While the number of companies that form captives keeps increasing, there are a number of factors that are increasing the pressure on captive managers. These include regulations and compliance, controlling premiums, and not to mention the pressure of becoming a cost-effective solution for their parent companies. Still, many captive managers still rely on the old ways of captive reporting and captive data gathering. These processes are inefficient and unreliable. That's why risk management system software, or RMIS, is almost essential to captive organizations today.
How Does Captive Data and Reporting Technology Benefit Companies?
An RMIS can provide two main benefits to almost any organization. Put simply, these are better data and increased efficiency. With quality data and more streamlined processes, captives can provide the best possible services at the lowest cost. This is exactly what companies hope to gain when they form captives in the first place.
More Reliable Data and Data Audit Trails
The first major benefits of an RMIS are that it provides a source of reliable data and a trail to use to audit that information. In the past, unreliable data was blamed for poor decisions that cost companies money and did not always result in the best insurance coverage. Increasingly, financial and safety regulators are demanding audited data trails to check compliance.
Companies also have to be able to respond quickly to reports for commercial renewals, regulatory reports, and risk management or financial analytics. A RMIS system collects all of this data in one source and provides a means to produce a variety of different reports based upon this information.
Increased Efficiency With Automation
An RMIS makes everything associated with gathering and reporting upon risk management data easier, faster, and in the end, cheaper. Information can get collected at the source with intuitive screens that automatically format and validate input. When these screens can be accessed from almost anywhere and a variety of devices, the system can rapidly collect data from a variety of different sources, so reporting can happen almost immediately.
Since these systems can also send out alerts, they can remind relevant stakeholders when they need to respond to a request or certain kinds of information have been updated that require attention. Finally, an RMIS makes it much easier to stay flexible and keep up with reporting and business requirements.
The Ventiv Technology Risk Management Solution
At Ventiv Technology, we are well aware that captive managers and their parent corporations face increased pressure from financial and safety regulations. Becoming flexible enough to cope with this pressure means that the old way of using local or improvised solutions no longer provides an efficient or reliable enough solution. Because this solution manages both corporate risk and captive risk, it integrates risk management functions and streamlines communication and many other business processes.
We hope you learn more about our Captive Risk Management Solution. This technology was awarded the 2015 Innovation Award for Business Insurance. Speak with us about how we can provide a winning solution for your captive insurance company or corporate parent company.
