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Businesses turned more to risk management technology during the pandemic

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Driven by the COVID-19 pandemic, businesses and public entities have increased their reliance on risk management technologies, with vendors expanding their offerings to meet their needs.

A survey of 1,100 risk professionals found that 38% of respondents increased their use of risk technology during the pandemic, while 56% saw no change in their use and 6% used less technology. risk technology.

The survey was conducted by risk technology consultant Redhand Advisors and the results are published in the RMIS annual report which also includes comments from 32 risk technology providers.

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Patrick O’Neill, President, Redhand Advisors, co-author of the report, noted that since their initial focus on claims management and administration, Risk Management Information Systems (RMIS) have broadened their functionality to focus more on risk management, insurance and security. related needs.

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Of the risk professionals surveyed, 76% rely on their RMIS for claims management, 55% for claims administration, 37% for receipt and management of incidents and 31% for management of renewals. insurance.

At the same time, a growing number of risk professionals are now also using RMIS for policy and program management (28%), environmental health and safety (20%), benchmarking (20%), management of exposure and assets (19%), corporate risk management or governance. , risk and compliance (18 percent), and captive and pooled management (12 percent).

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According to the report, technological advancements, especially the integration of artificial intelligence, are helping RMIS to bring further efficiencies to the claims process, including:

  • Improved data entry with scanning technology and intelligent document processing;
  • Infusion of AI algorithms to provide more accurate reviews and booking practices;
  • Wider application of advanced analytics to identify characteristics of claims that can help expedite settlements;
  • Building low-code, no-code platforms that facilitate rapid integration with human resources, payroll, enterprise risk, and other legacy systems of an organization.
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“As they seek the fastest route to meet the evolving needs of their clients, many RIMS vendors are expanding their capabilities by integrating third-party solutions,” said David Tweedy, senior advisor at Redhand Advisors.

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These third-party services include cybersecurity, catastrophic risk, artificial intelligence and analytics, all of which are integrated into various RMIS platforms, according to Tweedy.

The survey revealed that most risk professionals prefer not to rely on a single supplier for all their needs, with 84% favoring “best in race” solutions or integrating their RMIS with third-party tools. The authors say this prompts RMIS providers to form partnerships and alliances with other providers.

Source: RMIS report

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COVID-19 technological risk management

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