View
214
Download
0
Category
Preview:
Citation preview
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 1/36
Aon eSolutions
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 2/36
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 3/36
01
The Denitive Guide to a Risk Management Inormation System
02 Why you should read this guide?
03 Determine i you need a Risk Management Inormation System (RMIS)
04 What is a RMIS and how can it help me?
06 Who uses a RMIS?
07 What does a RMIS do?
08 Why are organizations now investing in a RMIS?
10 RMIS unctionality
16 Risk reporting and mapping
17 Access when you’re on the move
18 Beyond the system and RMIS unctionality
20 ROI in ocus
24 Gaining internal approval
26 RMIS selection criteria
28 Six steps to purchasing your RMIS
29 Why Aon eSolutions or your RMIS?
30 A quick recap...
31 Contact details or Aon eSolutions
Tabe o Contents
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 4/36
The Defnitive Guide to a Risk Management Inormation System
In order to help organization’s lower their total cost o risk, insurance and risk proessionals need to
be able to instantaneously cross-examine their risk and insurance data. However, many organizations
struggle to achieve this goal, spending valuable time manually manipulating and consolidating theirenterprise-wide data. This is oten at the expense o being able to add real value to their organizations
by, helping reduce losses and proactively manage and mitigate risks.
This guide oos to provide a vauabe insight into how
a Ris Management Inormation System (RMIS) can hep
your organization and, specicay:
1. Demonstrates what types o businesses use
a RMIS (page 06).
2. Expains what a RMIS does and the vaue
it brings (pages 04 and 05).
3. Find out i you reay need a RMIS
(page 03).
4. Deveop the business case or investing
in a RMIS (page 20).
5. And, discover what steps you shoud taeto purchase one (page 28).
The guide is aso paced with cient testimonias,
insights rom industry research, and practica
worsheets to determine i your organization
needs a RMIS and the vaue it can provide.
We hope this guide wi be a useu resource
whether you’re investing in a RMIS or the rst
time or re-evauating your current suppier.
Why you shoud read this guide?
02
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 5/36
The Defnitive Guide to a Risk Management Inormation System
03
Unsure i you need a RMIS? Simply answer the ollowing questions with a ‘yes’ or ‘no’ and nd out
i you should consider investing in a RMIS.
Determine i you need a Ris Management Inormation System (RMIS)
Your results
The majority o your answers were a no
You need to act quicy and seriousy
consider purchasing a RMIS as a priority.
The majority o your answers were a yesIt sounds ie you are in contro o your ris
management inormation and probaby
aready have a RMIS that does the job.
I you have an equal amount o yeses
and nos
It oos ie you are oten annoyed by
weanesses in your ris management
inormation process. Now is a good time
to thin seriousy about a RMIS that can
hep overcome some o your rustrations.
1. Is a your ris and insurance inormation readiyavaiabe at the press o a button?
2. Are you condent that your ris and insurance data isaccurate and reiabe?
3. Can you be sure there are no gaps or dupications in your insurance coverage?
4. Do you thin your renewa process taes too ong tocompete – rom capturing data to maret submission?
5. Do you thin you are abe to negotiate the highest-quaity insurance coverage and optimum premiums
or your riss?
6. Is it easy or you to gather and store your insurancemanagement inormation in one pace?
7. Is it easy to obtain a u ve-year history o inormationon your insurance management data, incuding caimsrecords?
8. I you have muti-anguage and muti-currency
programs, is it easy to consoidate inormation?
9. I you outsource data handing to a third party, do you ee uy in contro o your inormation and that databeing gathered is up-to-date, accurate and ept secure?
10. Are you abe to coect caims payments and audit andreconcie the amounts easiy?
Start
Finish
Did you know?
Typically an underwriter will
use up to 56 data points to
price an individual asset.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 6/36
The short answer is...
...a RMIS is a technology system that enables you to capture, manage and analyze all your organization’s
risk and insurance data in a single, secure system. Using a RMIS, organizations like yours, can improve
department eciencies and generate savings on your total cost o risk. But, a RMIS and the expert
support behind it, oers much, much more. A RMIS helps you to:
What is a RMIS and how can it hep me?
04
The Denitive Guide to a Risk Management Inormation System
Athough data accuracy wi aways rey on peope,a RMIS can hep in the oowing ways:
· Automaticay highighting to users, at the point
o entry, vaues that may contain errors.
