Luminos Awarded Most Comprehensive Product Offering

The team at Gallagher Bassett (GB) has long believed our Luminos RMIS product suite is unrivaled for empowering claims and risk management professionals with actionable data—and the experts agree. For the seventh consecutive year, Redhand Advisors has named the Luminos platform as the most comprehensive offering in the bundled TPA market in its 2024 RMIS Report.

Published annually, the Report is considered the definitive guide for independent computing RMIS tool reviews and includes feature-set evaluations, client survey results and functionality commentary.

“Redhand’s review includes our hybrid RMIS functionalities, an array of Expanded Service add-on options and, new for 2024, generative AI technology initiatives,” explained Jennifer Turner, GB’s SVP, RMIS Solutions. “Alongside core RMIS features, we seamlessly extend our offering with a suite of GB’s proprietary data science–driven benchmarks, scorecards, and AI-based claim analytics.”

“Report evaluation results also included top marks for our support and implementation delivery teams,” Turner explains. “Our easy-to-use RMIS platform sets the industry standard for managing organizational TCOR. Delivering the actionable information required to successfully manage enterprise-wide risk programs is the core of our Luminos Mission Statement and guides all daily product team activities.”

NPS Excellence

The RMIS Report also includes Net Promoter Scores, which measure the likelihood of individuals recommending a product suite to a colleague or friend. GB once again led the way by recording the highest number of client survey respondents and the highest NPS in the TPA space.

“Our Luminos ecosystem of tools helps our clients achieve superior outcomes by providing access to data-driven insights that support smarter decision-making,” said Jon Stambaugh, SVP — Carrier Practice.

“Our continued leadership in the bundled RMIS market clearly validates the efforts of our entire organization, including our Luminos product teams, client service organizations and executive management. At GB, we are always thinking about how to merge our claims management expertise, intellectual capital and computing technologies with our suite of market leading RMIS products.”

Meeting current risk management challenges requires flexible technologies, resource agility, and a relentless drive for product innovation. Our state-of-the-industry RMIS training and client support programs, along with our rapid product implementation timelines, ensure that our Luminos tools are ready to support your dynamic business priorities.

Luminos: A Hybrid RMIS Solution

Luminos streamlines risk management for carriers by identifying anomalies in risk programs, improving KPI transparency, and analyzing program expenditure and claim adjudication metrics. Its user-friendly menus, modules, and data drill-down features ensure a seamless experience. Additionally, Luminos’ advanced data integration capabilities help connect all facets of a risk management program. Let’s explore five ways GB’s decision-support solutions help carriers enhance risk management practices and support superior outcomes.

 

  1. Enhancing Risk Program Results

Stockpiling transactional data is one thing, but utilizing predictive analytics and tapping into risk information insights is what ensures organizations rise above their competitors. Luminos enhances claims efficiencies by allowing carriers to review litigation management programs, legal firm performance, and risk program KPIs, as well as investigate individual claims. Interactive dashboards, core analytics, and custom program results also make it easier to derive actionable insights, while the visibility of resolution management files, individual incident claims, and claim tracking means the platform can identify where carriers can make improvements to their TCOR.

 

  1. Empowering Loss Control Initiatives

A key feature of Luminos is its ability to improve carriers’ TCOR by delivering leading loss control functionalities to support life safety and near-miss accidents. By equipping users with audit modules and workflows that simplify data collection activities, document hazards, track audit findings, and identify remediation opportunities, they can efficiently manage their life safety compliance programs and foreshadow future workplace injuries and catastrophic losses. Underpinning these data insights are the platform’s First Report of Injury and Incident Management modules, which help identify corrective actions before accidents occur and, in turn, protect employees and minimize loss control.

 

  1. Taking a SMART Benchmarking Approach

GB’s focused approach to benchmarking claim outcomes —Severity Mix Adjusted Rating Technique or SMART—factors in variables such as accident type, jurisdiction, job class, and diagnosis to compare each client’s individual claims to hundreds of others of similar complexity. Our SMART Benchmarking Dashboard allows clients to interactively drill down into root causes of opportunities in real-time and across more than a dozen metrics. By effectively creating a 24/7 stewardship, SMART improves the accuracy of claim range, provides clarity into how to reduce the total cost of claims, delivers in-depth insights on year-over-year claim trends, and creates targeted recommendations on where to focus efforts on proactive program improvement.

 

  1. Streamlining Insurance Renewals

Streamlining insurance renewals and identifying potential gaps that can result in catastrophic financial loss is a priority for all carriers. Luminos turns that ambition into reality. Courtesy of the platform’s disparate Excel data collection upload capabilities, carriers can have confidence that payroll dollars, fleet industry classification types, and business-use classes are up to date. Other benefits include collecting claim experience and managing exposure data, while exposure values can be seamlessly tracked and maintained by the ability to manage building construction class codes, occupancy types, and property square footage.

 

  1. Bolster Organizational Risk Awareness

Luminos is helping carriers manage complex risk programs, with its flexible charge-back feature connecting them to insights that enhance safe practices and risk management. Activity Alerts and automated report distribution tools notify users of new claim notebook entries or when payments are dispersed and reverses are changed, while the Luminos Enterprise Risk Management module supports businesses concerned by supply chain interruptions and capital cost escalations as it holistically reviews all aspects of operational risk. Carriers can also use Luminos to model individual risk elements, manage ownership and appetite data, set and track velocity and vulnerability rating changes, and edit action plans.

If you are interested in learning more about Luminos or our RMIS and Expanded Service offerings, please get in touch with our team.

 

Suzanne McCarthy

Suzanne McCarthy, SVP — Carrier Practice Client Services

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