While a risk management information system (RMIS) is a powerful tool for reducing risk and enabling effective operations, it also doubles as an effective solution for brokers. Not only do brokers have to manage large volumes of data, they also need to keep clients happy—and that means giving them access to data-based insights. In fact, risk information management systems make a wide range of broker responsibilities easier and more accurate while improving the quality of their work.
Deeper Access to Data Creates Happier Clients
Far too often, clients have to take a trust fall with their broker. They provide risk information, then let go, hoping the broker’s solution is the catch-all they need. But with an RMIS system, a client gets full visibility into their risks. With this information, they can see the how and why of the effectiveness of their broker’s solution.
Also, with the right risk management information systems, the client can get real-time insights into their risk and risk mitigation measures. This deep visibility puts clients in a more powerful position to make decisions and have informed conversations with their broker about how to best reduce their cost of risk.
Data Analytics for Designing Better Solutions for Clients
Instead of providing blanket solutions for multiple clients—or choosing coverage based on assumptions—brokers can use RMIS systems to pinpoint exactly what clients need. By analyzing client risk profiles, a broker can identify:
- Risk trends that indicate the kinds of coverage they need
- The specific types of risks each client is exposed to
- Ways in which clients can limit risk by taking preemptive steps
For example, suppose a broker uses an RMIS system to identify a weather trend that could result in more downtime for some of their clients. Using this data, the broker can suggest their clients add insurance coverage that’ll cover them in the event of operational downtime. For relatively short money, the client now has peace of mind when it comes to concerning weather-related incidents.
If the broker hadn’t used the RMIS and the client were to get hit with an event, the client may have pointed the finger at the broker for not catching it. But thanks to the RMIS system, the client points a finger, saying, “Yeah, they called that.”
Easier, Faster Insurance Renewals
You can use an RMIS to facilitate several aspects of the renewal system, saving valuable time for both the broker and their clients. As an example, an RMIS can keep track of policy expiration dates and also help you manage the renewal process. So instead of combing through each client’s policy details across a complicated Excel sheet, you have all the info you need front and center in your RMIS platform.
For instance, if a client’s risk were to change because they added a new location or purchased equipment, you could see this in your RMIS. Then it’s easy to adjust their policy during the renewal process, making sure it accounts for an expanded risk portfolio.
Automated Compliance Tools
Keeping track of compliance can be a challenge, especially if you have clients in different locations with unique regulatory standards. The same holds true for brokers who have clients in several different industries, each with its own compliance requirements. But using an RMIS, you can automatically keep track of compliance reporting, as well as the documentation you need to provide to meet the applicable standards.
Automated compliance management drastically reduces the chances of getting hit with compliance-related fines. For example, consider the SEC’s new cybersecurity disclosure rules. These require companies to report incidents in a timely fashion, as well as the measures they’re taking to avoid them. You can use an RMIS to create a system that automatically flags the need to report an incident, making sure the appropriate decision-makers complete the SEC filing on time. While some cyber risk is always looming, there’s no need for a fine from the SEC to be a sword of Damocles as well.
Strengthen Your Brand as a Trusted Broker
Clients need to trust that their brokers have their backs. Using Ventiv's Client Portal and RMIS system, you can give clients visibility into their risks, as well as the exact coverage they need. For instance, with Ventiv’s RMIS, you can discover risk data and share it with your clients for a variety of risks. With a few clicks, you have the data you need and can send them charts explaining why they should get certain kinds of coverage.
Also, because Ventiv enables you to integrate data from disparate sources, you can make data-supported decisions for your clients using all of their risk information. If something changes, Ventiv’s system can automatically let you know. You have a running account of exactly what each client needs, as well as the data to support it.
