RMIS 101: The Beginners Guide to Risk Management Information Systems

So hello. Welcome to RMIS 101, the beginner’s guide to risk management information systems. We are really excited and happy that you are all here and taking the first steps on this journey with us. So today’s webinar will be presented by my colleague, Ellen Forden, and myself, Marissa Riley. We are both sales associates here at Origami Risk, and we’ve worked with many companies that have moved from spreadsheets, internal systems, or even access databases. A little webinar housekeeping. So this webinar is being recorded. So each of you will get a link to the recording, the slides presented today, and then some related resources will be emailed after the conclusion of this session. Throughout the session, if you have any questions, please enter those into the questions box. We will hold a live q and a at the end of this webinar. If we don’t get to your question or maybe there’s a longer answer to it, we’ll definitely reach out to you afterwards via email. Today, Ellen is gonna walk us through the following. So we are going to define what a Rimus is and some of the functionalities of a Rimus, the limitations or disadvantages of manual processes, and how this can impact your business, how to identify when it might be time to retire those manual processes and then level up to a RMS, Of course, what a Remus can and cannot do, not only functionality wise, but for your organization. And finally, I will go over next steps and what to start thinking about for part two of this series. As a reminder, it will be recorded, so please don’t feel like you need to scramble to take a bunch of notes or write everything down. Each of you will be sent this recording of today’s meeting along with other deliverables to help assist you in researching and implementing a RMS. So what is a RIMIS? RIMIS stands for risk management information system, and a risk management information system is an information system that assists in consolidating property values, claims, policy and exposure information, and providing the tracking and the management reporting capabilities to enable the user to monitor and control the overall cost of risk. So here’s just some functionalities of a RMIS. In addition to these basic functionalities, some solutions like Origami Risk also address COVID tracking, certificate tracking, environmental health and safety, claims administration, and employee trainings. So on the screen here, you’ll see just a few limitations of your spreadsheets or really manual processes. If your data is living everywhere, you’re probably maintaining a bunch of different spreadsheets versus a Rimus, which is really a central repository. The current way of doing things is disrupting business. And for businesses with numerous departments and data that is managed or stored across multiple systems, collecting the data in spreadsheets typically means of copy, a lot of copying and pasting, and worse, rekeying. If you have a large number of employees, locations, or claims, the result is too much time spent manually, working with the data. To compound the issue, depending on the amount of data and the frequency of reports, manually populating spreadsheets can also mean that reports and analysis aren’t based on real time data. Another issue with single formula or the miskeying of of data into an individual cell has the potential to affect the accuracy of analysts businesses depend on when making critical decisions. Over time, as a corrupt spreadsheet is shared, edited, and shared again, errors can be amplified. Studies show that nearly ninety percent of spreadsheets contain errors, and up to fifty percent of spreadsheets used by large companies contain material defects. Also, sixty percent of spreadsheets have at least one incorrect formula calculation. A lack of an audit trail makes it impossible to identify the point at which errors were introduced, limiting any chance of really correcting those errors quickly. And lastly, though it may take some time to get to the point where it becomes an issue, spreadsheets weren’t designed to handle a large amount of data. This can become a factor as businesses expand and grow in the amount of risk claims and insurance data needed to run increasingly complex calculations grow. So really, what are some signs that might be time to level up or consider a remiss? A lot of the time, there’s a lack in ability to create collaborate with stakeholders. The ability to collaborate with multiple users in real time is becoming increasingly important to operations. The ability for several collaborators to work in a spreadsheet timeless simultaneously is really limited. The result can be inefficiencies and confusion when multiple users are required to update data. There’s really no single point of truth. When spreadsheets are stored on different computers, it can be difficult to ensure that the latest version is always backed up. So for example, one of our public ND clients in Texas were tracking their data in spreadsheets, and it was difficult to keep up that data across multiple people. Over the years, they’ve been a client with us, and they’ve been able to evolve those safety processes by quickly adapting to new workflows that they wouldn’t have had the flexi flexibility to rely on with their spreadsheets. So functionality aside, I wanna talk about the benefits of utilizing a Remus and set expectations of what a Remus can really do for your organization. A cloud based Remus like Origami can provide helpful and offer numerous improvements over the use of spreadsheets for managing and reporting on risk claims and insurance data. Time savings and access to real date real time data is important as well. And cloud based solutions offer flexible tools that allow for integrations with virtually any third party system, including TPAs, insurers, HR systems, payroll systems, and really any other internal system. Automating these feeds not only reduces the amount of time spent manually entering the data, but it also means that reporting and analysis performed is using the current data. A RMS can also improve data quality. Direct feeds of data from vendor system eliminates that error prone process of transferring data into spreadsheets. Analysis and reports are based on data that is more accurate. In addition, system checks can base be based on defined business roles and the ability to protect designated fields from being updated. And the system also stores an audit trail of changes. And unlike spreadsheets, cloud based Rimus solutions are designed to have handle vast amounts of complex calculations. Not only can the amount of data stored available be scaled to grow along with your business, but additional users and functionality can be added as the needs of a