· Ensuring consistent synchronization o data rom
mutipe sources.
· Providing context hep or users.
· Buiding adaptive questionnaires, orms, and
interaces that as users or reevant data ony.
· Speciying ed constraints (or exampe, drop-
down options), mandatory eds, deauts, and
other vaidation ogic.
· Post data-entry ceaning and automatic vaidation
against business rues.
“We elt certain we could optimize
our total cost o risk by basing our risk
and insurance decisions on the soundest
possible data.
” AN DR IT Z
A RMIS heps you to automate many manua processessuch as:
· Data consoidation and vaidation against business
rues. This incudes transorming data into a singe
currency and anguage or reporting purposes.
· Data imports rom existing systems, such as
third-party administrator systems or insurance
carriers, data processing and data exports, and
ERP and HR systems.
· Aerts and escaations, such as emai noticationswhen a caim reaches a certain threshod.
· Popuating pre-buit reports and dashboards.
· And distributing inormation to staehoders,
aocating premiums to business units and
invoicing and tracing payments rom insurers.
Reduce administrative burdensImprove data accuracy
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 7/36
One o the biggest benets o a RMIS is the abiity tobuid interactive reports that organize and interpret a
your ris and insurance data.
The resut is a snapshot view that wi enabe:
· Better strategic decision-maing and aocation
o nancia and human capita.
· Activey promote saety and oss contro and,
deiver a consistent ris cuture.
· Optimize ris transer costs.
· Better manage retained riss and captive
management.
· Measure progress towards ris management goas.
What is a RMIS and how can it hep me?
05
The Denitive Guide to a Risk Management Inormation System
A RMIS wi enabe data to be entered romacross your organization into a singe system,
iteray anytime and anywhere. So you’ have
a ive view o a your riss and exposures and
the abiity to:
· Spot trends and potentia osses quicy so
corrective measures can be put in pace.
· Aert staehoders about potentia exposures.
· Proactivey manage and mitigate your riss.
Mitigate losses
Make inormed decisions about
how to lower your Total Cost o
Insurable Risk (TCOIR)
“The improvement o the entire
process, permitted by RiskConsole, is
quantiable in a 15% improvement in
the number o claims closed within a
reasonable time.
” PARMAlAT
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 8/36
Who uses
a RMIS?
A RMIS isn’t suitable or all businesses. Typically, businesses using a RMIS, like Aon’s RiskConsole, have one
or more o the ollowing characteristics:
Who uses a RMIS?
06
The Denitive Guide to a Risk Management Inormation System
Visibility challenges
· A arge number o riss to trac, or
exampe, properties, poicies, business
units, vehice feets and assets.
· Mutipe ris inormation sources with
no integrated, singe view.
· No overview o incidents/caims beow
the deductibe.
Administrative process challenges
· Compex caims management processes
and/or third-party administrators to
manage.
· Renewa headaches – engthy data
coection and consoidation processes.
· Outdated systems or spreadsheets or
inormation processing.
Risk nancing challenges
· In-depth ris nancing approach.
· Compex insurance set-up with
mutipe insurers.
· A arge amount o se-insured retention
with a imited overview o incidents/
caims beow the deductibe eve.
International/global challenges
· Compex/dynamic organizationa structure.
· large and/or compex internationa
insurance poicies.
· Muti-anguage and/or muti-currency
requirements.
· Geographicay dispersed – data-entryand reporting rom mutipe ocations.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 9/36
Incident Reporting and Caims Management
Asset Management
Enterprise Ris Management/Ris Register
Contracts/Vendor Management
Renewas/Data Coection
Ris Financing
Poicy Management
Premium Aocation and Cacuation
Insurer Ratings
What does a RMIS do?
07
The Denitive Guide to a Risk Management Inormation System
I you think a RMIS is just a claims management system, think again. That’s only the start o what it does.
Here are some o the more popuar uses:
For inormation about the capabiities o the modues isted above and other eatures, pease go to pages 10-14.
“We were immediately struck by
the completeness o the system and the
possibilities it would oer Corio.
”
CORIO
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 10/36
08
Risk Management Inormation Systems have been around or more than 40 years, yet according to Aon’s Global Risk Technology
Survey, the majority o organizations have only really been beneting rom them or less than 10 years.
Why are organizations now investing in a RMIS?
