THE DEFINITIVE GUIDE TO A RISK MANAGEMENT INFORMATION SYSTEM 8
WHO USES AN RMIS?
An RMIS isn't suitable for all businesses. Typically, businesses using an RMIS have one or more of the following characteristics:
Visibility challenges
• A large number of risks to track (e.g. properties, policies,
business units, vehicle fleets and assets).
• Multiple risk information sources with no integrated,
single view.
• No overview of incidents/claims below the deductible.
International/global challenges
• Complex/dynamic organizational structure.
• Large and/or complex international insurance policies.
• Multi-language and/or multi-currency requirements.
• Geographically dispersed: Data entry and reporting from
multiple locations.
Risk financing challenges
• In-depth risk financing approach — with or without captives.
• Complex insurance setup with multiple insurers/reinsurers.
• A large amount of self-insured retention with a limited
overview of incidents/claims below the deductible level.
Administrative process challenges
• Complex claims management processes and/or
third-party administrators to manage.
• Renewal headaches: Lengthy data collection
and consolidation processes.
• Outdated systems or spreadsheets for
information processing.