business expands. Rimus also provides the ability for more collaboration and data sharing. The rapid expansion of Rimus technology and cloud based Rimus technology in particular means more than simply allowing multiple users to be able to update or report on data simultaneously. In many instances, in fostering collaborations across departments, breaking down silos of data that previously existed. This also extends the collaboration outside of the organization. For example, data can be shared with brokers and carriers to ensure that policies are renewed on time and, in many cases, contribute to renewal at favorable rates. A cloud based system like Origami offers users the ability to collect and update data quickly and efficiently. For example, take the traditionally problematic process of collecting exposure values across multiple locations. Rather than relying on emails and multiple spreadsheets, users can easily update those values while administrators can view collection status and schedule automated follow ups as necessary from right within the system. And finally, a Rimus solution will enhance security. A cloud based system, with role based security can be applied to ensure that members logging into the system only have, access to the data that they need to see, to do their jobs. So a REMS really isn’t a silver bullet, though. Have you have broken processes in place? A REMS can’t fix those broken processes, but it can show you the deficiencies or holes in your processes. A Rimus doesn’t really tell you what is the best strategic next steps, but it gives your organization the information that you need to make the most informed decisions. And while a Rimus doesn’t take away all human involvement, it does make your tasks faster, easier, and more efficient and streamlined. And if you’re struggling with that, we can help you by sharing industry best practices by leveraging our experience with our, over six hundred and seventy clients. So now what? Hopefully, today, you were able to learn what a Rimus is and what it can and cannot do. And now you’re probably wondering, well, what’s next? As a follow-up to today’s webinar, which is really just the beginning, each of you will receive today’s recording, the slides, and a few handouts to further help serve as a guide to buying a Remus. Additionally, part two of this series and of this webinar, you’ll be able to hear from your peers, which we know is really impactful, being able to hear from some of our clients who were in your shoes only a few years ago and where they are today and how they’ve been able to leverage Abramis to solve their issues. Here are some questions or some things you can start asking yourself going into this next session. So start thinking, is our risk claims safety and insurance data spread across multiple vendors or even multiple systems? Are they in a Word document or Excel and then also a shared document? How much of your time is spent on the manual entry of this risk data or even the rekeying of that data? How much of your time is spent on the collection and analysis of data to capture your total cost of risk, negotiate your premiums, or guard against coverage gaps or overlaps? Do you even have the data that you need? How much of your time is spent creating monthly, quarterly, or annual reports for your management teams or even various departments and locations? And even better yet, are you able to produce the reports that you need, or is your information in so many different places that you weren’t able to run those reports? Start thinking about the activities that are causing you guys headaches. Maybe go through your day to day and think about things that you wish you could change. Ask yourself, think of a time that an injury or an accident occurred. Could a remiss have identified that and prevented that accident from happening? You can also start thinking about what departments or team members you would want to be involved. A Rimus generally is a one stop shop for your risk and safety needs. So do you have a safety team or a risk team? Who do you wanna bring in to see this? And finally, ask yourself or ask for a personalized demo. Most remittances like Origami are highly configurable, which means that they can configure the system to meet your specific needs or wants. Asking for a personalized demo will allow you the opportunity to walk through your your specific questions, your pain points, something that might be unique to you, and it’ll be able to show you what a Remus can do and if it can solve those problems for you. So that concludes our slide deck for today. Ellen and I are gonna go through and answer some of these great questions that have come through. Feel free to keep adding questions to those question boxes. And, again, if we don’t get to them today, we will definitely follow-up via email with your question or even a phone call if that makes sense. And, again, don’t worry about memorizing or having to write everything down. We will supply you with everything from today’s meeting and more. I’ll switch over to the questions here. Okay. So it looks like the first one is, how long does a typical implementation take? That’s a really good question. I’ll actually take that one, Ellen. So a typical I’ll speak from origami experience. A typical origami implementation takes on average about four to eight months. However, due to certain complexities of the project, it could be longer or even shorter just depending on your project complexity. It’s good to mention here too that while an implementation on average takes about four to eight months, that’s actually not the only step in the process of buying a Rimus. So, typically, I like to say in the process of buying a Remus, you’ll have those personalized demos. You’ll start with demos in the system, one or multiple to help identify what you’re looking for, and then identifying scope and usage of your system. So who will be in there, what you will be using the Remus for, and then ultimately pricing, contract negotiations, review, signatures, and then implementation after that. So there are a few steps in the process before the implementation. Let’s see the next question. What does the system cost? Ellen, do you wanna take that one? Yeah. That works. That’s a great question. So our system’s highly configurable because we know every client has unique needs, and the cost is really based upon the exact usage of the system. So what I can share today is that there are really four main cost drivers of our pricing, which are number of users, so who’s gonna be in the system, hosting, so, you know, the amount of data that’s gonna be coming into the system, the implementation cost, and then ongoing support. So if you decide that you’re interested in a personalized demo, we can obviously give you a more