The manner in which carriers select a robust, effective RMIS has changed a lot in recent years.
While it was common practice for products to vary in features and functions, Gallagher Bassett’s Jon Stambaugh (JS) and Jennifer Turner (JT) see a clear need for the market to also consider factors such as ease of use, configuration, and mobile accessibility.
Jon and Jennifer have delved into the partner selection process below.
Q: Let’s start at the beginning: what should carriers be looking for when selecting a TPA partner for their RMIS?
JT: Historically, robust RMIS products simply weren’t available from TPAs. But that has all changed in recent years, as TPAs invested significantly in developing competitive RMIS products so carriers could centralize and manage all data impacting their total cost of risk (TCOR). This has seen an increase in the competitiveness of the features and functions of these products, but we are now seeing factors such as 24/7 availability, training, ongoing customer support, and much more playing into the decision-making process. Carriers should also look for claim data dashboards, inquiry, and reporting functionalities that support pre-configured reports and interactive reporting tools.
JS: It’s really critical that carriers consider that their TPA’s RMIS product suite includes all of the data inquiry, transaction reporting, and advanced interactive analytics crucial to successfully managing business risks and insured enterprise-wide liabilities. At GB, we’ve ensured our RMIS platform LUMINOS is inherently flexible, with an agile computing resource to meet and exceed the risk management information challenges our carrier, program administrator, and MGA partners are facing.
Q: How can carriers evaluate RMIS offerings that are bundled with TPA claims management services?
JS: The RMIS Report from Redhand Advisors is the definitive resource for independent tool reviews. Published annually by respected insurance industry veterans David Tweedy and Patrick O’Neill, their RMIS Report reviews all the bundled and unbundled product offerings available in the marketplace. This report includes feature set evaluations, Net Promoter Scores (NPS®), and general commentary to help carriers make informed decisions about their TPA partner. Since 2018, our LUMINOS RMIS product suite has received top honors in the Redhand Advisor reports as the most comprehensive bundled RMIS tool feature set in the TPA industry.
JT: Much of the data drawn from the Redhand Advisor surveys also noted that LUMINOS is user friendly and can accommodate all levels of customization to meet organizational needs. Exceptional customer service is a core value here at GB, and we’re really proud that our carrier partners rewarded LUMINOS with the top NPS® scores for a bundled RMIS solution for the fourth year in a row.
Q: What does LUMINOS do differently from other RMIS products?
JS: Our methodology behind technology investment is centered on whether the product or improvement can measure superior claims outcomes, manage litigation, reserve accuracy, service delivery, and improve over time. This methodology ensures that we can best support our claims professionals to do their role to the best of their ability, with all the predictive analytics and insights required to successfully support modern-day carrier and insured risk management programs. The massive explosion in risk data quantities, sources, and availability is literally rewriting the book of information management. Our goal at GB is to continually evaluate the needs of our partners so we can continue to adapt and evolve.
JT: LUMINOS is a single point of entry for all our client-facing products here at GB. Through our strategic partnership with Origami Risk, we have created a uniquely hybrid RMIS solution. Alongside core Origami RMIS software features, we apply our claims expertise and internal data-science resources to integrate select proprietary computing tools. The advances in cloud-based computing power, machine learning, and advanced analytics have allowed us to offer sophisticated tools that harvest all the valuable information residing in a carrier’s computing applications and desktop spreadsheets.
Q: How does GB plan to group Expanded Service modules together to support specific industry verticals?
JT: We have developed an extensive list of LUMINOS Expanded Services to offer a holistic view of all factors impacting carrier risk management strategies and the insured’s TCOR. We have seen the benefits of grouping some of these modules together to better support industry verticals, so our package purchase options typically bundle several items together to support this. This simplifies the buying decision and also typically includes tiered pricing value propositions that offer more attractive purchasing points.
JS: It’s really great to see the benefit that bundling these RMIS concepts can have in the TPA market. We have been working closely over the past several months to define specific RMIS Expanded Service package offerings for our carrier and program clients and their insureds.
GB will be sharing more information about what these bundles involve in the very near future, so please reach out to Jon Stambaugh if you’d like to learn more about this!