March 31, 2022 — Question: Joe and Jennifer, thanks very much for taking a few minutes to talk with us. Let's first walk through what risk management clients, carriers, and brokers should look for in their third-party administrator (TPA) partners' risk management information systems (RMIS)?
Joe Zinga: Ensuring that the selected TPA RMIS product suite includes all required data, transaction reporting, and advanced analytics is the first step in evaluating RMIS platforms. To successfully manage complex programs, it is also important to widen our lens and recognize that modern-day risk management encompasses many complicated and diverse activities, processes, and procedures. The advances in cloud-based computing power, machine learning, and advanced analytics have really changed the RMIS landscape.
Jennifer Turner: Alongside traditional mainframe-based applications, cloud computing now delivers a revolutionary set of internet-based applications that take full advantage of agile computing-power allocations, scalable-storage memory banks, and intuitive graphical user interfaces (GUIs). While features and functions still top the list of considerations for a bundled TPA RMIS tool, many other factors now play into the decisions such as ease of use, configuration customizations, mobile device accessibility, and product support.
Question: How do Gallagher Bassett prospects and partners evaluate RMIS offerings that are bundled together with TPA claims management services?
Jennifer: The RMIS report from Redhand Advisors is the definitive resource for independent tool reviews. Published annually, respected industry veterans Patrick O'Neill and David Tweedy review all the bundled and unbundled product offerings available in the marketplace. They include functionality evaluations, Net Promoter Scores (NPS®), and general commentary covering all RMIS solution options available for use throughout the industry. We can't wait to review this year's report on the results of our Luminos product suite.
Joe: Since 2018, our Luminos RMIS tools have consistently received top honors for the most comprehensive bundled feature set available in the TPA industry. Additionally, for the fifth year in a row, GB clients rewarded our Luminos product suite with the top NPS® scores for a bundled TPA RMIS solution. That's quite an accomplishment! Survey comments and direct client feedback have also noted that our RMIS products are incredibly user friendly and accommodate all levels of customization to meet organizational needs.
Question: That's impressive. What is it specifically that differentiates the Luminos offering from others RMIS tools in the TPA market space?
Joe: TPA purchasing drivers start with claims management expertise and solution delivery. In our case, the buying decision centers on measuring claims outcomes, litigation management, reserve accuracy, and performance improvement opportunities. Supporting our superior claims management services, our RMIS offering provides all the data inquiry and analytical tools required to successfully oversee all aspects of the modern-day carrier and insured risk management programs.
Jennifer: While many organizations excel at stockpiling transactional data, those that break out and lead their sectors have successfully tapped into the actual context and meaning of their risk management information. Through our partnership with Origami Risk, we have deployed the only hybrid RMIS product available in the TPA industry today. Alongside core Origami software features, our internal data-science resources utilize our claims expertise to build-out and integrate our own add-on suite of data benchmarks, scorecards, and AI-driven predictive analytics, delivering actionable information that can be used to holistically manage risk mitigation programs.
Question: Are there add-on RMIS features available from GB that can provide additional Luminos RMIS support to risk management and carrier programs?
Jennifer: Stepping outside the boundaries of traditional inquiry and transactional loss run reporting, we offer many add-on RMIS features that easily manage diverse data sets and simplify risk information consolidation. Imagine combining applicable program-specific claims, OSHA, fleet, and property (COPE) data in a single data repository. Or uploading your historical policy information details and enterprise risk management (ERM) factors all within the confines of a single RMIS product. It really is amazing to think about what our clients, carriers, and brokers can do with our expanded service RMIS tools to take their risk and data programs to the next level.
Joe: The accelerated rate of change in risk data quantities, sources, and availability is literally rewriting the book of information management. Prevailing risk management requirements demand accessible computing technologies that include traditional core RMIS feature sets as well as additional tools that meet a wide array of information management requirements. At GB, we are always thinking about how to merge our claims management expertise, intellectual capital, and computing technologies with our family of industry leading Luminos products to support our relentless drive for RMIS product innovation.
Question: Sounds like Luminos continues to revolutionize the bundled RMIS market space. Have you thought about grouping the add-on features into bundled feature sets to support industry verticals?
Jennifer: We are always looking for new ways to enhance and add features to Luminos. Bundling several individual add-on feature items together customized to meet the needs of specific industry verticals simplifies buying decisions and accelerates implementation timelines. Offered at tiered pricing levels, the packages provide more attractive purchasing points than an a la carte approach for our partners.
Joe: We are incredibly excited about this new RMIS concept in the bundled TPA space. Our Luminos product teams work closely with our client services group to define specific RMIS expanded service package offerings that will best meet the evolving needs of our risk management client and carrier partners. We have developed an extensive list of Luminos expanded services package options to offer a global view of all factors impacting risk management strategies and TCOR.
Question: Any closing thoughts?
Jennifer: According to the World Economic Forum, data is fueling the fourth industrial revolution. Global data volumes are predicted to double between 2022 and 2025. Staying well ahead of the curve, Luminos is synonymous with total cost of risk (TCOR) assessment and program performance analytics. As data sources, volumes, and availability continue to mature, we are committed to continued leadership in the bundled TPA RMIS market space. With all the advances in computing technology that pervade our enterprise environments, Luminos will continue to offer a successful migration path from traditional risk data processing to TCOR information management.
Joe: Protecting our employees, properties, and enterprise brands must be fundamental elements of our risk-management programs. The commercial insurance marketplace plays a pivotal role in the global economy. We are excited to be a part of this dynamic industry and look forward to the continued delivery of our best-of-both-worlds RMIS products for all our risk management client, carrier, and broker partners.
Authors
Make Gallagher Bassett your dependable partner
When making the right decision at the right time is critical to minimize risk for your business, count on Gallagher Bassett's extensive experience and global network to deliver.