detailed proposal. Awesome. Perfect. So the next one looks like, how do I learn how to use this system? That also is a great question. It’s a common question if you’re coming off of spreadsheets. How do you learn how to use a Rimus if you’ve never seen one before? Again, I’ll speak from experience with Origami. Our platform is pretty intuitive. It’s very user friendly. There are also we have on screen help tools, as well in case you’re in the system and you forget how to do something. There are on screen help tools. Additionally, what we do is we actually use an agile project management approach, which essentially what this means is we’re configuring the platform during implementation alongside with you since day one. So you’re really in the system day one learning how we’re configuring that system, being able to see the tools that you would use as well. This type of experience not only ensures a successful project or successful implementation, but it also allows you to learn the system early on. Of course, we also provide training and resources for you during implementation. And then outside of that, we do host a user conference, which helps further your learning and puts you in touch with other clients to learn industry best practices and also the creative ways that others are using the system to solve similar problems that you may be facing. Alright. Looks like we have another one. Do clients have direct access to their service personnel, or do you utilize a help desk? Ellen, do you wanna take that one? Yeah, definitely. So something that’s unique to Origami within our industry is our service model. So the team that implements you is actually the team that stays with you throughout your time with Origami, so you really come to know them well. You know, you have a really great working relationship. They they understand your goals. They know your team. I mean, right off the bat, you know, you really form form that relationship. So we do not utilize a help desk. You will have your servicing’s contact information, and they’ll be very accessible to you. Good question. Awesome. Okay. It looks like so how is data transferred from a claims management system to Rumis provided by Origami Risk? As an example, an API link. Owen, do want to take that one? And I can add to that. Yeah. So that’s a great question. We we have an open open API within Origami. One of the things that is very common amongst all of our clients is the ability, to integrate that data. So so like I was saying earlier, you know, Origami is really a central repository. It’s where, you know, not only in your department, but, you know, hopefully, you’re bringing other departments into the system as well too. So obviously, we have to have that integration piece of origami. So it’s whether it’s bringing in, your TPA data, whoever your TPA is, we can have a feed with them. If it’s bringing in feed from your finance system or an HR system, like, again, you know, a central repository. So, you know, we we have the ability to to have those integrations. And like I said, you know, I I would probably say most of our clients are utilizing some sort of an integration. Perfect. I don’t know if I’ll Yeah. No. That’s a great great answer. Yeah. I’ll add to that as well. So you mentioned it a bit. So with the claims management system, without obviously digging into this a little more, and if you need further, we can follow-up via email. But if if you’re referring to a TPA system or, someone else that is managing your claims, like Ellen mentioned, we do have an open API, but we also have, other ways to set up these types of feeds where we would pull in that claim data on whatever frequency and whatever type of data you need pulled into the system. So that’s really common. Like she said, most of our clients do have a feed set up with their claims management system. And then if you’re speaking about maybe historical claim data that you’re currently that you currently have and you’re trying to get that into the remiss, that is part of implementation is converting over a historical system, whether that be Excel, whether it be maybe an internal system. That’s one of the one of the first steps that we do during implementation is bringing over that historical data and mapping that into Origami. It looks like there’s one other that came in. What is the lead time to integrate a new TPA to an existing Origami customer using the Rimus? So I might not understand this question totally, so I can definitely follow-up if I don’t answer that for you. But integrating a new TPA into oh, you are an you are a current Origami customer. I will actually probably set you up with a service person to talk about that. I apologize. I don’t actually handle those, but I don’t think it should take a ton of time. Obviously, similar if you are an Origami client, you probably went through the implementation and sending the data request letter over to your TPA and getting that data. So it’s really just dependent upon working with those third party sources. They they have a little say in how long things take. So I’ll definitely follow-up with you via email and just make sure you get the right answer for that. I just have one one more question. It is what if you do not need all the modules within the system? Can you customize what you use? So that is another really good question. The system, again, is highly configurable. We know every client has unique needs. So whatever functionality you’re looking to utilize within the system, you know, that’s a functionality that you can utilize. The upside to that as well is that a lot of our clients will start smaller within the system, you know, maybe utilizing the claims management side and then, you know, as they grow within origami, they decide that they wanted to start using some of the safety functionality as well within the system when they get super comfortable. So that is another plus of the system just to be able to, you know, utilize and grow with the system. But, yes, you know, you you use and you pay for, you know, what you want within the system. Awesome. Perfect, Ellen. Let me just check once more. It does look like we’ve answered all the questions that have come in. If we didn’t or I owe you a question, we will definitely follow-up via this via email or a phone call after this webinar. We very much appreciate everyone’s time. Hopefully, this was impactful, and you guys were able to learn a little bit more about what a Remus is. Both Ellen and my email are on the screen. If you guys have further questions, maybe you didn’t get to it today or or you think of it later on, feel free to email us. We can also set you up with a demo as well if something sparked your interest today and you just wanna learn a little bit more. We are more than happy to set that up.