Making those assessments and arriving at an answer to that question is a journey. While every RMIS provider’s website (ours included) touts the superiority of their technology and client service, an objective lens can be harder to come by. This can prove especially true in the early stages of the buying process. The question is, where does one begin?
A Comprehensive Guide to Risk Management Technology
An independent guide published annually by Patrick O’Neill and David Tweedy of Redhand Advisors, the 2021 RMIS Report is such a resource. Vendor profiles provide high-level company details, service and implementation methodology overviews, and information such as technology offerings, security certifications, release schedules, and average annual fees. In addition to demonstrating user satisfaction with each vendors’ software and support, responses to a survey conducted by Satrix Solutions — a consulting firm specializing in the collection and analysis of customer experience data — are also used to inform product scores.
Viewing Scores and Results
As Tweedy and O’Neill make clear in the report’s introduction, the RMIS Report does not rank software, endorse a specific vendor, nor declare a “winner.” The following sections summarize the product scores, user survey results, and Net Promoter Score (NPS) data as presented in the 2021 RMIS Report. This content is not intended as 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 from the basis of the report’s product scores for each vendor. The following system categories are scored on a scale of 1 - 10:
- Claims Management
- Claims Administration
- Captive Pooling
- Incident Management
- Policy Insurance
- System Attributes
- System-wide Functionality
While a side-by-side comparison of individual product scores can be indicative of area(s) where one provider may hold an edge, viewed as a whole, they deliver an initial glimpse of the strength of the system — or systems — available to buyers. As with all details in the report, these scores can be used as the basis for questions that help you learn more during initial discussions with providers.
Takeaway: Strong product scores that are consistent 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 2021 RMIS Report, the results of the user survey are also displayed for each vendor. These scores represent the opinion of system users in response to 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 Report, 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 partner. This makes sense, given that we intentionally designed our approach to the delivery of RMIS software and service to differ from our competitors’ methods of developing, implementing, and supporting their products.
Net Promoter Score (NPS)
The Net Promoter Score (NPS) is a widely used customer satisfaction metric designed to gauge overall customer satisfaction with a company, product, or service. Based on a single question — phrased in the 2021 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
As the survey firm Retently points out in What is a Good Net Promoter Score? (2021 NPS Benchmark), exactly what a score says about a company is not as straightforward as just looking at a single vendor’s NPS. Context is critical. How a provider’s score compares with those of other companies within the same industry is what matters.
Takeaway: In the 2021 RMIS Report, Origami Risk posts a score (44) that is 9-times higher than our nearest competitor — and more than 45% higher than the benchmark score for SaaS companies.
What Comes Next in the Search for the Right RMIS?
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? The answer to that question should only be trusted 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 2021 RMIS Report is an excellent resource. As in previous years’ editions, we at Origami Risk are proud of the product scores and survey results earned in this year’s report. We encourage you to download the report to see those scores, along with those of our competitors, for yourself.