15.2%
18.4%
27.8%
16.6%
18.8%
33.3%
18.4%
19.6%
33.3%
27.9%
66.79%
26.3%
11.1%
17.9%
50.0%
25.0%
16.7%
26.4%
14.7%
17.3%
7.9%
14.2%
50.0% 14.2% 6.1%
3.9%
5.6%
5.4%
0-1 Year 1-3 Years 3-5 Years 5-10 Years 10-20 Years 20+ years
North America
Middle East & Africa
Latin America
Europe
Asia-Pacific
All
Number of Years Organizations Have Used
Risk Technology – Regional Perspective
The Denitive Guide to a Risk Management Inormation System
So, why now? Risk Management Inormation Systems are back on the priority list or many organizations or these key reasons:
1. Increased ocus
on risk management
rom the board. 2. Compliance, the
economy and increased
occurrence o natural
catastrophes.
3. More data being
managed and analyzed
by ewer sta. 4.
Brand reputation. 5. Expanding
responsibilities o
today’s risk manager.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 11/36
09
Why are organizations now investing in a RMIS?
The Denitive Guide to a Risk Management Inormation System
In ocus at board level
Ris management has moved up thecorporate agenda to become a board eve
concern. The pressure to produce timey
reports, which show a true picture o riss
and exposures, is more intense than ever.
Yet, ris managers strugge to deiver the
goods, with data tied up in disparate,
manuay-based systems that are hard to
pu together.
Stricter governance and regulations
and more uncertainty
We ive in a more itigious age where
governance and reguations are more
intense. Incident rates are aso on the rise
in the ace o more natura catastrophes
and a growing popuation. Furthermore,
an unsteady economy magnies the cost
o mistaes.
Brand reputation
Nowadays, compex goba suppy chains
and an internet-spawned 24-hour news cyce
ueed by socia media have posed additiona
chaenges or companies to manage riss
reated to their reputation and brand. Whie
some consider damage to reputation a ris
in its own right, others may consider it as a
consequence o other riss. Either way, it is
cear that a riss may impact or be impacted
by damage to reputation.
Expanding responsibilities
The proessiona ris manager’s roe has
expanded rom assistant to the corporate
treasurer bac in the 1960s, to incude
business continuity, compiance, corporate
governance, auditing and so on today. The
extra responsibiities put pressure on the ris
manager, which means he or she is turning
to technoogy as a aciitator, to hep speed
up processes and aid decision maing.
More data than ever beore
Whatever voumes o ris and insurance
data your business produces, a RMIS
eeps them under contro. You can merge,
anayze and share inormation about
insurance, riss, where your assets and
empoyees are based around the word,
and events that may impact them.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 12/36
As well as the unctionality you’d expect, such as claims management, today a RMIS provides a wide range o unctionality as standard.
What is most important, however, is that your RMIS provider can build the system to match your processes, vocabulary, people and
evolving business needs, while also improving eciencies and delivering best practices.
The list below is not exhaustive, but provides an indication o the most popular eatures you should expect rom your preerred RMIS provider.
The unctionality section is divided into three parts; modules, eatures and beyond the system.
Modules
This section provides a snapshot o the most
popuar modues and a ist o other modues
worth considering.
Features
This section covers eatures such as worfow,
security, hosting, reporting and mapping, mobiity
and integration.
Beyond the system
This section provides an overview
o the services you shoud be ooing
to receive.
RMIS unctionaity
10
The Denitive Guide to a Risk Management Inormation System
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 13/36
RMIS unctionaity – modues
11
The Denitive Guide to a Risk Management Inormation System
Benefts:
· Enabes you to aocate premiums based on
pre-dened criteria per ine o business,
incuding bonus-maus aocations.
· Aows or premium cacuation incuding
tax tracing.
· Transparency and compiance due to data being
avaiabe or previous aocations. · Aows you to review previous years’ activities as
part o your premium aocation process.
· Aows or ‘what i’ scenarios so you can
communicate potentia premium reductions
based on perormance.
What it does:
Provides a consistent, automated methodoogy to
cacuate, aocate and monitor premiums across
business units based on caims severity, ieihood,
impact, and ris mitigation measures.
Premium Allocationand Calculation
Benefts:
· Time savings generated rom automating
questionnaire distribution and oow up and,
data vaidation and consoidation.
· More comprehensive and accurate data vaues
through dynamic questionnaires, input options,
and context setting and tootips.
·Coects data into one secure system that isavaiabe onine anywhere and anytime.
