In a tech-driven business environment, here’s a stat some may find surprising: More than 60% of companies surveyed feel their organization’s risk technology isn’t very effective. This is a problem, especially considering the diverse risks on the landscape, including cyberattacks and financial downturns.
But by equipping your organization with effective RMIS technology, you can leverage risk data to manage and limit your exposure. The 2023 Redhand RMIS report, sponsored by Ventiv Technology, outlines the attributes of 33 of the leading risk management solutions providers. Here’s a breakdown of the benefits of bundled and unbundled RMIS solutions, as well as risktech solutions, and how some of the leading providers can empower your company to make better decisions.
Should You Use a Bundled or Unbundled Solution?
Both bundled and unbundled RMIS solutions provide you with data analysis that improves your decision-making ability, but they offer slightly different benefits.
For example, a bundled solution may, at times, be a better fit for smaller organizations because it provides an all-in-one solution that covers several bases. While you may not get the kind of in-depth risk management agility you’d get with an unbundled solution, you get a solid analysis of multiple risk factors.
With an unbundled solution, on the other hand, you have a powerful tool that enables a deeper, more detailed dive into a specific risk arena. Unbundled solutions may offer more flexibility, particularly because you can combine several to form a comprehensive risk management program.
Regardless of their differences, both bundled and unbundled risk management information systems give you the ability to automatically process large amounts and make better-informed decisions. As a result, companies can:
- Reduce their risk “blind spots” because they have access to a wide swath of risk data, across the organization
- Predict the kinds of risks they’re most likely to face in the future
- Automate important functions that enable customers to save time and focus on other, value-adding tasks
How to Narrow Down the Best RMIS Solution for You
The 2023 Redhand RMIS report outlines the risk management solutions that companies turn to the most, but how can you determine the best fit for your needs? By asking the following questions, you can narrow down which of the providers in the Redhand Report will fit the bill.
Do You Need a Mobile, Renewals, P&C, or EHS-specific Solution?
Some of the more popular options focus on deploying a risk management information system (RMIS) that features environment, health, and safety (EHS), and property and casualty management solutions.
By keeping each of these services unbundled, they give clients the power to combine multiple solutions as their risk profile dictates.
To keep up with evolving demand, some providers have invested heavily in their EHS and P&C offerings. Their implementation models emphasize client satisfaction, as well as ways to provide customers with speed and flexibility.
To enable greater agility in the field, some of the best providers also offer improved data intake using a mobile risk management solution. This gives you the freedom to collect data using easy-to-follow questionnaires. In this way, you get better quality data for claims, inspections, audits, assessments, property surveys, and more—all within an iOS or Android app.
Renewal solutions also focus on providing convenient, easy-to-manage workflows. For example, you can use a single solution to create questionnaires, send them to clients to fill out, and then collect them. You also get automated tools that empower you to track the status of questionnaires and send reminders to customers who haven't finished providing answers.
Is a Smoother Claims Administration Process a Top Priority?
To boost customer appeal, some RMS leaders have implemented enhancements to create more user-friendly experiences. These include the capability to incorporate texting in the claims administration process and standard experiences and dashboards based on best practices. In addition, you can take advantage of new workflow automation improvements that reduce the amount of time it takes to process claims.
Do You Need Customized Configurations?
Some providers configure the application during the implementation process, making sure it fits the customer’s needs. As a result, the customer gets a faster time-to-value, thanks to having a system that has already been set up to complement their workflows.
Ventiv's Comprehensive Solution
Ventiv sits at the head of the RMIS pack with more than 450 customers in 40 countries. Ventiv offers a diverse selection of solutions, including:
- Ventiv IRM. Ventiv IRM simplifies the process of evaluating and mitigating risk.
- Ventiv Claims. Ventiv Claims gives administrators the ability to optimize claim outcomes while examiners hone in on claims resolution.
- Ventiv Policy. Ventiv Policy focuses on policy administration, reducing costs, and improving service.
- Ventiv Billing. Ventiv Billing focuses on improving the integrity of data and automating billing workflows to enhance the user experience.
- Ventiv Analytics. Ventiv Analytics is a data-discovery platform that uses artificial intelligence to generate predictive risk management models.
- Ventiv RPA. Ventiv Robotic Process Automation (RPA) is an automation solution designed to free up staff to focus on helping a company generate more revenue instead of simple, repetitive tasks.
Similar to other RMIS leaders, Ventiv also prioritizes the customer experience, but from a slightly different angle. Ventiv aims to collaborate with customers like business partners to determine the best ways to support their success. In this way, the customer's RMIS delivers tangible value from day one.
Even though the Redhand report reveals that RMIS technologies may be underutilized, the 33 solutions the report focuses on show there’s no shortage of useful options. Check out the full report to learn what the leading risk management solutions offer for your organization.
