A risk management information system is technology that enables you to capture, manage and analyze all your organization’s risk and insurance data in a single, secure system. Using risk management software tools, organizations like yours can improve departmental efficiencies and generate savings on your total cost of risk. But, a RMIS and the expert support behind it offers much, much more. A RMIS helps you to improve data accuracy and reduce administrative burdens.

Although data accuracy will always rely on people, a risk management information system can help in the following ways:

  • Automatically highlighting to users, at the point of entry, values that may contain errors.
  • Ensuring consistent synchronization of data from multiple sources.
  • Providing context help for users.
  • Building adaptive questionnaires forms, and interfaces that ask users for relevant data only.
  • Specifying field constraints (for example, dropdown options), mandatory fields, defaults, and
  • other validation logic.
  • Post data-entry cleaning and automatic validation against business rules.

A risk management information system helps you to automate many manual processes such as:

  • Data consolidation and validation against business rules. This includes transforming data into a single currency and language for reporting purposes.
  • Data imports from existing systems, such as third-party administrator systems or insurance carriers, data processing and data exports, and ERP and HR systems.
  • Alerts and escalations, such as email notifications when a claim reaches a certain threshold.
  • Populating pre-built reports and dashboards.
  • And distributing information to stakeholders, allocating premiums to business units and invoicing and tracking payments from insurers.

A RMIS will enable data to be entered from across your organization into a single system, literally anytime and anywhere. So you’’ll have a live view of all your risks and exposures and the ability to:

  • Spot trends and potential losses quickly so corrective measures can be put in place.
  • Alert stakeholders about potential exposures.
  • Proactively manage and mitigate your risks.

One of the biggest benefits of a RMIS is the ability to build interactive reports that organize and interpret all your risk and insurance data. The result is a snapshot view that will enable:

  • Better strategic decision-making and allocation of financial and human capital.
  • Actively promote safety and loss control and, deliver a consistent risk culture.
  • Optimize risk transfer costs.
  • Better manage retained risks and captive management.
  • Measure progress towards risk management goals.

Have more questions on what a risk management information system is and what it can do for you? Our new DEFINITIVE GUIDE TO A RISK MANAGEMENT INFORMATION SYSTEM has all the information you need. Download it now.