· Enabes more time to be spent on
high-vaue activities.
What it does:
A centra repository or coecting, vaidating and
cross-examining a your organization’s vaue
coections, ready or your annua renewa process
and maret submission.
Renewals/Data Collection
Benefts:
· Tracs trends and identies patterns o ris so
you can tae proactive steps to reduce them.
· Aows or additiona inormation to be
captured at the time o the incident, or
exampe, attaching image es.
· Identies ags between caims and
settements so you can manage cash-fowmore eectivey.
· Gives accurate inormation on caims beow
your deductibe eve so you can reserve the
right eve o unds to cover them.
· Handes muti-currency caims to provide
a singe view o a caims.
What it does:
Provides a compete picture o a your incidents
and types o caims activity. This enabes root
cause anaysis, contro o third-party caims
administrators and reduced caims eaage.
Incident Reporting andClaims Management
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 14/36
Benefts:
· Rates and monitors the perormance o your
suppiers, contractors and sub-contractors.
· Enabes a cear view o your responsibiities
and dependencies with externa providers.
· Provides the abiity to upoad and store
drats, contracts or extracts o contracts.
·Saves time, by ining with inormationstored in other modues incuding insurance
certicate management, budget, and
invoicing mechanisms.
What it does:
Coate and manage ega and ris reated
contracts rom drat through to renewas.
These may range rom contracts with principas,
agents, vendors, service providers
to subcontractor contracts.
Contracts/Vendor Management
RMIS unctionaity – modues
12
The Denitive Guide to a Risk Management Inormation System
Benefts:
· Saves you the cost o over insurance and
prevents the ris o under insurance.
· Gives a detaied view o oca poicies so you can
ensure that mandatory country-specic cover is
in pace.
· Ensures consistency or dierent ines o
coverage, or exampe, so country operations
wor to the same imits o coverage.
· Heps you manage oss ratio reporting more
ecienty.
· Enabes you to move rom paper-based poicy
management to storing records and documents
eectronicay that are easy to access and audit.
What it does:
Aows you to get to grips with a your insurance
poicies, incuding oca, ronting and goba, to
provide u transparency, heping you to avoid
dupication or gaps.
Policy Management
Benefts:
· Aows you to prioritize recommendations,
ensuring ris management budgets are spent on
ey areas o ris improvement and assess their
impact on premium eves.
· Enabes you to trac mutipe oss estimates.
· Enabes you to group assets by territory, so you
can ne-tune your understanding o high and
ow ris ocations.
· Avoiding over or under insuring with accurate
property vaues and the right sums insured.
What it does:
Provides you with consistent and updatabe
inormation on a your physica assets and, overays
your assets and exposures with insurance data,
natura catastrophe and poitica inormation.
Asset Management
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 15/36
Benefts: · Ability to be proactive when insurer ratings
change. · Understand exposures across the entire
transerred portolio in terms o insurer credit
rating stability, enabling more eective
insurance buying and spread o exposure. · Helps improve compliance with governance,
control and transparency. · Facilitates risk transer strategies to manage
counter-party credit risk exposures.
What it does:
Rates the fnancial strength o your risk carriers using
leading credit rating agencies, Standard & Poor’s
and AM Best.
Insurer Ratings
RMIS unctionality – modules
13
The Defnitive Guide to a Risk Management Inormation System
Benefts: · Provides a global view to track aggregate erosion
o unds or your retention, as well as insured
limits and aggregates. · Enables easy statements o outstanding recoveries
by insurer as well as detailed loss ratio analysis.
· Enables you to look at total premiums paid to the
market per program and how they have been
impacted by claims, so you can budget your
retention more accurately. · Displays inormation graphically so it is easy to
understand. · Helps captive insurance companies ensure
compliance with Solvency II capital requirements.
What it does:
Allows the policy record to show the claims costs
split by participating insurers and reinsurers, and
layers and, shows the relevant loss ratios, including
real time erosion o policy limits and aggregate.
Risk Financing
Benefts: · Simplifes and automates the way you identiy
and update your risks. · Measures whether controls to reduce risks are
being implemented and are eective. · Weights your risks globally according to
specifc measures such as turnover, so you
can understand the relationship between
business activities and the risks they carry.
What it does:
Enables you to log, map and manage your risks
and share inormation with your organization’s
auditors, health and saety and other
departments in order to assess your appetite or,
and response to risks.
