Your role as a Risk Manager is challenging.
We understand that.
That’s why we developed Solartis Risk & Policy Manager. With it, you’ll get accurate, complete, and up-to-date risk data that is consolidated in a single location. Also, because our solution is offered through a Software-as-a-Service (SaaS) model, you’ll achieve an ROI that will please the C-suite.
The Value of Accurate, Complete, and Up-to-Date Data in Your RMIS
Without on-demand access to complete, accurate, and timely risk information, it’s impossible for you to be certain that the insurance policies you purchase correctly reflect your organization’s property and casualty exposures. Pay too much for insurance coverage and you hurt the bottom line. Pay too little and you won’t adequately cover your organization’s risks.
Like most Risk Managers, you’re probably struggling with:
- Decentralized data – Because your data comes from multiple sources, getting data and properly structuring it is a labor-intensive and time-consuming process.
- Inaccurate data – When your data is inaccurate, it impedes your ability to control the total cost of risk (TCOR) for your organization.
- Incomplete records – Records that are incomplete limit your visibility into your organization’s level of risk.
- Outdated records – Having outdated records is almost like having no records at all.
Solartis Risk & Policy Manager is the next generation RMIS. It simplifies your workflow by putting the data you need right at your fingertips. With it, you can manage every detail of the underwriting process and lifecycle, including premiums, claims, and administration. And because data collection and validation is automated, you can spend your time making strategic decisions instead of tracking down data.
The Administrative Nightmare Is Over
Risk Managers need a robust RMIS that supports the broad underwriting process and insurance policy lifecycle. To be most effective, your system must consolidate all critical risk and policy data administration activities in a single location.
You need an RMIS that can:
- House, track, and manage all of your data and documents in one place – Data changes constantly. That keeps you caught in a never-ending paper shuffle.
- Issue all insurance documents needed by your covered participants (coverage confirmations, Certificates of Insurance, etc.) – A first for Risk Managers, Solartis combines full policy administration services with RMIS system functionality.
- Extend self-service capabilities to covered participants – If all of the administrative tasks rest on your shoulders, you lack the time to think and act proactively.
- Facilitate collaboration with brokers, carriers, and consultants – Being the only person who can access, update, and report data creates an unnecessary administrative bottleneck.
- Support effective allocation and justification of insurance premiums – Without accurate and up-to-date information, you will have difficulty allocating and justifying premium contributions to your covered participants.
- Enable you to strategically control and reduce TCOR – You need to effectively address the three critical components of the total cost of risk: premiums, claims, and administration.
If your current risk management system lacks these capabilities, you should consider making the move to the Solartis Risk & Policy Manager.
Internally Selling the Need for a New RMIS
You know it’s time to move to a state-of-the-art RMIS. But, demonstrating the ROI and convincing your organization’s leaders to support the new system implementation can be quite a challenge.
There are two common reasons for C-suite resistance to RMIS implementation:
- The C-suite is primarily concerned with the bottom line – Implementing a conventional RMIS requires a substantial capital investment for license fees, hardware, and technical resources to run and maintain the system. If the ROI isn’t clearly apparent at the start, it will be difficult for you to get the green light.
- The C-suite may have been burned in the past – If the C-suite has had a negative experience when implementing an RMIS, that situation has likely left them with doubts and fears about doing it again. No one wants to be associated with a costly failed initiative.
Fortunately for Risk Managers, a new generation of risk management services is emerging, and Solartis Risk & Policy Manager is at the forefront. Unlike conventional systems, there is no upfront license fee. And because the system is cloud-based and offered through a SaaS model, there is no need to purchase new hardware and annual usage fees are one-third the cost. Problem solved.