Ventiv Technology

Expanding their capabilities and features helps TPAs and brokers provide additional services and touchpoints for the organizations they serve. Additional data analytics and benchmarking capabilities have allowed them to become even more valuable — and necessary — to their small to mid-size business customers. Whereas a TPA or broker used to serve up multiple reports annually, the more innovative ones are now including this analysis in their bundled RMIS. Not surprisingly, some businesses find this even more valuable than what they may have gained from an unbundled RMIS. That's because bundled systems can offer analysis unbundled systems can't — data points from the provider's client base that allow for claim data to be benchmarked and analyzed across a region, cohort, or industry. An unbundled RMIS, on the other hand, has no external data points for comparison built-in. The New Bundled RMIS As the industry evolves, businesses are expecting more from their bundled RMIS. While there will always be extra features organizations may be willing to pay for, those same businesses are expecting more today from their basic bundled RMIS these days too. As a result, look for a bundled RMIS to include: • Portal access. In today's digital world, customers want to be able to log in to access all of their claims info, risk data, analysis and more from a single digital interface/portal, from claims data to analytics to benchmarking. • Workflow and alerts/notification. Automation is king in today's fast- paced environment. Customers expect automatically generated monthly reports on trends and claims. They want alerts when a threshold has been reached. They are relying on these features for better decision making and faster customer service – and they expect it to be standard. • Real time data access. Since claims information can be logged into the system quickly and easily — coming not only from company employees but also from insureds who are self- reporting — data must be available immediately. Businesses want claims information as well as adjuster notes to be readily available, which can aid insurers, brokers and TPAs in decision- making. • Seamless integrations. As the system becomes broader and more comprehensive, it's becoming important that it integrate smoothly with third-party data and other outside providers that can also collaborate through the RMIS. Some examples of this include attorneys and law firms providing legal advice, pharmacies that coordinate with medical coverage or even property valuation services. Today, a comprehensive RMIS isn't just a tool. It's part of the larger risk management equation each business is solving for. TPAs, brokers and insurers are seeking to become consultative partners with businesses — rather than just selling a single insurance product — and use their expertise and digital solution to better support organizations and their risk management goals. The bundled RMIS of 2022 may just be the solution. 65 ©2022 Redhand Advisors. All rights reserved.

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