The rising cost of claims continues to sit at the heart of an organization’s total cost of risk, and with the unprecedented challenges brought on by the COVID-19 pandemic, risk managers are facing an increased amount of pressure to manage these evolving risks and analyze the big-picture impact. We know that in order keep pace, organizations need to thoroughly understand their risk management program and the driving factors of their performance. But how?
Enter the Risk Management Information System (RMIS). Most organizations lack the data they need to understand and manage risk. A RMIS not only gives companies access to their data, it also provides a one-stop-shop for insight into their specific claims trends, ultimately allowing them to make smarter decisions, take action quicker, and lower costs.
A Risk Management Information System (RMIS) is an integrated computer information system used to aggregate risk data and help decision makers evaluate business risks.
The information provided includes risk exposures, protection measures and risk management such as loss-control measures, property values, records of prior claims and relevant insurance policies.
A RMIS system is an essential tool needed in every organization’s risk management toolbox – here are five key advantages to implementing a RMIS:
- Real-time access to your data
- Integrated and meaningful loss data in one central system
- Proactively identify trends and mitigate high-risk events
- Provide transparency and alignment across your entire organization
- Reduce your total cost of risk with an opportunity to lower claims and premiums
CBCS provides a robust RMIS platform, which enables the implementation and execution of our clients’ risk strategy, including root cause analysis and performance improvement through advanced risk analytics. ProClaim, powered by Ventiv Technology, provides a seamless integration between you, your adjuster, and our strategic partners. From when you submit a claim to when the adjuster begins their investigation and through claim closure, ProClaim provides continuous integration between all parties involved. Your adjuster’s notes, documents, and investigative efforts are all available at your fingertips.
We know that a RMIS platform is much more than an aggregator of your claims data, it’s about fostering an integrated approach to improve your overall Risk Management program. If you lack the transparency and analytical insight needed to manage the uncertainty of risk your company faces, contact CBCS to learn more and let us help support your Risk Management strategy to drive down your total cost of risk.
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