What to consider before investing in a RMIS system

Insurance Certificate Managment

RMIS, Risk Management information Systems, are software solutions for insurance claims used to identify loss, claims, exposure, and trends. A RMIS system helps an organization to successfully manage the process to effectively manage risk and reduce overall costs.
RMIS software subscriptions. If you are planning to implement a RMIS system, this article provides details and information to make the process easier and more effective.

There are a variety of RMIS systems on the market today which vary considerably based on cost and service. Software vendors that develop RMIS systems tend to build their systems using third party hosting environments because the infrastructure is scalable, meets many standards and are easy to update. Some of the more popular hosting providers used by RMIS systems include AWS, Google, and Rackspace.

The term used for hosting a cloud-based RMIS solution is SaaS, Software as a Service, or also known as a subscription- based model. In short, this is a pay as you go model. It is important to note on a cloud based hosted solution the customer is only renting the ability to use the vendor hosted RMIS software. Upon termination of an agreement the customer should receive the customer data, but generally not the software. However, because an organization is relying on a third party, the agreement between both parties should spell out specifics related to services, scope of work data and costs.

RMIS system components

An RMIS system may include a number of systems for specific risk management functions. These include tracking of specific types of risk claims and specific software applications such as Workers Comp software, Liability tracking software, and FMLA tracking software. An RMIS system can also help to track insurance certificates and assist with claims management.

Questions to answer when deciding on an RMIS system

  • The following areas should be addressed upfront, before entering a contract for an RMIS software system:
  • Does the existing RMIS software meet my needs and how much customization is required?
  • If customization is required, what is the cost and timeline for development?
  • Is the RMIS system meeting my needs for reporting and can reports be easily run? Can reports be scheduled, emailed and what are the exporting capabilities?
  • What is software vendor doing to protect my PHI, Protective Health Information?
  • Is there a Business Associate Agreement in place to address specific requirements?
  • Are costs and upgrades clearly spelled out now and in the future? Can I get 5- year costs?
  • Is the software compatible with all current web browsers?
  • Does software include an incident portal for the generation of an incident anywhere via notebook, mobile phone, etc? Does this feature allow users to upload pictures, videos, etc.?
  • What is my limitation on file storage space for attachments and is there a limitation per upload?
  • What can be done to minimize downtime if I switch RMIS vendors? An organization should address the following upfront:
  • File format to be used when exporting data – Popular formats include CSV, XML and SQL dump
  • The ability to upload data periodically upon customer request

The above approach allows an organization to plan a successful RMIS implementation, and work with a new RMIS vendor in advance of switching to minimize any potential problems.

Article by Paul Kofman, President of Recordables. Mr. Kofman has been providing software solutions in the area of Risk Management, Claims Management, Disability Management, Safety and Occupational for nearly 30 years. For more information, please contact Paul Kofman at paul (at) recordables.com.

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