Today’s RMIS offers an array of sophisticated applications to help you manage every aspect of risk. From claims administration to cost allocations, you can select the options that fit your needs today and add more as your priorities grow and change.
While technology is important, RMIS success also depends on selecting the right provider that understands both your needs and the needs of your stakeholders. Here are 10 steps to guide you to the best combination of technology and provider:
1. Take an inventory of the issues you’re having with current business processes or technology. What are your pain points? Applying new technology to a broken process won’t solve anything. Address problem areas upfront, and establish clear objectives that you want the RMIS to accomplish.
2. Identify RMIS needs across the organization. A RMIS touches many functional areas, so it’s important to include all stakeholders in the buying process to make sure their voices are heard.
3. Understand how the RMIS will complement – or replace – your current business processes or technology. Do your homework about the features and capabilities of the RMIS to understand how it fits with your current systems and requirements. And can it expand to accommodate future needs?
4. Give the RMIS a test drive. Take the time to request a demo or trial. How easy and intuitive is the user experience? Are all the features you need accessible from a tablet, phone, and laptop? Are the reports and analytics sophisticated enough for your needs? And are they easy to do?
5. Make time for implementation. Like any enterprise-wide software implementation, RMIS implementation doesn’t happen overnight. Replacing a decades-old system in a matter of weeks is unrealistic and will likely lead to disappointing results. Allocate ample time to analyze, design, plan, test, and execute the software – and build in extra time for any unknowns that are unearthed during the process. Don’t rush. And don’t skimp on user-training time.
6. Know where your data will be stored. Is the RMIS cloud-based? Public or private? What security measures are in place to protect your data? What about in the event of a disaster? What is the vendor’s security track record?
7. Work with people you like and trust. Technology is great, but people make the real difference. Are you comfortable with everyone you’ll be working with? Will the person answering your call know you, your business, and your industry – and will they be able to resolve issues?
8. Demand great service. Find out what type of support is offered – phone, online portal, or email – and the guaranteed response time.
9. Know what you’re buying … Have a clear understanding of what features and services are included in the pricing structure, and what it might cost if your needs change.
10. …And whom you’re buying it from. Always make sure the RMIS provider has demonstrated expertise in technology, risk, and insurance – and the longevity and resources to go the distance with you.
For more tips on selecting the right RMIS, download our free e-book, The Buyer’s Guide to RMIS.