Carriers are constantly seeking new ways to improve their claims outcomes. At Gallagher Bassett (GB), we pride ourselves on providing the most cutting-edge of solutions to aid carriers in achieving this goal. Our award-winning Luminos platform has emerged as one such critical tool and is a prime example of RMIS technology at its best.
We are extremely proud that this view is shared by other industry experts, and we were honored when, in the 2024 RMIS Report, Redhand Advisors named Luminos the most comprehensive offering in the bundled TPA market for the seventh consecutive year.
Published annually, the report is considered the definitive guide for independent computing RMIS tool reviews and has once again applauded Luminos’ comprehensive risk management capabilities and cutting-edge digital features that help carriers achieve superior claims results.
“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.
The RMIS Report also highlighted Net Promoter Scores (NPS), with GB recording the highest number of client survey respondents and the highest NPS in the TPA space.
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. Simple menus, modules, and data drill-down features at your fingertips make identifying risk program anomalies, loss, claim-level access, transparency of KPIs, program expenditure, and claim adjudication metrics simple.
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.
2. 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 total cost of risk (TCOR). Harness the power of data insights to foster collaboration across all organizational departments with a platform that supports holistic movements toward superior risk program results.
3. 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.
4. 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, you can easily track and maintain your exposure values 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.
5. Expand Organizational Risk Program Awareness
To successfully manage today’s complex risk programs, RMIS platforms are central to widening the lens and effectively aligning 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 in 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.
Finally, 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 on online-item program details and leverage the keys to holistic operational growth areas through Luminos.
6. Embrace AI to enhance risk management and customer experience
Many innovative organizations are embedding AI in their operations, but GB believes the true potential in claims management lies in blending AI efficiency and human expertise — where AI agents work together to empower human adjusters with the information required to make critical decisions. With that vision top of mind, the company brought together a team of data scientists and claims professionals to develop its game-changing Gen AI roadmap.
Along with Luminos boasting AI-powered analytical models to deliver relevant data to help lower the cost of risk, we have also integrated Waypoint — our entire suite of machine-learning decision-support tools — into Luminos. This vision was shared publicly for the first time at this year’s RISKWORLD conference (formerly RIMS), with clients, prospects, and frontline claims staff treated to the initial phases of the rollout, including interactive demonstrations. The positive feedback was overwhelming, with guests commending its creative approach — from identifying relevant use cases to involving claims experts in the functionality and design process.
Additionally, we’re introducing enhanced universal search capabilities to simplify navigation. GB’s Generative AI prototypes allow our clients to utilize the spoken word to efficiently locate individual claim details and generate report output requests.
By leveraging Luminos and GB’s Gen AI to rapidly summarize claims and documents or answer questions, there is tremendous potential to positively impact the day-to-day work of claims professionals.
We’re here to redefine what success means for your business and are consistently reconceiving what ‘state-of-the-art’ RMIS tools look like for carriers. If you’re interested in turning your data into strategies for growth and success, contact our team to book a free consultation today
