LUMINOS: How Organizational Risk Profiles Change
Apr 29, 2022

The Fire Office. Formed in 1667 after the Great Fire of London, it is generally recognized as the first recorded instance of an official property insurance company in the modern world. Almost a century later, Benjamin Franklin brought property insurance to the shores of the eastern United States in 1752. Known as “The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire,” both companies initially offered building insurance against fire damage. Over time, as business ventures became more complex and operating risks grew and diversified, the insurance industry evolved to also include a multitude of coverages protecting employees, assets, and business operations.


Today, the commercial insurance marketplace plays a pivotal role in our global economy. In exchange for premiums, insurers assume 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. Protecting businesses in this country from large losses and balance-sheet devastation, commercial insurance lines account for over half of the U.S. premium dollar totals.


With recent trends set to continue, commercial policy premiums are set to go higher. According to a 2021 Business Insurance article, costs are rising as the “commercial insurance markets are seeing continued increases as catastrophes and the COVID-19 pandemic exacerbate already-hard market conditions across most property/casualty lines.”


Successful risk management professionals understand that data is certainly one of the critical keys to managing rising premium costs. Yet, many old-school data silos simply can’t support modern-day business insurance management that encompasses many complicated and diverse activities, processes, and procedures. Entities that do take advantage of computing power, machine learning, and advanced analytics are rewriting the book on insurance policy and premium management with terabytes of premium, risk scoring, and underwriting data. The result? Lower costs.


When it’s time to renew your commercial line policies, are you manually collecting information from disparate data sources and locations? Does your enterprise harvest valuable information residing in computing applications, consumer apps, and desktop spreadsheets to successfully manage all facets of your complex insurance-policy programs and renewal activities? Do you have all of the relevant policy, claim, and exposure data stored in a single repository? Have you thought about using your risk-management information system (RMIS) as a collection point to simplify all of your insurance-policy renewal processes?


We have. Our goal at Gallagher Bassett is to continually evaluate client, carrier, and broker risk information-management requirements to ensure that we successfully deliver the most robust RMIS tools available in the bundled TPA marketplace. Successful modern-day risk- and claims-management programs need timely views of ALL applicable program factors impacting your total cost of risk (TCOR). Prevailing risk program requirements demand analytics-based computing technologies that include traditional core RMIS data sets as well as additional tools that support a wide array of information-management requirements.


Through our strategic partnership with Origami Risk, we have implemented a truly unique RMIS solution. Alongside core RMIS data transaction details, we have integrated our own proprietary computing tools to extend our product offering functionalities and decision-support capabilities. Stepping beyond the boundaries of traditional claim inquiry and transactional loss-run reporting, our RMIS product suite includes functionalities to manage all relevant policy data, images, and supporting documentation in a single data repository.


On an aggregate level, use our LUMINOS RMIS product suite to understand how your organizational risk profile has changed, and model the impact on existing and new commercial insurance coverage programs. Review existing program coverage details by carrier and dollar thresholds to easily identify any potential coverage gaps that could result in a catastrophic financial loss. LUMINOS also easily manages counterparty exposures for both participating carriers and applicable policies.


At the individual policy level, analyze all relevant financial data, including premiums, deductibles, and fees. Simplify the tracking of named insureds, underwriting-paper companies, and perils/exclusions. And, with your claims data integrated into our award-winning RMIS platform, check policy erosion figures with the touch of a button. Fingertip access to information improves overall policy management activities, simplifies policy renewals, and consolidates all relevant documentation.


To excel in our discipline, all of our TCOR strategies, decisions, and conversations must be aligned so that we can successfully merge workplace actions with employee safety, organizational goals, and brand awareness. Managing commercial insurance policies and their renewal cycles does not have to strain risk-management staff resources. Utilize our LUMINOS RMIS data collection tools, consolidation analytics, and document-management feature sets to streamline all of your policy management and renewal processes.


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 TCOR.


Interested in learning more about our LUMINOS RMIS product suite? Or any of our Expanded Service offerings available to Gallagher Bassett clients? We’d be delighted to talk with you. Engage a member of our Sales or Client Service teams, or contact Jennifer Turner, SVP RMIS Solutions, at


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