LUMINOS: Consolidate, Manage, and Analyze Data, Including Self-Insured Risk
Oct 15, 2021

Insurance. If asked at your upcoming staff meeting, could you recite a technical definition? The International Risk Management Institute (IRMI®) defines insurance as “a contractual relationship that exists when one party (the insurer) for a consideration (the premium) agrees to reimburse another party (the insured) for loss to a specified subject (the risk) caused by designated contingencies (hazards or perils).” So, fundamentally, insurance is simply the transfer of risk from one party to another for an agreed upon monetary price over a fixed period of time.


The commercial insurance marketplace plays a pivotal role in the global economy. Without it, our global marketplaces for goods and services would be radically different and, according to some industry experts, would not exist at all. In exchange for premiums, insurers assume the risks required to keep our economic engines firing, finished goods moving, and retail consumption humming. And, according to recent Insurance Information Institute data, the United States accounted for over one quarter, or $1 trillion, of the annual $4 trillion premium paid totals across the globe.


There is, however, another way to protect select activities against unexpected losses. Instead of paying premiums, does your organization self-insure a limited, specific set of coverages? Is it setting aside monies to cover smaller unplanned loss events instead of paying applicable larger dollar insurance coverage fees to a third party? Has your entity thought about managing the self-insured claim data, associated documentation, and dollar distributions utilizing your Risk Management Information System (RMIS)?


We have. At Gallagher Bassett, we are always thinking about how to merge our claims expertise, intellectual capital, and computing technologies with our ecosystem of LUMINOS RMIS tools. Meeting current enterprise-wide risk management information demands requires flexible technologies and a relentless drive for RMIS product innovation. Through our partnership with Origami Risk, Gallagher Bassett has deployed an RMIS solution for all of our clients that includes an optional Expanded Service Claims Self-Administration management module.


Stepping outside the boundaries of traditional RMIS inquiry and transactional loss run reporting, self-insured coverage management is an increasingly relevant option in the modern-day risk program strategy toolkit. Among other advantages, self-administered claims management provides additional flexibility and control over the adjudication process. Coupled together with conventional insurance products and appropriate reinsurance policies, self-administration can promote a new level of risk program management dexterity to meet today’s risk administration challenges.


At the individual Auto Liability claim level, manage all relevant employee, accident, and vehicle information. Add notes, photographic images, and relevant documentation to your self-handled General Liability claims. Track subrogation applicability for all self-insured claims. Merge historical self-administered claim data with all current claim financials to enhance the statistical accuracy of your risk program analytics all within the confines of our LUMINOS RMIS product suite, supporting fingertip access to diverse claim information sets that should factor into all of your Total Cost of Risk (TCOR) conversations, decisions, and action plans.


So go ahead. Think about it. What could you do with an award-winning RMIS product suite? What if it was bundled together with your TPA claims administration services and included all of the relevant self-administered claim data? And what would be the potential bottom-line savings if you employed a hybrid insured/self-insured risk management program?


Utilizing any of our add-on LUMINOS Expanded Service modules is a great value proposition for your company. And having a complete view of all the risk management program components impacting your TCOR is also smart business. Are you ready to work together to take your RMIS tools to The NEXT Level?


Interested in learning more about our Claims Self-Administration management module? Or any of the other LUMINOS Expanded Service offerings available to Gallagher Bassett clients through our RMIS product suite? We’d be delighted to talk with you. Please engage a member of our Sales or Client Service teams, or contact Jennifer Turner, SVP RMIS Solutions, at


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