Ventiv Technology

52 ©2023 Redhand Advisors. All rights reserved. Good data is key to surviving the current market and reducing risk. It will help you project claims so you can accurately fund them and serve as an illustration of your business' overall risk exposure. Data will also illustrate your loss prevention strategy and show the results of your claims management efforts. A good risk management information system (RMIS) will turn risk data from across your organization into a solid analytical tool, providing the context underwriters want to see. So how do you know what's best for your organization? Do you need to invest in an RMIS? You most likely already have access to bundled RMIS, but will that do the job? Here's some guidance to help you determine what's best for your organization. Bundled vs. Unbundled: What's the difference? The simplest definition of a "bundled" RMIS is that the system is offered by the insurance provider and bundled with their core offering. Bundled systems are typically provided by insurers, third party administrators (TPAs) and brokers. The system is typically only available to the client while they are under contract with the services of the provider. The cost of the system is typically included within the overall service charges by the insurance entity. By contrast, an "unbundled" system is sold by independent software providers to clients and is therefore under the control of the client. Businesses buy (or rather, license) the software and ongoing support services from the independent RMIS vendor. Bundled RMIS systems have come a long way in the last decade, providing new features and functionality, with more robust reporting and analysis capabilities. They provide their clients with access to real-time claims and policy information, a distinct plus. Some have the ability to pay premiums directly through the system. Another plus: the bundled system provides 24/7 communication access between the client and the insurer entity. Additionally, some insurers and TPAs are adding new functional capabilities that used to be only offered by the unbundled vendors. Harness Your Risk with a Bundled RMIS By David Tweedy, Senior Advisor, Redhand Advisors NOT FOR DISTRIBUTION

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