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Library: Zurich – The future of risk management is digital

 The Digital Insurer reviews Zurich’s Report on The future of risk management is digital

RMIS is an essential tool to help making decisions about risk

Risk management systems are becoming more important to digitally connected customers. Brokers and insurers will play an important role in supporting the digital transformation of risk management.

Digital transformation in risk management 

Our world is increasingly digital. Data and digital technology will continue to transform risk management. Brokers and insurers who meet their customers’ digital needs will be more likely to thrive and survive.

Digital systems and technology already exist of course, but they are mostly disconnected. A typical digitally disconnected organisation might have policy information stored in PDFs in an email inbox or shared folder, claims information on an insurers portal, risk registers in spreadsheets, and safety incidents recorded in a third-party database. Insight and data do exist but not in a format that is easily available or digestible.

The challenge and opportunity for Risk Management Information Systems (RMIS) is to connect information and present it in a way that supports organisational leaders to make informed decisions about their risks.

The range of emerging and current risks faced by organisations has never been more complex. Volatile geo-politics, environmental concerns, cyber threats, supply chain risks, sustainability and a changing liability landscape are all big challenges. Digitally connected organisations will have RMIS that brings clarity about the threats and opportunities they face.

The future of risk management information systems

The next stage of digital transformation will be about making these connections between different systems. The digitally connected organisation will have up-to-date and accurate claims data from all its insurers and other trusted third parties automatically transferred to its RMIS. Risk registers, including details of key risks, controls, and outstanding actions to manage those risks, will be stored on the RMIS. Important policy details will also be available ensuring decision makers have access to a system that becomes the source of truth about how the full range of insurable and non-insurable risks are being managed.

Less time will be spent on admin or chasing the digitally connected customer for accurate information. The broker for a digitally connected organisation may also have access to the RMIS, allowing them to see which risks are most significant or to identify risks that are not on the radar but should be. Technology can be used to free time for developing deeper relationships, solving problems collaboratively and implementing solutions.

The opportunity for brokers and insurers is to add more value through this deeper understanding of risks, and what is being done to manage them. Access to up-to-date risk registers will give an overview of how key risks such as the economy, cyber, supply chain, climate, and sustainability are being managed. So more time can be spent on probing the gaps in existing controls and finding solutions to the customer’s risk challenges.

See the full report for more…

Link to Full Article:: click here

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