Insurance Innovation Reporter interview with Ventiv Global Head of Customer Success, Jonathan Nichols
June 9, 2023 09:00 AM Eastern Standard Time
More companies are implementing risk management information systems (RMIS) as the landscape continues to face new threats from climate change, political unrest and economic uncertainty while also considering lessons learned from the early days of the COVID pandemic.
In fact, a 2022 report from Redhand Advisors estimated that 84 percent of organizations were expected to increase their spending on risk management in 2022, an average YoY increase of 8 percent.
However, with the growing RMIS landscape, it can sometimes be hard to identify which solution is right for your organization’s needs. That decision can start with determining the framework build– single-tenant or multi-tenant.
What is the difference between single-tenant and multi-tenant?
When it comes to RMIS, single-tenant refers to a system built to serve a single client or organization. A multi-tenant system, on the other hand, is structured so that it can serve multiple clients or organizations at the same time.
You can view it similarly to single-tenant versus multi-tenant housing. Someone living in a single-tenant home will have more freedom to customize the house. Someone in a multi-tenant situation, such as an apartment building, will have more limitations placed on them because of building requirements and lease agreements.
Likewise, in a single-tenant RMIS, the client has exclusive access to the resources and infrastructure of the system, giving them control over the configuration and management of its infrastructure. A multi-tenant system, however, means that the infrastructure and features are built to accommodate all clients utilizing the platform, and resources are shared.
