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Risk Management Information Systems (RMIS)
Improving efficiency and increasing knowledge of a company’s risks
RMIS Review - Agenda
- Risk management data
- RMIS types
- RMIS highlights
- RMIS features
- Choosing the right RMIS for you
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Risk Management Information Systems (RMIS) Improving efficiency and - - PowerPoint PPT Presentation
Risk Management Information Systems (RMIS) Improving efficiency and - - PowerPoint PPT Presentation
Risk Management Information Systems (RMIS) Improving efficiency and increasing knowledge of a companys risks RMIS Review - Agenda Risk management data RMIS types RMIS highlights RMIS features Choosing the right RMIS for you
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SLIDE 3
Risk Management Data
Corporate Name Acquisition Information Payroll Vehicles COPE OSHA Injuries Insured
In many organizations, risk management data is located in many different locations, in many different formats. Gathering information in a consistent format is time consuming and frustrating. It is challenging!
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Risk Management Information System
Companies Risk Management Insurance Policies Safety Claims
Payroll Property Values Enrollment Sales Vehicles COPE Insured Insurer Period Limits Exclusions Hours Worked OSHA Injuries Lost Time Events First Aid Events Near Misses Claim Info Reserves Costs Insured Documents Legal
Risk Management Information
A risk management information system provides:
- a common format
- standards for data
collection
- one location for
all information collected
It transforms data into usable information.
Location Hierarchy Contacts Acquisition Information Names & Addresses Ownership
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Risk Management Data Today
- Loss history is located in various sources. Some
information is unavailable or unreported.
- Historical insurable values are unavailable.
- Policies not easily accessible.
- Corporate history information is scattered or
unknown.
- Claims data resides with multiple sources
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- Loss detail
- Reserves
- Payments
- Recoveries
- Documents
- Details by type
- OSHA Reporting
- Current
- Historical
- Policy Erosion
- Linked Policy
- Premiums
- Fees
- Exposure Values
- Corporate History
- COPE
- Survey Recommendations
- Loss History
Locations Policies Claims Incidents
DATA MODULES
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INTERNAL DATA USERS
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Risk Mgmt Financial Legal EHS Mgmt ? HR
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Insurance Policies
- Track limits, deductibles,
premiums
- Visual chart of policy
programs
- Attach policy and
endorsements for quick access
- Visualize policy erosion
- Link to claims and
locations
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Claims
- Consolidated tracking/reporting
- f all claims
- Self-administered claims
- Import from TPA(s)
- Historical reserves, payments,
recoveries
- Link to locations
- Link to policies
- Track policy erosion
- Claim benchmarking
- OSHA Logs
- Notes
- Attach documents
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Incidents
- Track potential claims
- Easy change from incident to
claim
- OSHA reporting
– Global metrics
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Value Tracking
- Casualty and property
exposure values
- Actual vs Estimated
- Historical Values
- Value trending
- Excel export/import
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- Property
– Building – M&E – Inventory – Business Interruption
- Casualty
– Payroll – Sales – Vehicles – Enrollment
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Values Collection
- Web-based values collection
- Track progress
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Data Processing/Reporting
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- Values trending
- Values collection
- Total Cost of Risk analysis
- Premium allocation
- Automated reports
- Claim analysis
- Safety analysis
- Dashboards
SLIDE 14
Other Features
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- Administration
- Security
- Automated Events
- Many more
– Health & Safety – Enterprise Risk Management – Compliance
SLIDE 15
Choosing a RMIS
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- Request demos
- Request for Proposal
- Data sharing
– Examples – Reports
- Cost
- Bells and whistles