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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The risk management industry certainly had an eventful 2018. As the calendar closes out another year, we’ve picked five prominent trends that may impact your organization in the upcoming year.
1. Increasing Damage from Natural Disasters and Extreme Weather
The 2018 list of major natural disasters is notable for its scope and intensity. From Japan’s flooding and mudslides to California’s wildfires to an unprecedented global heatwave, records for severity and damage were shattered throughout the year. One article noted that, “Nationwide, 8.5 million acres, an area larger than Maryland, have burned this year to date.” Unfortunately, extreme weather and increased natural disasters are becoming more commonplace.
In the article Step up your disaster preparedness, don’t wait for the news report, we discussed how to combine audit technology with weather alerts to develop a preparedness solution that works in real-time and ensures your organization is tested and ready when the next emergency hits.
2. Telematics Emerging in Fleet Management
Consumer adoption of telematics continued at a strong pace, particularly with drivers in the youngest age range, where some studies estimate four in five drivers have telematic-based policies. While the use of telematics to enhance fleet management programs has been underway for some time, the value of this data is becoming more clear.
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When it comes to describing the expertise of their employees, there’s very little difference in the way RMIS vendors present themselves. A quick review of provider websites proves it.
“…we strive to have the best talent in the industry on our team.”
“…an ideal blend of business knowledge and technology expertise.”
“…among the most experienced in the industry.”
“…unrivaled industry and technical knowledge…”
If every provider is equal in terms of service expertise, what explains results like these?
(Customer experience and NPS source: 2018 RMIS Report)
Are our competitors stretching the truth when claiming to have the most talented, experienced, and/or knowledgeable support team? Not exactly.
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Unforeseen delays. Cost overruns. Delivery of an end product that only slightly matched initial expectations.
Whether it was a home remodeling job or the deployment of new technology for a business, we all have stories to tell about the project we wish we’d never started in the first place. When purchasing or replacing a Risk Management Information System (RMIS), choosing Origami Risk means you won’t repeat the experience.
Origami Risk was founded a decade ago by industry veterans who recognized that improvements in the development, delivery, and support of RMIS technology were long overdue. A central component of the changes they introduced, and that we’ve continued to refine, is an approach to implementation and ongoing support that is different by design.
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This is the third 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. Part 2 provided tips on researching vendors, suggestions for including stakeholders in the buying process, and thoughts on the potential for a new RMIS to solve issues that commonly exist between risk management and other departments.
You’ve put in the research, evaluated RFPs, and interviewed vendors. After viewing demos and getting answers to questions, you’ve learned more about what makes each vendor’s technology and service unique. It seems that you’re finally closing in on selecting the RMIS that best fits the needs of your organization.
There is, of course, a lot of ground to be covered between now and the point at which the work of putting your system in place is begun. Yet it’s likely—based on first-hand experience or “horror stories” you’ve heard along the way—that you have your fair share of concerns related to implementation.
System implementation marks the transition from the known—however imperfect—to the unknown. Even the promise of moving to a RMIS that significantly improves the organization’s ability to manage risk, insurance, and claims data is not likely to make the change completely seamless. This is where selecting the right partner can make all the difference.
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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