Ventiv Technology

81 ©2023 Redhand Advisors. All rights reserved. Debunking 4 Myths About RiskTech Solutions The time to implement RiskTech — from a small, specialized software program to a full-scale RMIS — is not now. It was yesterday. In our technologically advanced world where digital efficiencies are less costly and in greater abundance than ever before, why do some companies still have antiquated risk management processes and systems? The answer can be found in numerous myths. Here are four of the most common myths we tell ourselves to avoid change: 1. "RMIS solutions have too many pieces that I don't need or won't use." Historically, a RMIS was the only game in town, so you either purchased the whole system and hoped you could utilize it all or didn't pull the trigger because it was too great a commitment for the one or two issues you wanted to address. Today, it's a different story, as niche players have created high-quality, sharply focused solutions, providing a plethora of a la carte RiskTech options. For example, if you're looking to improve policy and renewal management, you can implement a specialized RiskTech solution that specializes in supporting just that process. Today's solutions integrate much easier, allowing you to utilize multiple solutions to solve unique issues. The top three functions risk managers utilize a RMIS for, according to our research, are claims management, incident entry and renewal data collection. In addition, 84% of those surveyed favored best-in-breed solutions that can be integrated into the broader platform. If you need more procedures covered, look beyond the highly specialized niche solutions and investigate systems that can house those functions under the same umbrella. But you may still not need to implement a comprehensive RMIS if a few specialized programs can do the job. NOT FOR DISTRIBUTION

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