The just-released 2024 RMIS Report by Redhand Advisors recognizes Riskonnect as one of the most comprehensive RMIS solutions in the market – strengthened further by the additional capabilities of Ventiv Technology. The report surveyed approximately 1,000 risk professionals and 39 technology solutions, ranging from standalone niche products to the most comprehensive solutions like Riskonnect.

According to the report, risk technology is fast becoming an indispensable tool for organizations of all sizes and in all industries to manage increasingly complex risks. The report also revealed that:

  • Spending on risk technology surged by 10.5% on average over last year – and 74% of respondents plan to increase spending this year.
  • Smaller organizations continue to invest in RMIS technology at the fastest clip, with first-time adopters making up half of all 2023 implementations.
  • AI tools are making significant inroads into RMIS technology. While just 10% of respondents currently use generative AI to manage risk, nearly half expect to adopt AI within the next three years.

With as much as 80% of claims data held in unstructured formats like emails and documents, the report notes that “the potential for GenAI to revolutionize the claims process is immense.”

Areas ripe for improvement via generative AI include damage assessment, fraud detection, claims processing, and customer support. AI adoption, however, is not without challenges, with 42% of respondents citing security and privacy concerns. Understanding AI’s capabilities, quality of output, fraud risk, and bias were also cited as concerns.

What to Consider When Buying a RMIS

With so much innovation happening in today’s market, how do you sift through your options to find the RMIS solution that’s right for you? Here are seven questions to ask:

1. Does the RMIS incorporate AI capabilities?

According to the survey, generative AI is expected to play an increasingly significant role in managing risk. While many RMIS providers are just getting started with these tools, Riskonnect has used AI for more than a decade to offer deeper insights, automate actions, and drive better decisions.

Riskonnect’s RMIS currently uses AI to offer automated claims processing, real-time insights, risk prediction, and more to process claims faster, reduce bias, and lower TCOR. And we continue to look for new ways to integrate the power of AI into our software to help customers do more.

2. How integrated is the RMIS?

RMIS technology is most effective when it seamlessly connects risk data of all types across the organization. Riskonnect pioneered the concept of an integrated approach to risk management. We were the first RMIS provider to put risk under one roof – and we continue to break new ground in innovation to give our customers a view of risk they can’t get anywhere else.

We are gratified to see the market following our lead toward integrated risk management. But beware that not all risk platforms are equally able to integrate. Some vendors claim that their solution is integrated, but the “integration” is limited to connecting incident reporting and claims. That’s not much help if you get, say, a large claim related to a third-party supplier and all of your information related to that third-party risk is stored in some other application.

3. How much data cleansing and consolidation is a do-it-yourself project – or an unexpected added expense? 

Data quality is a key contributor to RMIS effectiveness. Many vendors, however, glaze over the data-integration process. Some undercut costs because they expect the customer to deliver clean, consolidated, ready-to-go data. They are happy to sort out any less-than-perfect data – for an additional price. At that point, customers won’t have much choice since the entire system is virtually useless without reliable data. Suddenly, bargain data-transformation line item is not such a great deal.

Riskonnect set the bar to which all other data processors aim their sights. The best-practice standard is to cleanse data at the source with both standard business rules and customizable edits prior to implementation.

Riskonnect’s fully dedicated data transformation services team can efficiently convert, consolidate, report, and extract data from multiple sources in various formats into usable information. Our team writes more than 500 new data conversions per year and processes 34,000 files annually, accounting for 150+ million claims from over 1,000 distinct sources. Not only does this protect the integrity of information from the start, it saves you from having to fix bad data down the road.

4. Can system administrators configure the software themselves? 

Some vendors claim that their RMIS is configurable – when in reality, something as simple as adding a field or creating a custom report requires assistance from customer support. Is a run-of-the-mill change a good use of your service hours?

Riskonnect is easy and intuitive for even nontechnical users to adapt and modify. Our flexible, cloud-based platform gives customers the power to get work done – and that includes making everyday changes on their own. Customers can save their service hours for when added expertise is truly needed.

5. How secure is the RMIS? 

Security is a critical issue, and it’s important to dig into vendors’ claims. Where is data housed? Has system security been verified independently? Unidentified problems can impact project timelines and budgets.

Riskonnect protects a company’s data with tight access controls, strong firewalls, and global data centers – and our best-in-class security has been verified by independent third parties.

6. Is that low introductory rate for real?

Don’t be fooled by unusually low entry costs. Some vendors like to offer extremely low prices, but then gouge you post-signature with ongoing change and support fees, along with longer implementation timelines. Be sure you are comparing apples to apples.

We don’t play those pricing games. Riskonnect’s GoLive! implementation services offer three industry-leading implementation options designed to achieve business objectives as quickly as possible:

    • Riskonnect’s Essentials approach gets customers up and running as quickly as possible and sets them up for any necessary follow-on configurations.
    • Riskonnect’s Pro Configuration applies collective experience from hundreds of customers across all industries to accelerate implementation, while providing flexibility to tailor specific processes and functions to the needs of the organization.
    • Riskonnect’s Tailored Configuration configures a solution specifically around your own integrated risk management needs. We apply our established methodology to align business requirements and use-case sessions with the Riskonnect platform.

As for customer success, Riskonnect flips the script on traditional approaches to customer service by placing outcomes first. Our dedicated customer success team powers the “how” behind customer success by focusing on stakeholder engagement, value, and adoption.

7. What kind of experience does the vendor have?

There is a reason why Riskonnect is the world’s largest and most popular RMIS. We are honored to work with many global leaders, as well as with a substantial number of smaller organizations.

Our goal is to have the scale, reach, and model to reach all customers where, when, and how best fits each of them individually. Whatever our customers need, we want to have the right skill set available at the right time, in the right place – in an increasingly broad and diverse environment of risk.

Keeping up with today’s rapidly changing risk environment isn’t easy – particularly if your existing solution comes at the expense of functionality. What is the cost of a narrow, incomplete view of risk? Do you really want to find out?

Riskonnect puts all your risk under one roof with integrated, easy-to-use software – and a total dedication to customer outcomes. If your current approach is falling short, maybe it’s time to expand your view with a truly integrated solution.

For more information, download the full 2024 RMIS Report by Redhand Advisors, and check out Riskonnect’s Risk Management Information Systems solution.