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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.
1
To combat such volatility, businesses
are more often seeking out specialized
solutions that bring more data on their
institutional risk to the forefront.
Historically, the insurance industry
has been underserved by technology
solutions. Not too long-ago Risk
Management Information Systems (RMIS)
were the only tech solutions available
to manage risk. RMIS capabilities have
continued expand to meet demand but
typically these new capabilities aren't
as comprehensive until there is greater
adoption. More on, RMIS providers must
focus on their core capabilities to support
their existing customer base.
RiskTech solutions, generally, are more
specialized and focus on specific solutions.
These specialized solutions are solving
problems that didn't exist just a few years
ago or where technology wasn't able to
solve for it in the past. The ability to find a
technology solution for your latest or most
pressing risk is what's driving RiskTech
innovation.
More than 85% of RMIS Report
respondents said they are currently
seeking best-in-breed solutions to
integrate with their RMIS. It's worth noting
1 Gartner. "6 key takeaways from the Gartner Board of Directors survey." October 21, 2021.
RiskTech Marketplace
New RiskTech solutions are helping businesses respond to
escalating risk across industries.
