Risk Management Information Systems (RMIS) Improving efficiency and - PowerPoint PPT Presentation

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 2

Risk Management Data Payroll Corporate Name In many organizations, risk management data is located in Insured many different locations, in many Vehicles different formats. Acquisition Information Gathering information in a consistent format is time consuming OSHA Injuries and frustrating. It is challenging! COPE 3

Risk Management Information Names & Addresses Contacts Acquisition Information A risk management Location Hierarchy Ownership Companies information system Claim Info COPE provides: Reserves Vehicles • a common format Costs Sales • standards for data Risk Claims Insured collection Management Payroll Risk Documents • one location for Management Property Values Information all information Legal Enrollment System collected Hours Worked Exclusions It transforms OSHA Injuries Limits data into usable Insurance Safety Lost Time Events Policies Period information. First Aid Events Insurer Near Misses Insured 4

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 5

DATA MODULES •Exposure Values •Current •Corporate History •Historical •COPE •Policy Erosion •Survey Recommendations •Linked Policy •Loss History •Premiums •Fees Locations Policies Incidents Claims •Details by type •OSHA Reporting •Loss detail •Reserves •Payments •Recoveries •Documents 6

INTERNAL DATA USERS Financial HR Legal Risk Mgmt ? EHS Mgmt 7

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 8

Claims • Consolidated tracking/reporting of 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 9

Incidents • Track potential claims • Easy change from incident to claim • OSHA reporting – Global metrics 10

Value Tracking • Property • Casualty and property – Building exposure values – M&E • Actual vs Estimated – Inventory • Historical Values – Business Interruption • Value trending • Casualty • Excel export/import – Payroll – Sales – Vehicles – Enrollment 11

Values Collection • Web-based values collection • Track progress 12

Data Processing/Reporting • Values trending • Values collection • Total Cost of Risk analysis • Premium allocation • Automated reports • Claim analysis • Safety analysis • Dashboards 13

Other Features • Administration • Security • Automated Events • Many more – Health & Safety – Enterprise Risk Management – Compliance 14

Choosing a RMIS • Request demos • Request for Proposal • Data sharing – Examples – Reports • Cost • Bells and whistles 15