The commercial insurance marketplace plays a pivotal role in the global economy. In exchange for premiums, insurers assume the risks required to keep our economic engines firing, finished goods moving and retail consumption humming. Without it, our global marketplaces for goods and services would be radically different and, according to some industry experts, may not exist at all.
According to the Insurance Information Institute, recent global premiums totaled $4 trillion, with the United States accounting for over one quarter or $1 trillion of the worldwide totals. Commercial lines account for over half of the U.S. premium totals and protect businesses in this country from large losses and balance sheet devastation.
Accompanying the premium dollar totals are the many millions of Big Data terabytes of underwriting, premium and risk scoring data. And with the growing fintech market space, the wide reach of insurtech company information requirements will only accelerate the ever-increasing data storage demands. And the need for sophisticated computing tools for risk managers to successfully merge and manage commercial policy information and documentation.
How do you pull your policy program details together? Do you have the right tools for the job? Have you ever thought about using a Risk Management Information System (RMIS) tool set to manage your policy information?
We have. At Gallagher Bassett, we are always thinking about how to merge our claims management expertise, intellectual capital and AI computing technologies with our ecosystem of industry-leading RMIS products. Did you know that we offer over 20 different Expanded Service options with our LUMINOS RMIS product suite? And that one of the service offerings includes an industry-leading policy management module designed to be your one source of truth for all applicable policy information?
Through our partnership with Origami Risk, our award-winning bundled hybrid RMIS product includes a Policy management module as an available Expanded Service option. The module enables you to maintain all relevant policy data, images and supporting documentation within our LUMINOS product suite. Fingertip access to information that improves overall policy management activities simplifies renewals and consolidates all relevant documentation.
Think about it... a single data repository supporting a complete view of all applicable program-specific factors impacting your policy strategies, risk retention blueprints and, ultimately, your Total Cost of Risk (TCOR).
Utilizing our add-on policy management Expanded Service option is a great economic value proposition for your organization—and smart business. Stop by and read our post next week as we walk through the details of our LUMINOS Policy module, including deductible tracking, coverage gap analysis and policy erosions. Learn how we can work with you to take your RMIS tools to The NEXT Level.
Interested in learning more about our Policy management module? Or any of the other LUMINOS Expanded Service offerings available to Gallagher Bassett clients through our RMIS product? We’d be delighted to talk with you. Please engage members of our Sales or Client Service teams, or contact Jennifer Turner, SVP RMIS Solutions, at firstname.lastname@example.org.