Report Details RMIS Takeaways
Redhand Advisors has released its 2019 RMIS Report, which is the only independent review of the risk management information systems (RMIS) market. Written by David A. Tweedy and Patrick J. O’Neill, the report documents survey responses from more than 1,175 industry members to gather feedback on RMIS usage and needs.
Among the respondents, 57% serve in a risk management role, while 42% are in claims and 32% are in insurance. 37.5% implemented their RMIS between 2015 and 2018, with an additional 28% between 2010 and 2014.
The authors note that technology innovations and demands by more sophisticated risk management users and organizations are driving the market, fueling rapid change and growth. The definition of risk is also expanding, leading to market reaction.
A majority of respondent organizations use an RMIS for claims management (82%), followed by claims administration (43%), loss control/safety analysis (36%), and incident entry/management (35%). 67% of respondents use an RMIS to track general liability and 43% track property lines.
Overall, the report evaluated 7 independent RMIS providers, 2 specialty providers, 4 insurers, and 8 third-party claims administrators.
The goal of the report is to provide system and vendor information to a diverse audience. While vendors are not ranked, the report can be used as a tool to gather data and assist in making informed RMIS decisions.