Today, many companies are looking to gain an edge in their business, whether through increasing revenue, decreasing costs, streamlining processes or improving ROI. Risk management is no different.
Many organizations operate with lean or no internal risk management staff, and often times risk management processes are inefficient, with a reliance on manually populated spreadsheets, PDF loss runs, and hard copy OSHA logs. Because of this fragmentation, the depth and frequency of analysis varies, which may result in missed opportunities for reducing costs and improving outcomes.
Given these circumstances, many employers look for assistance to navigate their business' needs, seeking solutions in a more turnkey approach and using technology to identify opportunities and efficiencies to drive extraordinary outcomes in a risk management program.
One of the most efficient and effective risk management technologies on the market is a Risk Management Information System (RMIS). Designed to help organizations manage risk intelligently and deliver solutions to support the improvement of risk management programs, an RMIS provides organizations with the data and analysis to better understand and act according to their unique risk profile, identify cost drivers, manage critical risk events and control the total cost of risk (TCOR).
With an array of tools, cutting edge technology and the ability to be highly customized to a client's unique needs, the HUB RMIS solution provides effective claims administration, audit, safety and compliance, utilizing analytics and benchmarking. These features effectively support decision making around key risk management processes such as risk identification and assessment, risk financing and control, and claims management. But, business owners chief financial officers and risk managers can be reluctant to implement these systems for fear that their business is too small for an RMIS or the tool is too costly and time consuming to implement.
To meet these concerns, the HUB RMIS solution is a scalable, customizable platform to reflect any level of need a company has for the management of their risk data. Then, with the aggregated data and advanced RMIS analytics, you and a HUB representative can effectively identify solutions specific to your business' needs with the end goal of reducing your TCOR.
What can RMIS do?
The HUB RMIS solution has a number of features and benefits that make it both efficient and cost-effective for any size business. It includes:
Scalable. Available at various tiers, the HUB RMIS solution can offer a variety of tools either standalone or in customized bundles to meet the needs of every size business, allowing companies to utilize RMIS at a corresponding cost.
Aggregation of Risk Data. The HUB RMIS solution can consolidate and update high claims volume data from a large number of carriers and third-party administrators and can facilitate the completion and tracking of policy, property construction, occupancy, exposure and protection data. HUB RMIS also allows you to graphically model complex policy programs as well as the self-administration of claims, fleet management, values collection and certificate tracking.
Analytics. Individually configured to the requirements of each industry and client, the analytics in HUB RMIS can forecast trends, exceptions and analyze performance against in-house and industry benchmarks. With a variety of templates and risk dashboard panels, the HUB RMIS analytics aggregate risk data across locations and business departments to meet the customized needs of its users.
Automate Workflow. The standard functionality of the HUB RMIS can streamline an organization's workflow and interface with external systems such as Human Resources or Accounts Payable to exchange specific information, self-configure fields, codes and events specific to your organization's needs. This can include real-time analysis and distribution rules to share claims data with colleagues or external partners.
Compliance. In light of today's new compliance requirements, the HUB RMIS stores all the risk data in one location to be processed and reported in a single, secured database.
Communication. The HUB RMIS is a simple and cost-effective way for businesses to communicate both internally and externally with their broker. Reports and dashboards can be scheduled to automatically run at predetermined intervals and to be distributed across an organization or to any third-party email address. There is also a feature to integrate tasks and notes with your Outlook or Google calendars.
Reduced Implementation Time. Arguably the greatest benefit to the HUB new RMIS is that standard configurations for most lines of business are ready to be deployed. With a variety of associated tools and resources, both existing and new clients can be up and running with HUB's web-based RMIS in a short amount of time.
The HUB Difference
For middle market and large businesses that don't have a dedicated internal risk management team, need a deeper perspective into the performance of their risk management program or are looking for ways to better focus their resources on reducing costs, HUB RMIS is the right solution. This product, along with HUB's internal risk control and claims consultants, can act as an extension of a business' internal resources, analyzing the data and instituting best practices that will help businesses identify, mitigate and manage exposures and ultimately uncover new solutions that can reduce their TCOR.
"With our clients we're finding that a balanced approach to technology-based, self-service solutions, like HUB RMIS, as well as in-person consultation, is commonly sought together to help our clients fully address their complex risk management needs," said Todd Macumber, President/CEO, Risk Services Division, HUB International. "Because of the new RMIS product, our internal experts and full suite of consulting solutions, HUB International is uniquely positioned to assist clients in driving risk improvement."