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.
The importance of establishing a near miss culture is clear. The OSHA and National Safety Council Alliance, a cooperative program, puts it this way: “History has shown repeatedly that most loss producing events (incidents), both serious and catastrophic, were preceded by warnings or near miss incidents. Recognizing and reporting near miss incidents can significantly improve worker safety and enhance an organization’s safety culture.” Effective near miss programs can prevent more serious incidents from occurring.
A previous post highlights some of the challenges surrounding this issue. Fear of reprisal or embarrassment, difficulty in the reporting process, and a sense of futility if reports don’t result in tangible changes. Each challenge presents obstacles when trying to establish a near miss culture.
The devastating impact of Hurricane Florence has led many to examine their organization’s disaster preparedness efforts. Aside from the sheer size and scope of this storm, additional factors further complicated preparations.
First, a rapid change in conditions over the past two weeks led to a rapid increase in storm activity—as many as six tropical cyclones were active in the northern hemisphere simultaneously (three of which were in the North Atlantic). Second, as Florence neared landfall, a dramatic shift in the forecasted impact areas prompted a last minute update of contingency plans. These challenges, combined with the trend of slower, more damaging storms, raises the bar for how sophisticated systems need to be in order to manage these risks.
The pressure to do more with less is constant. But delaying an honest evaluation of your risk management information system (RMIS), while an understandable temptation, can lead to compressed timelines, rushed decisions, cost overruns, and additional grey hair.
Industry consolidation is forcing changes both good and bad. Regardless of whether you elect to stay with your current system or make a move, the worst-case scenario is to find yourself boxed in because you ran out of time.
There are a few critical factors a risk manager should take into account to ensure they are in the driver’s seat. Your time is limited, but your options don’t have to be.
A flexible, intuitive interface. Software expertise combined with insurance and risk experience. A collaborative approach to implementation that’s different by design. When selecting a Risk Management Information System (RMIS) that meets your needs, each of these elements is important, but in today’s market, these are baseline requirements. The critical factor influencing the choice of a system should be the answer to the following question: Will this technology drive meaningful business results?
Measurable outcomes are what really matter. The right RMIS must prove capable of contributing to your team’s ability to more efficiently analyze risk and insurance data, prevent losses, control claim costs, streamline renewals, and reduce your organization’s total cost of risk. If it cannot, what’s the point?
For some examples of the impact that partnering with Origami Risk has had on the business results of a few of our clients, please read on.