Play-by-play techniques for the agile risk professional currently fielding a spreadsheet-based roster
When deciding on whether to invest in a RMIS or to keep grinding risk and insurance information in Excel, risk professionals need to ultimately consider the speed and accuracy with which they can maneuver within their risk, claims, and insurance processes. Still using the spreadsheets offense to collect, analyze, and report on risk, claims, and insurance data?
Check the following plays and related resources to craft your RMIS game and create a winning strategy.
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Automated Values and Exposure Collection
Objective: This play is designed to collect accurate exposure values for each location in a timely manner with the least impact to internal stakeholders then efficiently provide that data to the broker or insurance carrier.
Streamlined Policy and Renewal Management
Objective: This play is designed to streamline renewals and policy management year-round, making charting your programs, modeling prospective programs, projecting cash-flow impact of retention options, and benchmarking coverage more seamless.
Improved Property & Location Data Management
Objective: Use this play to simplify management of property and location data — even for the most complex organizational structures.
Simplified Incident Intake
Objective: This play identifies how structured data, including supporting documents and pictures, can be captured more easily by those in the field.
Optimized End-to-End Claims Management & Self-Administration Program
Objective: Consolidate all claims data, utilize automated workflows, and leverage advanced analytics to spot trends, identify areas needing improvement, and close claims faster.
Refined Vendor Management and Certificates of Insurance (COIs) Handling
Objective: A play to support properly obtaining, inspecting, and updating vendor information and COI documents to avoid risk transfer from contractors and increased exposure to unforeseen liabilities.