Excellence. What exactly is it? If asked, how would we define it? And when we do, how do we achieve it? Countless books, research projects, interviews, and water cooler conversations over the years—and in some cases centuries—have offered us an array of disparate answers. A friendly search of cyberspace for “business excellence” materials returns a mind-boggling 3,430,000,000 opportunities for us to read about it, examine it from all angles, and successfully map out avenues to the holy grail. Once we do achieve our version of it, an equally vexing set of questions emerge around maintaining excellence on a period-over-period basis.
Goal alignment no doubt plays a foundational role in achieving excellence. To push the boundaries of performance, to take things to The NEXT Level, individuals and organizations must first set their intentions to excel. They then must align all associated beliefs, actions, and attitudes toward the attainment of a singular goal. Activities, habits, mindsets, and daily choices need to continuously line up with determined ambitions to succeed and to be the best.
To excel in our discipline, all of our total cost of risk (TCOR) strategies, decisions, and conversations must be aligned so that we can successfully merge workplace actions with employee safety, organizational goals, and brand awareness. With multiple data sources, round-the-clock input flows, and disparate information storage files, how do you pull all of your TCOR program data together? Do you have the right tools for the job? Have you thought about the measures and metrics that you can use to evaluate bundled risk-management information systems (RMIS) excellence in the third-party administrator (TPA) market space?
We have. Features and functions are certainly at the top of the list. Ensuring that the selected RMIS product suite includes all data inquiry, transaction reporting, and advanced interactive analytics is crucial to successfully managing business risks and enterprise-wide liabilities. Widening our lens, we can also use industry recognitions, Net Promoter Scores® (NPS®), and Client Testimonials to assess bundled RMIS products.
The 2022 RMIS Report is a great place to start. The recently released report from Redhand Advisors, published by respected insurance industry veterans David Tweedy and Patrick O’Neill, is an annual report that independently reviews all of the RMIS product offerings available in the marketplace today. The report includes NPS®, feature-set evaluations, and general comments covering all bundled and unbundled RMIS system options available for use by the risk management community.
“Redhand’s comprehensive review includes core RMIS functionalities and our vast array of Expanded Service add-on options,” notes Jennifer Turner, GB’s SVP for LUMINOS. For the fifth year in a row, the 2022 RMIS Report awarded GB’s LUMINOS platform as the most comprehensive feature-set ranking in the bundled TPA space. “Our continued leadership in the RMIS market really does validate all of the efforts that our LUMINOS product teams, client service organizations, and Executive Management groups extend to revolutionize the bundled RMIS marketplace. We are looking forward to implementing a number of custom enterprise-wide solutions during 2022 and will also be releasing new and exciting product-feature enhancements to our core and Expanded Service RMIS toolsets.”
Also for the fifth consecutive year, Gallagher Bassett clients responding to the 2022 RMIS survey rewarded LUMINOS with the top NPS® for a bundled RMIS solution. “The NPS® for the RMIS Report measures the likelihood that individuals would recommend our LUMINOS product suite to a colleague or friend,” notes Joe Zinga, SVP Risk Management at GB. “We are honored by this repeating acknowledgement of our RMIS product excellence as we continue to meet current risk-management information challenges with flexible technologies and a relentless drive to deliver superior claim outcomes to our clients, carriers, and broker partners.”
At Gallagher Bassett, we are always thinking about how to merge our claims management expertise, intellectual capital, and computing technologies with our family of industry leading LUMINOS products. Will Durant, in his book The Story of Philosophy, paraphrases a portion of one of Aristotle’s many famous writings, which easily articulates our organizational approach to excellence:
“We are what we repeatedly do. Excellence then, is not an act, but a habit.”
Did we miss you at RIMS? We’d be delighted to talk with you and showcase our LUMINOS RMIS product suite and Expanded Service offerings available to Gallagher Bassett clients. Engage a member of our Sales or Client Service teams, or contact Jennifer Turner, SVP RMIS Solutions, at email@example.com.