Computer-generated data. The massive explosion in quantities, sources, and availability is literally rewriting the book of information management utilized by todays’ organizational enterprises. According to the World Economic Forum, data is fueling the fourth industrial revolution. “More data is being generated than ever before, with the global volume of data predicted to double between 2018 and 2022, and double again between 2022 and 2025.”
Old school data silos simply fail to support modern-day business operations that encompass many complicated and diverse activities, processes, and procedures. Exponential escalations in computing power, machine learning, and advanced analytics are propelling an unprecedented effort by entities across the globe to harvest the valuable information residing in their many computing applications, consumer apps, and desktop spreadsheets.
The importance of intelligently integrating diffuse data sets together has, among other things, given rise to a new C-Suite entrant: the chief data officer (CDO). A January 2021 Gartner,® Inc. newsroom press release noted that “Chief digital officers and CDOs have pivotal roles in accelerating digital business and building a data-driven organization.” In addition to the data demand increase brought about by the COVID-19 crisis, Gartner® notes that there is emergent urgency driving the acceleration of organizational data-consolidation projects and implementation timelines. CDOs include data integration as a critically important part of their playbook in successfully delivering sophisticated analytics throughout any entity.
Prevailing risk management requirements demand accessible computing technologies that include traditional core risk management information system (RMIS) feature sets as well as additional tools that meet a wide array of data integration needs. With round-the-clock data flows and heterogenous information sources, how do you pull all of your Total Cost of Risk (TCOR) data together? Do you have the right tools for the job? Have you ever thought about integrating all of the relevant data impacting your company risk programs and strategies into your RMIS?
We have. At Gallagher Bassett, we are always thinking about how to merge our claims expertise, intellectual capital, and computing technologies with our award-winning LUMINOS RMIS product suite. Our goal is to continually evaluate client, carrier, and broker risk data management requirements to ensure that we successfully deliver the most robust RMIS tools available in the bundled TPA marketplace. Through our partnership with Origami Risk, we have deployed RMIS solution for our clients that includes an incredibly powerful array of Expanded Service data integration tools.
Merge historical claim data with current claim financials to enhance the statistical accuracy of year-over-year trend analytics. Upload relevant policy data to accurately calculate current erosion statistics. Incorporate Short-Term Disability (STD), Long-Term Disability (LTD), and Family Medical Leave Act (FMLA) information to support employee outage planning and analysis. Consolidate product recall and environmental spill data sets into your analytics all within our LUMINOS RMIS data repository, supporting simple access to diverse information sets that support all TCOR deliberations.
Utilizing our add-on LUMINOS data integration options is a great economic value proposition for your organization. Do you work for your data? Or does your data work for you? How could you use an RMIS product suite bundled together with your TPA claims administration services to include ALL applicable organizational risk program data? What entity benefits could be achieved by shifting from a risk data collection focal point to a risk data analysis mindset?
So go ahead. Step outside the boundaries of traditional RMIS claim inquiry and transactional loss run reporting. Execute YOUR vision. We’re ready to work together to drive your RMIS tools to The NEXT Level.
Interested in learning more about our data integration offerings? Or any of the other LUMINOS Expanded Service offerings available to Gallagher Bassett clients through our RMIS product suite? We look forward to talking with you. Please engage a member of our Sales or Client Service teams, or contact Jennifer Turner, SVP RMIS Solutions, at firstname.lastname@example.org.