Enterprise Risk Management/Risk Register
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 16/36
As well as meeting your needs today, it’s worth ensuring additional modules are also available. These should include:
Product Module
Mitigating osses through suppy chain tracing
Litigation Management
Managing and tracing ega actions
Environmental Module
Certiying your property portoios’ environmenta
compiance
Contract Management
Driving consistency in the management o contracts
Clinical Trials/Certicates
Insurance or pharmaceutica trias and issuing
o certicates
Employee Module
lining your empoyees to assets and other modues
RMIS unctionaity – other modues
14
The Denitive Guide to a Risk Management Inormation System
“Looking to the uture, we know there
is so much more that we can do with the
system. RiskConsole has delivered fexibility,
dependability and peace o mind.
”
TRANSl INk
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 17/36
Here are some additional eatures worth considering when investing in a Risk Management Inormation System.
RMIS unctionaity – eatures
15
The Denitive Guide to a Risk Management Inormation System
Geographical mapping
High speed connection and usage
Hosting
Workfow automation
Security
Comprehensive help and tutorials
Data loading in multiple ormats Personalized interace views and set up
Multi-lingual and multi-currency
Mobility
Sel-service setup Integration
On-demand reporting
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 18/36
Reporting and analytics give the ability to transorm all your data into easy to read and interactive charts
and graphs that aid decision making. All vendors provide some level o in-built reporting and mapping,
but the depth and ease-o-use will vary greatly.
Standard templates
A ibrary o reports at your ngertips, incuding
premium oss ratio, property banding report, top
10 causes, interna benchmaring, point-to-point
comparison, property and asset maps, oss trianges,
and premium movement.
Sel-service dashboard building
Eortessy create iteray any dashboard or report
you need.
Interactive reports
Fuy interactive reports aow you to view data rom
an enterprise-wide eve to a specic eement, ris and
exposure. This wi enabe you to quicy interpret data,
estabish root causes and pay out dierent scenarios.
Ofine reports with ull unctionality
Enabing viewers to have the fexibiity to investigate
and contro the data, without being onine or
connected.
Mapping
Overay your property and asset riss with NATCAT
and poitica upheava inormation to add context to your exposures and territories.
Mobile access
A your reports shoud be accessibe on tabets
and smartphones. In addition, you shoud have
the capabiity to buid additiona reports whie on
the move.
Workfow and distribution
The abiity to dene worfows and, automaticay
schedue and distribute reports, in a wide range
o ormats.
Ris reporting and mapping
16
The Denitive Guide to a Risk Management Inormation System
“With inormation now compiled
and housed in one central location,
we can run a broad array o risk
management reports.
”
STARWOOD HOTElS & RESORTS
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 19/36
· Inormation can be captured and
communicated quicy.
· Entering data directy on a tabet reduces
the paperwor, error rate and time it taes to
input inormation manuay when you’re bac
in the oce.
· Capturing data, reports, diagrams and photos
on mobie devices heps speed up caims
management and processing.
· Mobie devices mae meetings and
presentations easier with a the inormation
you need at your ngertips.
Anywhere/anytime computing is now the norm. Even laptops are too cumbersome or many
eld-based activities. Organizations now view tablet PCs as serious business tools. With RMIS
unctionality available on tablets you immediately improve speed and accuracy when you gathersource data.
Access when you’re on the move
17
The Denitive Guide to a Risk Management Inormation System
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 20/36
Sales
The review and seection process is critica. Your
preerred suppier shoud be abe to demonstratethe oowing attributes as a minimum:
· Understand your needs and chaenges.
· Show you how the system can hep overcome
your chaenges.
· Strong communication sis and, abiity to
nowedgaby discuss ris management.
Implementations
Appropriate processes and methodoogies that
are fexibe and have evoved with experience toensure you’re:
· Comortabe with the system and receive
appropriate training or a your users.
· Provided with best practice advice that
speeds up depoyment times.
· kept up-to-date with progress.
· Achieving your kPIs and expectations
are being met.
Although many Risk Management Inormation Systems boast all the technology bells and whistles, you’ll always need
to partner with people you can get along with. Also, when you consider a RMIS, you should ensure it comes rom a
provider who demonstrates both technology and insurance expertise.
Beyond the system and RMIS unctionaity
18
The Denitive Guide to a Risk Management Inormation System
“Aon eSolutions was very good at
explaining and demonstrating the system,
and we’re now beginning to see the results
o all this hard work.
