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• Improved software platforms and
coding bases. Software services
are improving overall, and code can
often be developed more quickly
than in the past, which helps drive
down costs and improve RMIS
functionality for all users on the
system.
• Reduced implementation time.
Some vendors have pre-configured
their RMIS to help new clients
implement more quickly and get their
legacy data incorporated without
requiring full customization.
Overcoming the "fear factor" with
RMIS benefits
Some SMBs may be held back based on
a "fear factor" that implementing a RMIS
will overwhelm a department-of-one risk
manager, often typical to SMBs. Although
the benefits outweigh the risks, many
small-business risk managers rely heavily
on Excel which has significant risk and
can be quite time-consuming. Yet, the
benefits of SMBs engaging a RMIS are
great:
• A RMIS is versatile — it can
help with a variety of tasks from
claims management to insurance
verification. Organizations can
implement more capabilities of their
RMIS as they become proficient with
the system.
• New uses are being continually
developed. RMIS systems are
developing new features and
capabilities to help organizations
manage risk.
• The speed, accuracy and cost of
policy renewals improves when
RMIS is utilized to manage insurance
renewal process and policy/program
management.
• Numerous benchmarking, legal,
environmental, health and safety
and other enterprise management
tasks can be supported within the
RMIS.
• The digital information flow that a
RMIS creates across an organization is
a benefit for organizations of all size,
it can break down the silos that may
exist and get the teams to the goal
of managing risk better and more
efficiently.
Getting more from your new RMIS
For SMBs implementing a RMIS, getting
the best value out of the investment
in cost and time is imperative to
demonstrating ROI. Here are a few tried
and true ways to squeeze out added
value from your RMIS:
• Take time to improve your processes
rather than simply replicating legacy
practices in your RMIS. There's little
sense in automating inefficiency —
use the RMIS to eliminate it instead.
• Resist the urge to use your RMIS as a
Band-Aid solution. Once you invest,
have as much of the technology
in place to augment your risk-
management team's efforts rather
than create more work.
• Modern RMIS can bring all your
data together, but you need to
leverage it to the greatest extent,
using dashboards, proper analysis
tools and correct distribution to the
stakeholders and decision-makers
who need that information. The
RMIS can be a well-oiled machine
if understood, implemented and
utilized properly.
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