State of the Bundled RMIS Market:
Innovation is driving an expansion
of products and features
Is an entry-level bundled RMIS that simply
monitors claims enough for your organization's
growing risk profile these days? For many, the
answer is no. While larger corporations often
adopt an unbundled RMIS to both collect data
and analyze risk gaps across their organizations,
having both bundled and unbundled solutions
isn't an option for most middle market
organizations.
64
©2022 Redhand Advisors. All rights reserved.
Yet organizations still want to improve
overall risk management, seeking the
same RMIS features and abilities the big
companies have access to. In response,
bundled RMIS providers have become
more innovative, some growing and
tailoring their RMIS solutions to better
serve the needs of the small and mid-
size business space.
It's one of the reasons private labelling
of RMIS solutions in the marketplace
will continue to grow in popularity, as
brokers and insurers join third-party
administrators (TPAs) race to offer new
features and opportunities as part of
their bundled solutions.
The Changing Face of RMIS
The simple need for RMIS as a claims
management system may one day soon
become extinct. Today, businesses
expect a variety of features and
functionalities, including:
• Claims management
• Client communication
• Data analytics
• Benchmarking capabilities
• Policy management
• COI tracking
