New Technologies In the Insurance Industry

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Lining up for New Technologies

Have recent technology advancements, such as the move to more mobile platforms and the growth of cloud applications, made a difference for RMIS? How are insurers, insureds, brokers, and others using risk information management systems today, and how has that changed in recent years?

William Montanez, director of risk management for ACE Hardware Corp. and a Risk and Insurance Management Society Inc. board member said that companies and the insurance industry are using risk management information systems in a variety of ways.
These include marketing to and identifying prospective clients, rounding out or serving existing accounts, and accumulating data on competitors in order to measure themselves against others.

“Brokers may want to use their own niches to benchmark best practices,” he said. Other uses include monitoring price trends and assisting risk managers who need to evaluate claims, source of losses, and types of losses. Risk management information systems allow users to “slice and dice” such information in many ways, he said.

David Tweedy, risk management information systems solutions practice director of Albert Risk Management Consultants’ Risk Management Information Systems practice, said insurance companies, brokers, and risk managers continue to use risk management information systems to help administer claims, evaluate exposures, process policies, and report incidents similar to the way they’ve done it in the past.

Read the full article by Ara Trembly here.