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How a risk management information system (RMIS) could be benefic to organisations

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Aon eSolutions, provider of technology-based tools that improve the management of risk, insurance and safety programmes, is today launching the results of its 2009 Global Risk Technology Survey at the Federation of European Risk Management Association conference in Prague, Czech Republic. The report shows how organisations are implementing, utilising and benefiting from their risk management information systems (RMIS), helping to shape and benchmark risk programmes against those of their peers. In turn, and most crucially, some 62% noted savings in risk transfer costs as a result of using risk technology.

The survey of 435 risk professionals from 45 countries representing a broad range of industry sectors found that the number one benefit and driving force behind the use of risk technology is achieving accuracy and reliability of data.
Global Risk Technology Survey – European Top Five Benefits of Technology
1.    Accuracy and reliability of data
2.    Management reporting improvements
3.    Data consolidation/management
4.    Control and transparency
5.    Automation of processes

Further findings include:

  • 77% of European companies think that regulation and compliance is impacting the future use of risk technologies
  • 76% of European companies think that the insurance market demanding better data is impacting the future use of risk technologies
  • 46% of European companies use risk technologies more than once a day

By comparison, the study found that North America has a more mature RMIS market – mostly due to amplified workers’ compensation claims and the associated data consolidation needs.

  • North Americans use their RMIS for litigation management and safety, while usage of RMIS for captive management is more prevalent in Europe
  • 64% of North American respondents report using RMIS for more than five years compared with just 37% of European respondents.

Steve Cloutman, managing director for EMEA at Aon eSolutions, said: “The results show that nearly two thirds of companies have experienced savings from using technology. This stems from having quality information that indicates where to focus risk management tactics to reduce claims and provides insurers with data to demonstrate a robust approach. Indeed, in the future we see greater use of technology to accurately capture a company’s risk profile as management, insurers and regulators increasingly demand more than a simple spreadsheet.”