When looking for a risk management technology solution, it is important to understand the features, functionality, security, and usability of the software. Equally important is the support providers offer and how their service teams will help you implement and use their solutions.

Yet with every provider trumpeting the excellence of their technology and customer service, it can be difficult to find an objective overview, much less a comparison of offerings. The 2023 RMIS Report is an excellent resource for comparing different providers and finding the right risk management solution for your organization.

A Comprehensive Guide to Risk Management Technology

The RMIS Report is an independent guide to risk management technology solutions published annually by Patrick O'Neill and David Tweedy of Redhand Advisors. Redhand Advisors is a RiskTech consulting firm that helps organizations select the right Risk Management Information Systems (RMIS), Enterprise Risk Management (ERM), Governance, Risk and Compliance (GRC), Environmental, Health and Safety (EHS), insurance claims management, insurance policy underwriting, and specialized software solutions.

The report includes vendor profiles that provide high-level company details, service and implementation methodology overviews, and information such as technology offerings, security certifications, release schedules, and average annual fees. The report also includes user satisfaction scores that are based on a user survey. (According to O’Neill and Tweedy, over 1,000 survey responses were submitted for the 2023 report.)

The RMIS Report is an essential resource for organizations that are looking for a comprehensive guide to risk management technology solutions. The report provides unbiased information and analysis that can help organizations make informed decisions about their technology needs.

About the RMIS Report’s Scores and Results

The RMIS Report does not rank software, endorse specific vendors, nor declare a “winner.” Instead, the report provides a comprehensive overview of the risk management technology landscape, including product scores, vendor RFIs, user survey results, and Net Promoter Score (NPS) data.

The following sections of this blog post summarize the product scores, user survey results, and NPS data as presented in the 2023 RMIS Report. This content is not intended as a substitute for downloading and reading the report in its entirety.

RMIS Report Product Scores

The report's Product Scores are based on 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:

• Analytics
• Captive and Pooling 
• Claims Administration 
• Claims Management 
• Enterprise Risk Management/Governance, Risk and Compliance (ERM/GRC) 
• Environmental, Health and Safety (EH&S)
• Exposures 
• Healthcare RMIS
• Incident Management
• Policy and Insurance
• Renewal(s)
• Reporting
• System Attributes
• System-wide Functionality 

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 a 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: Overall Ratings and “Very Strong” to “Strong” System Capabilities (page 49 of the report) that are consistent across all system capabilities are indicative of Origami Risk’s focus on a balanced investment in the development of all components of our single-platform solution. This is helpful for organizations looking for specific solutions, as well as for those looking to move toward an integrated risk management (IRM) approach.
 

RMIS Report User Survey Results

In addition to being used to calculate the report's product scores, 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 to 10) in seven categories:

• Customer Experience
• Implementation Experience
• System Value
• System Satisfaction
• Ease of Adoption
• Understands Our Needs
• Effectively Used

Takeaway: As in previous years’ RMIS Report, Origami Risk (pages 34 & 35) continues to stand out among unbundled RMIS providers when it comes to user responses related to service and delivery — key differentiators in selecting the right RMIS solution and partner. (Case studies are available that provide details about how organizations are successfully using Origami Risk.) 

RMIS Report 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 2023 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. These numbers are indicative of the following:

• 100 – 70: Excellent
• 70 – 30: Great
• 30 – 0: Good
• 0 – -100: Needs Improvement

As the survey firm Retently points out in What is a Good Net Promoter Score? (2022 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 2023 RMIS Report (page 50), Origami Risk has the highest number of responses and posts a score (47) that is nearly 30% higher than that of our nearest competitor — and over 15% higher than the 2023 benchmark score for B2B Software & SaaS companies. 

What’s Next in Your Search for Risk Management Technology? 

There are multiple factors to take into account when selecting risk management technology. Ultimately, choosing the right system lies in the answer to a question: Will partnering with this 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 2023 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.