Are You Using These 5 RMIS Features to be More Strategic?
Organizations can better manage their risk with these five RMIS features.
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Blogs
Gain Pool Member Engagement with the Right RMIS Technology
By David Tweedy Imagine a large risk pool with an outdated RMIS system requiring an intense number of manual processes. In addition, there are many Excel and Access databases and stand-alone, or siloed, systems. Without full integration, new coverages and updates take weeks, instead of minutes. Claims data is everywhere and not aggregated and therefore,
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Adapting to Changing Risks: Inside the State of Risk Report and 2022 RMIS Report
By Patrick O’Neill, Founder and President, Redhand Advisors From heat waves, climate change and a record number of resignations to geopolitical instability due to persecution and mega disasters with billions of damages, organizations have been forced to deal with wide-scale and immediate crises in real time. With the velocity of risk rapidly changing, what does
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2022 State of RiskTech Landscape
New RiskTech solutions are helping businesses respond to escalating risk across industries By Patrick O’Neill, Founder and President, Redhand Advisors Risk is ubiquitous in 2022. In fact, as many as 57% of boards of directors have increased or expect to increase their risk appetite in 2022, according to Gartner. To combat such volatility, businesses are
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RMIS Build or Buy?: 5 Factors to Consider
By Patrick O’Neill Build or buy? When it comes to adopting a risk management information system (RMIS), this is no simple question to answer. Everyone needs a technology solution that fits seamlessly into its work processes and addresses all its needs. Good news! Today\’s RMIS platforms are so highly configurable that most organizations can simply
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2022 Trends in Claims Automation
By David Tweedy, Senior Advisor, Redhand Advisors The insurance industry is at the brink of going digital, and claims automation is leading the way. A 2019 McKinsey report predicted that approximately 60% of claims will be fully automated by 2030, a revolution we are experiencing in real time. At the same time, the post-pandemic world
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Have You Optimized Your RMIS Today?: The Case For A RMIS Consultant
By: David Tweedy Nothing bugs me more than seeing businesses underutilize their RMIS. It’s an occupational hazard for someone whose sole job it is to help businesses optimize RMIS systems for over 30 years. What’s the most common cause? Your RMIS vendor giving you exactly what you asked for… but not 100% what you need. This
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2022 State of the RMIS Industry
By Patrick O’Neill, Founder and President, Redhand Advisors From cyber incidents to business interruption, natural catastrophes and supply chain, the magnitude of business risk in 2022 is truly unprecedented. The good news is, Risk Management Information Systems (RMIS) are rising to the challenge. The RMIS Market continues to evolve at a rapid pace. More organizations
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You don’t have to fire your RMIS vendor!
By Patrick O’Neill, Founder and President, Redhand Advisors Just like a rejected partner, organizations that have fallen out of love with their RMIS system are likely to declare, “We need a new one!” Hang on, though. Scrapping what you’ve got may not be the only alternative. While you rely on your RMIS to analyze data
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Bundled or Unbundled RMIS: That is the Question?
By David Tweedy, Senior Advisor, Redhand Advisors Good data will be key to surviving the hard insurance market in 2022 and beyond. Data will help you project claims so you can accurately fund them. It will speak for your risk exposure. It will illustrate your loss prevention and show the results of your claims management
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