What are the critical elements that should most influence your choice of a Risk Management Information System (RMIS)? Along with assessments of the flexibility, scalability, security, and usability of the solutions under consideration, the technology support you’ll receive should also be factored into the decision.
In recent months, the need for organizations to respond quickly to the spread of COVID-19 has made the importance of choosing based on a balance of all of these criteria even more evident. The Importance of a Trusted Service Partner in Times of Uncertainty sums up that reality this way: “As organizations navigate an especially turbulent environment, those using a RMIS to manage risk, claims, and policy decisions are seeing just how critical it is to have a service team that is as responsive and agile as the technology they support.”
Forming an initial impression of these factors was certainly easier prior to the cancellation of national and regional risk management conferences. At these events, one could take time between sessions to stop by RMIS vendors’ booths, get a first-hand glimpse of solutions, and begin to get answers to the questions that would inform opinions about each vendor’s ability to support the system.
Until such gatherings are once again a possibility, what are the alternatives? By entering a few search terms, a list of the vendors to include in your buying process can, of course, be put together in a matter of minutes. However, wading through the gloss of vendor websites in an attempt to get a clear picture of the functionality and services they offer is a different story altogether. So where does one begin?
A Comprehensive Guide to Risk Management Technology
For those researching the various risk management information systems (RMIS) available today, there is perhaps no more up-to-date and comprehensive resource than the RMIS Report.
Published annually by Patrick O’Neill and David Tweedy of RedHand Advisors, the report is an independent guide that delivers insightful commentary and examines industry trends. For example, in addition to pieces such as “Questions to Ask Before Switching System,” “Vendor Updates,” and “Measuring the Return on Investment,” included in this year’s edition is an article covering the impact of COVID-19 on the industry and the ways in which RMIS vendors have worked with their clients in response to the pandemic.
The RMIS Report also combines detailed vendor profiles and product scores with the results of a user survey conducted by a third-party polling firm, Satrix Solutions. This information is organized and presented by market segment: Independent RMIS providers, Specialty RMIS providers, Insurer RMIS providers, and Third Party Administrator (TPA) RMIS providers. “At a Glance” pages for each section provide helpful visual summaries of overall ratings and system capabilities, as well as the Net Promoter Score (NPS) for each vendor.
Viewing Scores and Results
As Tweedy and O’Neill point out in the report’s introduction, the RMIS Report does not rank RMIS software. Nor does it endorse a specific vendor or name a “winner.” In fact, they make clear that “no one should assume a winner based on the results published.” However, given the proclivity toward data of the publication’s audience, product scores and user survey results tend to receive a significant amount of attention upon the release of the report.
The following section summarizes the product scores, user survey results, and Net Promoter Score (NPS) data as presented in the 2020 RMIS Report. Each summary is followed by our subjective “take.” This content is not a substitute for downloading and reading the report in its entirety.
A combination of expert opinion—O’Neill and Tweedy have more than seven decades of combined RMIS experience—and survey responses to the question of users’ levels of satisfaction with aspects of their system are the basis of the report’s product scores, which fall on a scale of 1-10.
The following system categories are scored in the report:
- Claims Management
- Claims Administration
- Captive Pooling
- Policy Insurance
- System Attributes
- System-wide Functionality
A side-by-side comparison of individual product scores can serve as an indicator as to the area(s) where one provider may hold an edge. Viewed as a whole, they can deliver an initial glimpse of the strength of the system—or systems—available to buyers. As with any details provided in the report, these scores can be used as the basis for questions that will help you learn more during initial discussions with a provider.
Takeaway: Consistently strong product scores across all system capabilities are indicative of Origami Risk’s focus on a balanced investment in the development of all components in our single-platform solution.
User Survey Results
In addition to their use as part of the formula for deriving product scores in the 2020 RMIS Report, the results of the user survey are also displayed. These scores represent the opinion of system users in response questions that ask them to rate their level of satisfaction (on a scale of 1 – 10) in four categories:
- Customer Experience
- Implementation Experience
- System Value
- System Satisfaction
Takeaway: As in previous years’ RMIS Reports, Origami Risk continues to stand out among independent RMIS providers when it comes to user responses related to service and delivery—key differentiators in selecting the right RMIS solution and partnership. In our opinion, this makes sense, given that we intentionally designed our approach to providing RMIS software and service to differ from our competitors’ methods of developing, implementing, and supporting their products.
Net Promoter Score (NPS)
Initially introduced by Frederick Reichheld in a 2003 Harvard Business Review article titled The One Number You Need to Grow, the Net Promoter Score (NPS) is a widely used customer satisfaction metric designed to gauge overall customer satisfaction with a company/product/service. Based on a single question—phrased in the 2020 RMIS Report User Survey as “How likely is it that you would recommend the system to a friend or colleague in the industry? (Scale: 0 – Not at all likely to 10 – Extremely likely)”—responses fall into three categories: Promoters (9 or 10), Passives (7 or 8), and Detractors (0 to 6). NPS is calculated by subtracting the percentage of Detractors from the percentage of Promoters with Passives counted in the total number of responses.
Generally speaking, the numbers are indicative of the following:
- 100 – 70: Excellent
- 70 – 30: Great
- 30 – 0: Good
- -100 – 0: Needs Improvement
However, as the survey firm Retently points out, what a score says about a company is not as straightforward as just looking at a lone NPS. Context is critical. What matters is how a provider’s score compares with those of other companies within the same industry.
Takeaway: In the 2020 RMIS Report, Origami Risk posts a score five-times higher than our nearest competitor—a score that is 60% higher than the benchmark score for SaaS companies.
Next Steps in the Search for the Right RMIS
When it comes to product scores and user survey results, we wholeheartedly agree with a statement O’Neill and Tweedy make in “About the RMIS Report”: “True rankings can be determined based on a specific organization’s needs and goals only.”
Origami Risk understands that there are multiple factors to take into account when selecting a RMIS. Ultimately, choosing the right system lies in the answer to a question: Will partnering with this RMIS provider drive meaningful business results and contribute to your organization’s (and your) success? It’s an answer that will come only after you’ve done the initial research, discussed what it is you’re looking for with providers, viewed system demos, spent time working in a system sandbox, and consulted client references, to name just a few of the steps in the buying process.
If you’re just getting started on the journey, the 2020 RMIS Report is an excellent starting point. We’re proud of the product scores and survey results Origami Risk received in this year’s edition. We encourage you to download the report and see them, along with those of other providers, for yourself.