team leads who have guided support efforts on behalf of you and the other users of your RMIS software?

When you dial into a meeting and get introduced to yet another service team replacement, your RMIS provider is under-delivering.

Many business-to-business software providers place far too much emphasis on “software” and not enough on “service.” In terms of features and functionalities, the results of such an approach may be impressive. But the imbalance comes with a cost. Subpar support is always detrimental to client success.

The importance of consistent, knowledgeable RMIS technology support is difficult to overstate. Given the increasingly complex risks every business faces and the ever-expanding role risk managers play within their organizations, a platform implemented five or more years ago may struggle to keep pace with an organization’s changing needs. A revolving door of service team personnel who need to be brought up to speed on the unique aspects of a RMIS and the risk management program it was put into place to support compounds the problem.

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RMIS functionalities can help you prepare for severe weather

Winter Storm Harper took its toll on large parts of the Midwest and Northeast, causing several deaths, hundreds of car accidents, and power outages that affected tens of thousands, according to the Weather Channel.

Extreme weather—from blizzards to hurricanes to wildfires—wreaks havoc on businesses in every region of the country, with damage having a lasting effect. In fact, according to the Insurance Institute for Business & Home Security, 40% of small businesses do not reopen after a severe weather event. This is in part due to a failure to have an actionable plan in place. As we discussed in Step up your disaster preparedness, don’t wait for the news report, organizations can get tripped up when there’s confusion over who should act and what those actions should be during a weather crisis. Without clear plans, practice, and timely alerts, critical resources may fail to execute.

Origami’s cloud-based RMIS continues to make weather preparedness a priority. With our new proximity search feature, audit functionality, and flexible data integration, you’ll be able to quickly identify major weather risks and effectively communicate how key parties can take action.

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In a RMIS, the details matter

When choosing a risk management information system (RMIS) or making a RMIS switch, the process of assessing systems sometimes feels like comparing apples to apples. As important as the big functionalities are, organizations would do well to look at the more granular details—details that, however simple they may seem, address their organization’s very specific needs, while also saving time and preventing mental fatigue.

As a Risk Management Monitor article says, “An effective relationship starts with knowing the specific requirements of your enterprise and setting relevant priorities” and then checking how closely your RMIS provider can match them.

Why the little things matter

The workforce today puts in longer hours, more days a week than ever before. But employees aren’t spending all of that time tackling more projects and setting more goals, as one might expect. The 2018 survey Companies Are Overlooking a Primary Area for Growth and Efficiency: Their Managers found that 36% of company managers spend 3 to 4 hours per day on administrative tasks. An employee who spends an hour manually entering data or emailing colleagues about upcoming tasks is using time that could be better spent on more valuable activities like interacting with clients and improving product offerings.

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Nothing Something will change when your RMIS provider is acquired

Is the sky falling? Or is it clearing? Will the new owners be a breath of fresh air? Or will they turn the business upside down? As a risk manager, you’ll likely hear all sorts of messages from peers, providers, and competitors. Following the acquisition of your risk management information system (RMIS) provider, the only message that matters is this: You have options.

It’s easy to feel as if your hands are tied as you seek answers to questions about what a new, combined company means for you and the users of your current RMIS. Asking questions and voicing any concerns regarding the answers you receive is the surest way to proceed prior to extending your contract.

Perhaps the biggest question—and in some cases, the one that is the most difficult to get an answer to—is whether or not you’ll be forced to migrate to the RMIS of the acquiring vendor.

While migration sometimes means you’ll be gaining access to functionality not available in your current system, the reality is that the move may not be as simple, or as straightforward, as promised.

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Increasing member engagement in risk management pools

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

Trends that will shape 2018

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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