Ventiv Technology

that not every RiskTech solution can or needs to be integrated with your RMIS. Here are four trends we're seeing in the RiskTech space right now: • RiskTech is growing faster than traditional Insurtech. Industry investment and innovation is growing more rapidly than ever before, specifically in niche areas, such as RiskTech. RiskTech is engaged in solving organizational problems that haven't been solved before. Take claims adjudication, for example. There are RiskTech solutions you can integrate with your RMIS to add analytics and artificial intelligence (AI) capabilities to improve your claim outcomes. • RiskTech is transforming traditional legacy-driven and manual processes. We knew industry data collection was antiquated, but COVID taught us just how analog we really were. RiskTech can drive efficiencies by focusing on an organization's digitization, providing more valuable data for decision making. For example, LineSlip, which converts and digitizes organization's policy program documents into data-rich dashboards giving you actionable insurance data regarding your programs. • RiskTech provides a continuous stream of innovative products. Beyond just scanned documents stored on your company network, RiskTech solutions are taking data from paper documents and transposing them into usable fields. Think: cost for coverages, auto liability metrics with AI, analytics, cyber and catastrophic risk tools, certification management and more. These products provide innovative solutions to complex problems. • RiskTech + RMIS providers = the ultimate solution. We'll see the innovation, then consolidation cycle continue to happen in the RiskTech and InsurTech space. Integration does play this movement down a bit, so you don't have to have 20 different independent solutions. Integration is simpler than it was even a few years ago and you can integrate as much or as little RiskTech as you want into your RMIS. It's advantageous for RMIS vendors to integrate with RiskTech as well to ensure the RMIS maintains its status as your business' hub for all things risk. When partnering with bigger RMIS providers, RiskTech vendors have an opportunity to get in front of more end-users. RMIS providers will integrate so they can say to their customers: we have deeper capabilities that might fit your need if our basic service isn't enough for you. It's onward and upwards for RiskTech The RiskTech section of the RMIS Report debuted just last year. This year, it's a significant piece of the RMIS Report story. We look forward to watching what is to come for RiskTech solutions both in 2022 and beyond. 51 ©2022 Redhand Advisors. All rights reserved.

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