I had the privilege to moderate a panel of Risk Management Information Systems (RMIS) leaders hosted by the Atlanta RIMS Chapter. The group shared their insights on the state of the RMIS market, technology trends that are making an impact on the industry, how clients can maximize their systems and the future landscape of the RMIS market.
In part one of the recap, I focused on the security, technology and functionality. In part two of my recap, I will focus on how clients can get the most from their systems and the future landscape of the RMIS market.
The group shared recommendations on maximizing the effectiveness of a RMIS implementation. Today, all of these systems are highly configurable but it is still very important to focus on what will impact your organization. Riskonnect’s Bob Morrell recommended, “Be very clear with what you are looking for and include all of the people that are going to be using the system in the implementation process.”
While the costs of these systems has been coming down they are still a significant investment and thus important that the systems stay state-of-the-art and focused on the client’s priorities. All of these providers are investing in technology and new capabilities. Marsh Clearsight‘s Mike Cochran noted, “It’s important that your provider is growing with you, making R&D investments and anticipating the future needs of the market when developing their applications.”
So where is the industry going? Everyone agreed that mobile is game changing. According to reports, mobile computers (smartphone/tablets) will saturate the markets in the U.S. and developing worlds in record time; faster than any other technology in history. Each vendor is addressing mobile in different ways. Some are making their entire application mobile-friendly while others are developing stand-alone mobile apps to perform various tasks. In any case, expect to see more and more RMIS capabilities mobile-ready.
Another trend for RMIS providers is data analytics. By all accounts the practice of data analytics has the potential to revolutionize the insurance industry. Many of the RMIS providers have begun to offer analytics capabilities such as the ability to predict the severity of a claim or the potential for litigation. Mike Cochran commented that, “Analytics and collaboration are becoming game changers.”
By all accounts technology is having a huge impact on the RMIS market and the broader risk and insurance market as well. “Technology is changing how risk managers are doing their job and is elevating the role of the risk manager in the organization,” noted Bob Morrell.
As one participant noted, it’s a great time to be a RMIS users, and I would agree. This is the most competitive that the RMIS market has ever been. Technology advances are also making a significant impact on the market. This all leads to innovation and competitive pricing for clients.