Insights

Gain insight into what other URMIA members have learned in procuring a RMIS.                                                                                                                                                                                                        

Why Even Consider a RMIS for Your Campus

“Productivity doesn’t have to be complicated. It can be easily boosted through a manageable combination of the right tools, resources, and habits to make the most of your time.”
    - Caroline Ghosn, founder & CEO – Levo

A risk management information system (RMIS) is designed to collect and aggregate risk data across disciplines, integrate workflows, automate processes, facilitate robust reporting, and support decision makers in evaluating and acting upon business risks. The use of the myriad of tools available in a RMIS can generate tremendous efficiencies – increasing productivity while decreasing time spent searching files, creating reports from scratch, and creating redundancies for safely storing and sharing critical risk data.

The RMIS’s functionalities of particular importance to URMIA institutional members include incident and claim management processing, property value management, insurance policy retention, premium calculation, enterprise risk management, and contract and vendor management.

As is true in nearly every industry, technology continues to evolve and innovation within the RMIS community is crucial to maintaining current customer relationships and securing new ones. Clients who clearly and regularly communicate their needs and “wish lists” to RMIS vendors inspire improved solutions for both today and tomorrow.

A Candid Conversation About RMISs by URMIA Members

URMIA members are known to readily share their experiences and insights to help their peers and to expand and improve the community’s knowledge base. URMIA’s Community Conversation in June about how several campuses are using their RMIS was no exception as panelists Kevin Bebb (Stanford University), Sandy Mitchell (Massachusetts Institute of Technology), and Susie Johnson (Iowa State University) led a discussion about the lessons learned in using a RMIS in higher education.

To help gauge the audiences’ RMIS status, a couple of polls at the outset of the conversation found:

• 80% of attendees had no current use of a RMIS.
• Money is the reason why 68% of the attendees’ institutions had not moved forward with procuring a RMIS, followed by “value proposition” (24%), and the time involved in learning/setting up a RMIS (8%).

Of those that have a RMIS, attendees reported using the following RMIS functionalities:

• Claims management/administration - 88%
• Insurance policy repository - 63%
• Exposure history tracking - 63%
• Property TIV tracking - 50%
• Renewal workflow – 38%
• ERM functionality - 38%

Know More, Do Better

Institutional members with a RMIS experience shared some tips on procuring a system based on their own “lessons learned.”

• Identify an internal project manager who will lead from RFP development through implementation (and beyond, if possible).
• Before initiating the RFP process, identify and work closely with the IT professional(s) who will support this endeavor internally.
• Consider many possible collaborators at your institution, thereby increasing efficiencies as well as cost sharing. Other departments or program areas may include human resources, health and safety, facilities, transportation, counsel, compliance, ERM, and, of course, procurement and IT throughout the RFP and implementation processes.
• Prioritize your institution’s needs and ensure these are reflected in the RFP/bid documents. Is there a mandatory “go-live” date due to sunsetting another system? If so, clearly articulate this. Are there numerous integrations needed with other campus programs? Include these descriptions, subject matter experts, timelines, and related security needs from the outset.
• Even though these systems have tremendous capabilities, do not try to implement multiple functionalities and modules all at once. Remember “done is better than perfect” and you can continue to add more over time within your own priorities.
• Understand that you may experience turnover in the vendor’s support roles. Be patient – while also documenting clear communication of roles, responsibilities, and expectations.
• Complete reference checks for each vendor – including contact with clients who don’t appear on the list the vendor provides. Ask how they are using the system, what challenges they experienced, and how their anticipated and actual implementation timelines may have differed.

The Bottom Line

A risk management information system is a powerful and multi-functional tool and this is often reflected in the price tag. Those who have successfully purchased and implemented a RMIS at their college or university often note that it was a multi-year journey of researching, planning, and sometimes even setting aside budget dollars in preparation. Do you have dividends or perhaps risk mitigation funds that might help fund this endeavor? How much time might the system’s efficiencies save in staffing? Calculate and account for this in the budget. Find a RMIS “champion” who can consistently, accurately, and enthusiastically spread the word about the merits of this project.

Find Additional Help

As always, your URMIA colleagues are a wealth of information and support. Post your RMIS questions in the URMIAnetwork. Start a conversation around the lunch table at URMIA’s annual conference this fall. Know that you are not alone on this journey as URMIA can help connect you to good company!

RESOURCES

Business Insurance Risk Management Technology Survey
2022 RMIS Report by Redhand Advisors
URMIAnetwork Institutional Members Community thread “University/College RMIS Systems” (October 2021)
URMIA Insights, Cost-effective RMIS options, May 2018