Has your organization recognized a need to shift from manual processes? Are you interested in streamlining incident reporting, risk management and claims processing?
You may be considering investing in a risk management information system (RMIS). An RMIS consolidates all data related to claims, incidents and insurance policies and stores it in a centralized location. It provides a complete picture of how well an organization handles claims and addresses risks while increasing workflow efficiency.
Investing in an RMIS or switching to a new vendor could be fruitful. However, it requires carefully considering what you need in an RMIS and whether a particular solution meets those requirements. The following are the most important things to consider when buying an RMIS.
1. Is the RMIS Secure?
As a self-insured organization, you likely handle massive amounts of valuable data, including financial information. All this data calls for strong security measures to protect your company and customers from cyber threats. Considering that the average cost of a data breach in the United States was $9.48 million in 2023, it is worth placing security high on your RMIS checklist.
To ensure an RMIS is secure and promotes compliance with data protection laws, look for a vendor that can provide a SOC 2 Type II compliance report. This report confirms that the vendor’s RMIS successfully underwent a third-party audit to evaluate the security, confidentiality and privacy of its internal controls.
2. Is the RMIS Cost-Effective?
RMIS solutions are not all the same. It is important to consider various pricing models, ongoing maintenance costs and potential customization capabilities to select the most cost-effective option for your organization.
For example, if you choose a software-as-a-service (SaaS) RMIS, the SaaS provider will likely handle software maintenance and upgrades as part of its service. By contrast, an on-premise solution requires internal IT members to maintain and update your RMIS. An on-premise RMIS adds to the workload of internal IT staff or potentially requires seeking external IT support — which may not be the most cost-effective for your organization’s needs.
Once you have identified an RMIS vendor that could be a viable partner, contact them for an ROI analysis. An ROI analysis will reveal the benefits you can expect from the RMIS compared to its cost. At APP Tech, we can provide a company-specific ROI analysis following a Demo of Cloud Claims, our RMIS solution.
3. Does the RMIS Integrate With Other Systems?
One of the greatest advantages of an RMIS is its ability to integrate with various internal and external systems. Integration capabilities simplify data collection, reduce errors related to re-keying information and enhance collaboration between all stakeholders, increasing claims and risk management efficiency overall.
To get the most value from your RMIS, look for a solution that integrates with your current human resource and accounting systems so you can easily access employee and financial data to generate accurate analytical reports. Also, consider an RMIS that will integrate with your Third Party Administrator (TPA) and insurance carrier systems through tools like application programming interfaces to enable streamlined claims processing.
4. Is the RMIS Scalable?
A scalable RMIS will easily adapt to your organization’s evolving needs and support business growth. In other words, whether you have 100 or 1,000 employees, your RMIS will accommodate your risk management requirements.
Here are features to look for in a scalable RMIS:
- User-definable data fields
- Configuration capabilities that do not require IT intervention
- A pricing model that is independent of claim volume
- Unlimited data storage
5. Does the RMIS Streamline Incident Reporting?
An RMIS should simplify capturing incident data and sharing it with the right stakeholders at the right time to enable proactive risk mitigation. By streamlining incident reporting, an RMIS also allows key stakeholders to intercede before a claim is filed, potentially saving your company incident-related costs.
The following RMIS features can facilitate efficient incident reporting:
- The ability to upload documents, photos and videos remotely
- Seamless integration with stakeholder systems
- Documentation management capabilities
- The ability to automatically notify stakeholders of incidents
- Modifiable incident report templates
6. Is the RMIS Easily Customizable?
Choose an RMIS that you can easily customize to suit your organization’s needs, which does not require you to work with a developer. For example, an RMIS that features customizable fields and drop-downs allows you to tailor the system to your line of business and define elements like claims types, policy coverage class and loss categories.
With the ability to customize the RMIS to suit your organization and its risk managers, claims adjusters and other staff, you can foster higher productivity. Your employees may also appreciate the easy navigation and enhanced user experience of a relevant and adaptable RMIS.
7. Does the RMIS Offer Robust Reporting?
Today’s businesses can harness technology to collect, aggregate and analyze risk data, enabling them to make enhanced, financially impactful decisions. For instance, in a 2023 survey of data and analytics executives, 92 percent claimed their organizations saw measurable value as a result of investing in data and analytics.
However, simply having data does not mean it will be put to good use. Consider choosing an RMIS that will facilitate fast, data-driven decisions so your organization can improve its risk mitigation efforts. Look for features such as:
- Visualization tools to present data in an easy-to-digest way
- Ready-to-deploy reports for frequent applications, like loss runs
- Integration capabilities to enable easy data transfer between systems and ensure data integrity
- Customizable dashboards, report libraries and filters to tailor reporting to match your needs
- Simple report generation and streamlined sharing options
- The ability to easily export data to external business intelligence engines
8. Is the RMIS User-Friendly?
An RMIS is only valuable if employees use it. If an RMIS has a complex navigation system or a cluttered design, for example, employees might get frustrated and avoid adopting the solution. Conversely, a user-friendly RMIS engages users and has a positive effect on widespread solution adoption, enabling improved data capture and increased insight.
To ensure employees embrace your RMIS and utilize it to its potential, look for a solution that highlights user-friendliness. This includes qualities such as:
- A simple, organized and attractive dashboard
- Intuitive navigation
- Global search functionality
9. Does the Vendor Provide Training and Support?
Regardless of how intuitive the system is, efficiently and effectively integrating an RMIS into your workflow can be challenging without the right support. Choose a RMIS provider that offers technical assistance and adequate implementation support to ensure your organization successfully adopts the solution. Your RMIS vendor should help you integrate the solution with your other systems and make sure you understand how to navigate and use it fully.
At APP Tech, we offer tailored onboarding and unlimited support to maintain our client’s success. Providing unlimited support to clients enables a client’s success after the custom onboarding process is completed.
10. Does the Vendor Have a Reputation of Excellence?
The vendor’s trustworthiness and quality of service are just as important as the RMIS itself. Take time to research the vendor, read reviews and evaluate the company’s reputation.
Overall, an RMIS vendor should give the sense that you can trust their team to provide a secure and reliable solution. You will also want to confirm that they will respond quickly to any concerns and are eager to form a supportive, long-term partnership.
Here are a few questions to ask a potential vendor when determining if they are the right fit for your organization:
- What experience do you have?
- What problems does your solution solve?
- What methods do you use to ensure data protection and privacy?
- Do you have a SOC 2 Type II compliance report?
- What is your approach to updating and maintaining your RMIS?
- Can you provide customer references?
You Can Have Confidence in Cloud Claims
An RMIS can improve your organization’s risk management approach, increase productivity and reduce risk exposure, ultimately resulting in cost savings and enhanced claimant satisfaction. Considering the impact an RMIS can make, it is worth choosing a solution that meets all your criteria, provides ongoing tech support and will scale with your business.
You can end your search for an adaptable and intuitive RMIS with Cloud Claims, our flagship claims management platform designed for self-insured organizations. Our scalable, cloud-based solution introduces an incident-based approach to claims management, meaning it streamlines incident reporting to promote data accuracy, enhance decision-making and improve risk mitigation.
Contact us today to learn more about Cloud Claims and schedule a demo tailored to your company.