COVID Drives More Reliance on Risk Management Systems, New Study Finds
Staff Writer | April 20, 2021
The COVID-19 pandemic drove businesses and public entities throughout the U.S. to increase their reliance on risk management systems, as many providers were able to build innovative solutions to meet their needs.
A new survey of 1,100 risk professionals by risk-tech consultant Redhand Advisors found that 38% of the respondents increased their use of risk technology during the pandemic, while 56% saw no change in their utilization and 6 percent experienced a decrease in use.
“Indeed, there are more technological solutions in the marketplace than ever before,” said Patrick O’Neill, president, Redhand Advisors, co-author of the report, which features a record 30 technology solutions.
O’Neill noted that from their initial focus on claims management and administration, risk management information systems (RMIS) have expanded their functionality to address a spectrum of sophisticated risk management, insurance and safety-related needs. At the same time, evolving technology is driving new enhancements to claims management capabilities.
Among the risk professionals surveyed, 76% rely on their RMIS for claims management, 55% for claims administration, 37% for incident intake and management, and 31% for managing insurance renewals.
Meanwhile, growing numbers of risk professionals now also use RMIS for policy and program management (28%), environmental health and safety (20%), benchmarking (20%), exposure and asset management (19%), enterprise risk management or governance, risk and compliance (18%), and captive and pool management (12%).
According to the report, dramatic advances in technology, particularly the integration of artificial intelligence, are helping RMIS bring new efficiencies to the claims process, including:
- Enhanced data entry, facilitated by the application of scanning technology and intelligent document processing;
- Infusion of AI algorithms, which are facilitating more accurate valuations and reserving practices;
- Wider application of advanced analytics, which can identify claim characteristics that may help prompt faster settlements;
- Creation of low-code and no-code platforms, which facilitate rapid integration with an organization’s human resources, payroll, enterprise risk and other legacy systems.
The survey found most risk professionals willing to go beyond existing vendor relationships to obtain best solutions for key needs. Rather than relying on a single vendor for all their needs, 84% of those surveyed favor “best in breed” solutions or that their RMIS integrate with third-party tools. That’s prompting RMIS vendors to form partnerships and alliances with other providers.
“As they look for the fastest route to meet the evolving needs of their clients, many RIMS vendors are expanding capabilities by integrating third-party solutions,” observed David Tweedy, senior advisor, Redhand Advisors. “For instance, these solutions currently include cybersecurity, catastrophic risk, artificial intelligence, and analytics, all of which are being integrated into various RMIS platforms.”
Now in its fourth year, The RMIS Report is the industry’s most widely read annual guide to the risk management information system industry, downloaded each year by more than 2,000 risk management professionals. In addition to the survey of 1,100 individual risk professionals, the report’s findings are based on responses to detailed questionnaire completed and submitted by 32 leading RMIS and RiskTech vendors, as well as anecdotal evidence and expertise and perspectives of the report’s co-authors, Patrick O’Neill and David Tweedy. Copies of the 2021 RMIS Report are available free of charge by contacting firstname.lastname@example.org or by visiting www.rmisreport.com.
About Redhand Advisors
Redhand Advisors, a risk management technology consulting firm, offers expertise in a broad range of risk technology solutions, advising organizations on how to best use technology to manage risk and maximize their investment in technology in the areas of risk, insurance and health IT. The firm works directly with organizations that use the technology as well as the providers that deliver the technology solutions. For additional information, visit https://www.redhandadvisors.com
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