”CORIO
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 21/36
Support
Hepdes support shoud be provided by experienced
insurance and technoogy speciaists who can answer the majority o your queries immediatey. Consider:
· loca support in your oca anguage.
· 24/7 avaiabiity.
· Mutipe ways to contact support, incuding
teephone, emai and an onine porta.
Account Management
Ongoing and dedicated support rom a partner that
eeps you up-to-date with:
· Reguar meetings.
· New product updates and unctionaity
enhancements.
· Proactivey suggest how you can gain extra cost
and eciency savings.
· Networing and idea-sharing events with other RMIS users across a range o industries, such as
webinars and conerences.
· Best practices and essons earned rom deaing
with other customers.
Beyond the system and RMIS unctionaity
19
The Denitive Guide to a Risk Management Inormation System
“Everyone has been very willing tohelp us to accomplish what we want. The
team at eSolutions has been fexible and
understands our requirements, meaning
that RiskConsole has been congured to
meet our specic needs. We couldn’t ask
or more.
”HEINZ
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 22/36
As well as the key benets listed on pages 04 and 05, to ensure projects get o the ground any system purchase relies
on being able to show measurable cost savings.
Based on industry standards, Aon’s own research and other sources, a RMIS can provide potentia savings on insurabe ris
expenditure in three main areas:
ROI in ocus
20
Total estimated annual saving o 4 – 9% o an organization’s Total Cost o Insurable Risk (TCOIR)
The Denitive Guide to a Risk Management Inormation System
17%Retained Risk
Cost
20%Risk Management
Cost63%Risk Transer
Cost
Deivering a
potentia saving o
3 – 8%
Deivering a
potentia saving o 5 – 10%
Deivering a
potentia saving o
10 – 15%
Organization’s Total Cost o Insurable Risk (TCOIR)
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 23/36
To help you work out the types o savings your organization could
generate rom a RMIS, Aon eSolutions has developed an interactive
ROI calculator. Simply visit www.aon-esolutions.com/calculate andmodiy the amounts you currently spend on insurable risk, to show
your estimated annual savings.
Cacuate your own potentia ROI
21
The Denitive Guide to a Risk Management Inormation System
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 24/36
Did you know?
A small percentage o participants (3.7%)
showed an increase in TCOIR. Typically, this is
due to gaps in cover that need to be nanced or
by uncovering previously unknown costs.
The results rom Aon’s Global Risk Technology Survey showed some interesting acts and gures gleaned rom over 400 risk and
insurance proessionals. The report is available or download at www.aon-esolutions.com/GRTS. Below are some o the savings
that participants highlighted.
Our survey said...
22
The Denitive Guide to a Risk Management Inormation System
Survey o 400 risk and insurance proessionals Risk transer cost savings rom risk technology tools
Risk retention cost savings rom risk technology tools
1 – 10% reduction
1 – 10% reduction
over 10% reduction
over 10% reduction
44.4%
43.7%
18.5%
12.4%
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 25/36
A RMIS provides you with a broad view o all your risks and exposures so you can make inormed decisions that drive short-term
prot and increase long-term organizational value. Furthermore, by providing you with more accurate and reliable data, you will be
empowered to make decisions on what risks to retain or transer, risk-retention strategies and how to eectively transer risk, whichall helps lower your overall cost o risk.
How does a RMIS deiver ROI savings
23
The Denitive Guide to a Risk Management Inormation System
Risk transer savings
Risk retention savingsRisk management
cost savings
· More accurate, compete and reiabe data because
o consistent data entry processes that automaticay
spot errors, od data, and missing components.
· Deiver a u picture o current and historica trends.
· More ocused insurance purchasing through a more
inormed view o your entire operation.
· less time spent managing data
and competing ow-vaue tass.
· Consoidations and data merges
are done automaticay.
· Managers no onger need to
maintain bacup systems.
· Provide the abiity to set strategies that dea withuncertainty over time.
· Empower managers with ive inormation so trends
and root causes can be quicy discovered and
where possibe prevented and reduced.
· Abiity to rapidy respond to business changes based
on ive input rom business units.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 26/36
Okay, you know you need a RMIS and you’ve worked out your return on investment. Now you need to convince
your organization’s decision-makers to give the go-ahead. Here are the compelling arguments:
Gaining interna approva
24
The Denitive Guide to a Risk Management Inormation System
Chie Finance Ocers
A RMIS wi hep you eep your
organization’s staehoders happy
by reducing costs, improving prot
margins to grow the business in
both the short and ong term.
