Five Ways GB’s Award-Winning Luminos RMIS Suite Supports Carriers to Achieve Superior Outcomes

Carriers are constantly seeking new ways to improve their claims outcomes, and Gallagher Bassett’s (GB) award-winning Luminos platform has emerged as a critical tool in achieving this goal. Recently named the top RMIS platform for its sixth consecutive year in the 2023 Redhand RMIS Report, GB’s Luminos RMIS suite offers comprehensive risk management capabilities and cutting-edge digital features that have helped carriers achieve superior claims results.

Here, we explore the significance of risk management technologies for carrier success and how Luminos can support your business. With today’s insurance industry emphasizing digital tools more than ever, turning idle data into actionable strategies for operational success is the path forward for carriers to cement their competitive edge.

  1. Leverage Hybrid RMIS Solution

GB’s Luminos platform provides an elevated solution for carriers to harness the power of our data experts. Through a combination of superior software capabilities and differentiating data analysis rendered from our total TPA service model, this best-in-class platform is the gateway to streamlining operations for growth and success. With simple menus, modules, and data drill-down features at your fingertips, identifying risk program anomalies, loss, and claim-level access, transparency of KPIs, program expenditure and claim adjudication metrics are just some of the advantages of utilizing Luminos to improve the outcome of your claims.

As an added feature, advanced data integration capabilities can further set your business apart by connecting all facets of your risk management programs with this resource. Our award-winning Luminos RMIS is designed to mold your organization’s needs to propel your business into a new phase of growth.

  1. Enhance Your Risk Program Results

Many organizations excel at stockpiling transactional data; however, those that tap into the insights of their risk information are well positioned to rise above the rest. Utilizing predictive analytics and leading computer technologies is the key to unlocking carrier potential.

It’s never been easier to derive actionable insights for your business through interactive dashboards, core analytics, and custom program reports. Carriers can enhance claims efficiencies from the outset by utilizing our RMIS tool to review litigation management programs, legal firm performance, risk program KPIs, and investigate individual claims.

For carriers seeking to effectively communicate and drive risk mitigation results, looking to Luminos is the way forward. With full visibility of resolution management files, individual incident claims, and claim tracking, our RMIS platform identifies where carriers can make actionable improvements to their TCOR. Harness the power of data insights to foster collaboration across all organizational departments with a platform that supports holistic movements towards superior risk program results.

  1. Drive Loss Control Improvements

Managing loss control initiatives is an essential component of risk management programs to reduce claim frequency, severity, and TCOR. To make a material improvement to your TCOR, Luminos delivers leading loss control functionalities to support life safety and near-miss accidents. Carriers are equipped with audit modules and workflows to simplify data collection activities, document hazards, track audit findings, and identify remediation opportunities. These capabilities empower carriers to efficiently manage all aspects of their life safety compliance program and leverage near-miss accident data to foreshadow future injuries and catastrophic losses that occur in the workplace.

Our First Report of Injury and Incident Management modules underpin these data insights to uncover opportunities for corrective actions before accidents can even occur. With this tool in place, your business can reach new heights in minimizing loss control while protecting employees, properties, and enterprise brands.

  1. Simplify Insurance Renewals

Carriers are well-versed in managing millions of terabytes in big data of underwriting, premiums, and risk scoring, but how can this be leveraged for future success? Among its many benefits, RMIS tools are built to support carrier policies and exposure values by providing a platform for carriers to work together with broker partners to review key policy data insights and loss experience. By activating this resource, carriers can effectively streamline insurance renewals and identify potential gaps that could result in catastrophic financial loss, protecting their business against counter-party exposures. Additionally, track and maintain your exposure values with ease by using Luminos to manage building construction class codes, occupancy types, and property square footage.

Luminos’ disparate Excel data collection upload capabilities ensure that carriers can be certain that payroll dollars, fleet industry classification types, and business-use classes are up to date. Among other benefits, collecting claim experience and managing exposure data can drive important loss-rate insights, which Luminos supports by delivering a holistic view of relevant factors impacting your TCOR. The opportunities are endless in streamlining insurance renewals when working with a strategic partner and advanced analytics.

  1. Expand Organizational Risk Program Awareness

To successfully manage today’s complex risk programs, RMIS platforms are central to widening the lens and establishing effective alignment of risk goals, strategies, and action plans with valued partners. Many enterprises worldwide rely on cost-of-risk allocation models to evenly distribute topside risk and claim costs to operating units, divisions, and manufacturing locations.

Luminos’ flexible charge-back feature is invaluable for improving accountability and applying successful allocation strategies for your business. This function connects carriers to insights that simplify program complexities, align strategies, and develop actionable ideas for safe practices and risk management. Carriers can remain in touch with real-time events impacting their risk program, receive notifications as payments are dispersed and reserves are changed, or new claim notebook entries as they occur by using Activity Alerts and automated report distribution tools.

Lastly, if supply chain interruptions and capital cost escalations are a concern for your business, the Luminos Enterprise Risk Management module supports carriers by holistically reviewing all elements of operational risk impacting the organization. Using Luminos, carriers can model individual risk elements, manage ownership and appetite data, set and track velocity and vulnerability ratings changes, edit action plans, and so much more. Elevate your operations beyond a focus online-item program details and leverage the keys to holistic operational growth areas through Luminos.

We’re here to redefine what success means for your business, and the opportunities for carriers are truly endless. If you’re interested in turning your data into strategies for growth and success, contact our team to book a free consultation today.

Joe Powell

SVP — Data & Analytics

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