As a whole, it isn’t surprising to see a Lockton document discussing Risk Management Information Systems (RMIS – when pronounced it rhymes with “grimace”), but it may be surprising to hear about it from the HR Technology & Outsourcing team in Lockton Benefit Group. Because we help employers evaluate and implement the technologies they use to run their businesses, RMIS are right in our wheelhouse.
RMIS are solutions typically designed for the purpose of managing commercial risk and providing policy and claim information. For the non-“risk aware” readers, this means general liability, property, workers compensation, etc. RMIS are systems that provide efficient tracking and reporting and help manage individual claims, forecast loss and identify trends (to name a few). All of these components, together, allow the employer to identify patterns in risks and respond faster should a risk come to fruition.
You may be thinking, “I don’t believe my organization utilizes a RMIS,” and you may be correct. In the absence of a RMIS, oftentimes the commercial insurance, claims, policies, etc., are managed from an Excel workbook. For some organizations, this is a perfectly acceptable solution. For others, usually larger organizations, it lacks the transparency and analytical insight to manage the uncertainty of risks and the potentially adverse events from a company-wide point of view.
Once a RMIS is implemented, a number of potential advantages exist:
- Possibility of better claims and lower premiums
- Customization of insurance coverages
- Contingency planning and improved response times
- Single source of data/data integrity
- Enhanced functionality of the system
- Identification and mitigation of high-risk events
- Removal of subjective factors (perceptions/human element)
- Transparency and collaboration across an organization
For more information on RMIS capabilities, keep an eye out for our White Paper coming in the next few weeks. Or, if you’re interested in exploring RMIS solutions, let us know.
Please also chime in if you have any experience with a RMIS. We would love to hear your thoughts below.