Chie Inormation Ocers
and IT Directors
A RMIS deivers a rapid return
on investment, requires ceary
identied (and reativey imited)
input rom the IT department
during impementation, and
comes with u support.
Furthermore, the system is uy
accredited and oers the highesteves o security, incuding;
encryption, centra password
contros and data protection.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 27/36
Gaining interna approva
25
The Denitive Guide to a Risk Management Inormation System
System users
A RMIS wi simpiy and speed up
the tass you have to compete,
such as coecting data, buiding
reports and deivering them to
management. This rees up your
time to ocus on more vaue
added activities and improve
motivation by removing time
consuming manua processes.
Procurement departments
During the ‘Six steps to purchasing
a RMIS’ (see page 28), you wi have
estabished the credentias o your
RMIS provider that shoud satisy
their requirements. This wi enabe
you to provide inormation and
nancias about the suppier and
how they can deiver the best resuts
or your organization by combiningstrengths, ideas and actions.
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 28/36
Features and unctionality
Probaby the most important criteria to evauate as
you consider dierent RMIS providers. Mae sure you
ocus on your ey dierentiators rst and they have the
right unctionaity to t your specic requirements.
Sampe considerations:
· Provides a broad seection o modues to cater
or current and uture needs.
· Provides fexibe reporting toos, in-buit
tempates, ad-hoc reports and automatedreport distribution aciities.
· Abiity to automate processes.
· Provides customised interace views.
Technology
It is important to ensure you are buying into a orward
ooing technoogy that has a panned roadmap.
Furthermore, ensure the RMIS provider wi continue
to deveop, enhance, and improve the product.
Sampe considerations:
· Abiity to interace/interoperate with
existing systems.
· Operates on preerred operating environment and
hardware, incuding tabets and mobie devices.
· Access contro o data (read, write, deete, copy)
at the e eve by user and user group provided.
· Provides best-quaity data security and hosting,
baced with accreditation.
The RMIS supplier/vendor
Ensure the RMIS suppier has a good trac record
o deivering these types o systems and has a
good credit and nancia rating.
Sampe considerations:
· Insurance and technoogy expertise.
· Consistent nancia position over the ast
three years.
· Years in business and age o product.
· Number o new cients in the ast 24 months.
· Number o system/product deveopers
currenty empoyed by the suppier.
As well as ensuring your preerred RMIS provider speaks your language, you’ll need to assess the usability o the system.
Set out below are some considerations to help you evaluate systems and suppliers.
RMIS seection criteria
26
The Denitive Guide to a Risk Management Inormation System
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 29/36
Implementation
Mae sure the suppier has experience with the
industry that you are in and the type o system set
up and unctionaity you require.
Sampe considerations:
· Impementation oows a standard methodoogy.
· Training in unctiona use and system
administration provided.
· Training provided at: customer site(s) and
suppier site(s).
· Muti-anguage training and training materias
provided, as required.
· location o customer service empoyees
(in reation to cient): same country,
dierent country.
Maintenance & Support
You can expect 24/7 support and you shoud aso
evauate system upgrade entitements. Furthermore,
panned maintenance shoud typicay occur
outside norma business hours.
Sampe considerations:
· Range o ways to contact support, incuding;
teephone, onine porta and emai.
· Teephone service provided: xx hours per day,
x days per wee.
· Guaranteed response times and dened SlAs.
· On-site expertise avaiabe.
Total Cost o Ownership
You need to consider the tota cost o ownership
o the Ris Management Inormation System over
the rst ve years. Focus on user icenses, sotware
maintenance, and impementation services.
Sampe considerations:
· A costs are incuded in the pricing; recurring
annua costs, training costs, upgrade costs,
impementation support costs, customisations
costs, user icenses, training materias etc.
· Pricing structure or oow-up training provided.
· Pricing arrangements avaiabe.
RMIS seection criteria
27
The Denitive Guide to a Risk Management Inormation System
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 30/36
28
The Denitive Guide to a Risk Management Inormation System
Identiy your needs
Research the market
Plan your timeline
Pick your team
Implement your RMIS
Review and evaluate
· Discuss requirements with a your interna staehoders:
the ris management team, IT, procurement, heath andsaety, and senior executives.
