Ventiv Technology

15 ©2022 Redhand Advisors. All rights reserved. 2. Risk takes center stage as a business driver. Business risk has historically been managed in a series of silos — each business unit for itself. That's no longer viable. More businesses now recognize the benefit and importance of organizing all business risk under a single umbrella within the organization. Now a board-level topic and no longer just a line item in your budget for insurance coverage, risk has a significant impact on your business' bottom line. This has led to a new form of a risk management aptly called: integrated risk management. RMIS systems are expanding — if they haven't already — to do more than just claims. Integrated risk management solutions have increased capabilities from claims management and administration, policy and incident management to now include governance, risk and compliance (GRC); environmental, health and safety (EH&S); third-party risk management and more. Bottom line: Within organizations, the traditional buyer has historically been the risk/insurance professionals or claims professionals. While that remains largely true today, there has been an expansion to new buyers to include the compliance, safety, enterprise risk, information security, internal audit and more. 3. Tech innovation means more integration. The SaaS platforms of today's RMIS systems make integration with third-party tools — from mobile devices to wearables and other niche solutions - possible. Tech integration makes it easy to collect and analyze more data, do it better and deploy additional solutions. The top RMIS vendors now provide these capabilities or have integrated third-party SaaS solutions into their RMIS for the most optimal tech integration. Bottom line: RMIS systems are more meaningful when they can be integrated with new tech that lend a window into a greater picture of your business' overall risk. These integrations are being leveraged on an increasing basis. 4. Increased RMIS adoption — and will continue to do so. The RMIS market has traditionally been filled with large, Fortune 1,000 public or private self-insured entities. Over the last few years, the RMIS customer has expanded to the middle market and organizations that traditionally didn't require a RMIS. Why? For one, the cost of RMIS has come down and is therefore more accessible to more organizations. Additionally, as mentioned in #2, the significance of risk in organizations has grown. It's no longer just large organizations that need an efficient way to manage their risk. For these reasons, the number of first-time RMIS purchasers are growing rapidly. In fact, one RMIS provider says over 50% of their 2021 new business came from first-time buyers. Bottom line: RMIS adoption continues to increase. Insurers, third-party administrators (TPAs), brokers, managing general agents (MGA) and risk pools all utilize a RMIS to manage their business on behalf of their clients. How does your RMIS fare in 2022? The way your RMIS system responds and engages with these market trends will play a hand at determining how your business will ultimately fare in 2022. Take a page from our analysis and determine what you want to get from your RMIS. We're all anxiously awaiting your next move!

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