· As the RMIS prov iders or hep, or exampe ar rangingworshops with you to review your requirements
in detai.
· Don’t rush. Mae sure a your requirements are actored in.
· Beware o short timescaes – corners may be cut – and
watch out or cost overruns or add-ons, which you canavoid with a xed-price contract.
· A RMIS is not just about technoogy; it’s aso about
peope and reationships. You need the right peope
in pace to mae roout a success.
· Your provider shoud begin with quic wins so your
RMIS deivers vaue quicy.
· They may appear simiar, but not a RMIS are the same –
chec to see they provide what you need.
· Chec to ensure their business credentias wi satisy your
procurement department.
· As to spea to other customers to nd out r sthandabout the provider’s approach and their RMIS reiabiity.
· Mae sure your IT, procurement and executive sponsor are on board or the ong-term.
· Chec what speciaists your provider wi bring to the
team, incuding account and project managers, sotwareand technica expertise and insurance speciaists.
· Your provider shoud run a detaied process o continuous
reviews so you can monitor benets against your kPIs.
· Annua reviews shoud examine potentia utureopportunities and eep you abreast o technoogy advances
and changes in insurance egisation and reguations.
Follow these ‘six steps’ to identiy whether you need a RMIS, what you want it to do, who to buy it rom and how to implement it.
Six steps to purchasing your RMIS
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 31/36
Success Matters
Each o our discipines – saes,proessiona services, IT and account
management – is coordinated and
aigned or the soe purpose o
meeting cient objectives. From the
very beginning, we want your active
engagement to insure your success.
Clarity & Eciency
By transorming ris and insurance datainto actionabe business inteigence,
our cients enjoy unsurpassed carity
and eciency in the decision-maing
process. Aon eSoutions heps you
address ey chaenges and measure and
optimize your tota cost o ris.
Experience
There is no substitute or anexperienced, proven partner. Aon
has been a eading ris management
technoogy provider or 40 years.
Today, we remain as committed as
ever to continuous improvement,
baced with cient eedbac, to ensure
we are providing maret eading
products and services.
When you select Aon eSolutions, you benet rom our proven record o partnering with some 700 clients in 40 countries to meet needs
just like yours. We are experienced in working with clients rom a broad range o industries and sectors. From generating immediate cost
savings to developing a comprehensive risk-data strategy, our ocus goes way beyond system eatures and unctionalities.
Why Aon eSoutions or your RMIS?
29
The Denitive Guide to a Risk Management Inormation System
“Using RiskConsole has
denitely helped to reduce
and manage costs. Not
just on direct costs rom
claims, but allowing the
management o claims to be
more proactive in managing
reserve levels, reporting time
and data input.
” TRANSl INk
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 32/36
We hope you’ve enjoyed this guide and that it helps you as you look to invest in a RMIS.
Although any system purchase and implementation can seem like a challenge, especially when
you’ve also got your normal 9 to 5 tasks to complete, we think that with the right RMIS partner
it will prove a sound investment and orm a critical part o your risk management toolkit.
Given the sheer voume o ris and insurance data you need to coect, manage and anayse,
a RMIS can hep:
· Reduce administrative burden.
· Improve data accuracy.
· Aid decision maing.
· Reduce osses through quicer access to ive data.
· And, ower your Tota Cost o Insurabe Ris (TCOIR).
I you woud ie an inorma chat about how Aon and RisConsoe can hep your organization,
pease contact us or visit www.aon-esolutions.com .
30
A quic recap...
The Denitive Guide to a Risk Management Inormation System
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 33/36
EMEA
Steve Cloutman
Managing Director
+44 (0)207 882 0974
steve.coutman@aon.co.u
31
Contact detais or Aon eSoutions
The Denitive Guide to a Risk Management Inormation System
APAC
Australia
Justin Gale
Nationa Saes Manager +61 2 9253 7436
justin.gae@aon.com
Asia
Eric A. Schaap
Regiona Practice leader
+65 62 398 872
eric.schaap@aon.com
Americas
Monte Dalton
Vice President Saes (US & Canada)
+1 925 242 4635
monte.daton@aon.com
Peter Govek
Vice President North Amer ican Saes
+1 920 451 9777
peter.gove@aon.com
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 34/36
7/27/2019 The-Definitive-Guide-to-RMIS.pdf
http://slidepdf.com/reader/full/the-definitive-guide-to-rmispdf 35/36
Recommended