LUMINOS: The Cloud and Risk Management Requirements
Nov 19, 2021

Clouds. NASA tells us that “a cloud is made up of water drops and ice crystals floating in the sky.” The drops start out as water vapor invisible to our eyes. As they are lighter than air, the vapors rise into the atmosphere and cool down, transforming into droplets that stick to dust, ice, or sea salt particles, forming what we then see as clouds. There are three types, including high-in-the-sky feather-like Cirrus clouds, Cumulus cotton ball shaped clouds and Stratus clouds that hang out closer to the ground, covering the sky in sheet-like formations.

 

Did you know that in the early 2000s, the term cloud was borrowed and applied to a brand new, exciting set of computing capabilities? Alongside traditional mainframe-based applications, cloud computing delivers a revolutionary set of internet-based technologies that take full advantage of agile computing power allocations, scalable storage memory banks, and intuitive Graphical User Interfaces (GUIs).

 

Supplementing, and sometimes outright replacing, existing antiquated data silos and old-school computing infrastructures, cloud-based technologies are incredibly well suited to support modern-day business operations. Today’s company activities include many complicated and diverse activities, processes, and procedures. Cloud-based technologies offer us the opportunity to significantly enhance our data analytics, improve our machine-learning algorithms, and expand our application portability across local and global organizations.

 

As with the billowy water droplets overhead, there are three different types of cloud computing architectures utilized by enterprises around the world. The public version delivers computing resources and applications over the internet and is owned and operated by third-party service providers. Private models are typically managed and operated by a single organization or entity, with infrastructure and services offered over private networks. The third type of cloud is the hybrid model, allowing public and private clouds to co-exist and share data, application programs, and computing resources.

 

The hybrid model supports the highest levels of dexterity for an entity, combining cutting-edge technologies with optimized existing infrastructure components and applications. Data doesn’t take a vacation. Twenty-four hours a day, seven days a week, 365 days a year, information is flowing across the globe, around our country, and through our company networks. So, how do you pull all of your Total Cost of Risk (TCOR) data together? Are you taking advantage of the cloud to appropriately support modern-day risk management requirements? If not, have you ever thought about integrating all of the relevant data impacting your risk programs and strategies into a cloud-based RMIS platform?

 

We have. Prevailing risk program requirements demand cloud-based computing technologies that include traditional core RMIS feature sets as well as additional tools that meet a wide array of information management requirements. Successful modern-day risk and claims management programs need timely views of ALL applicable program factors impacting your TCOR. Our goal at Gallagher Bassett 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 strategic partnership with Origami Risk, we have implemented a truly unique LUMINOS RMIS solution. Alongside core public cloud-based RMIS software features supported by Origami Risk, we have integrated our own private network and cloud-based proprietary computing tools to extend our RMIS product offering functionalities. Our best-of-both-worlds solution delivered by Gallagher Bassett has revolutionized the TPA industry and is possible because of the advances in cloud-based computing power, flexible hardware resourcing assignment capabilities, and the ever expanding data storage capacities.

 

Stepping outside the boundaries of traditional products, our cloud-based computing RMIS tools are a required option in the present-day risk program strategy toolkits. Among other advantages, our approach enables us to quickly deliver a vast array of RMIS features, including our Expanded Services, to support all of our client requirements. Customizations, including historical data loads, screen configuration changes, and utilization growth can be easily managed by expanding our data memory sets, scaling up our server CPUs and widening our access network. Coupled together with built-in redundant hardware set-ups that increase reliability and limit downtime, our model supports all risk administration RMIS challenges.

 

Think about it. What could you do with an industry-leading cloud-based RMIS product? What if it was bundled together with your TPA claims administration services? What other LUMINOS product features could we rapidly deploy for you so that you could successfully drive down your TCOR? What are you waiting for?

 

So, go ahead. Execute your vision. Let’s work together to take your RMIS tools to The NEXT Level. Interested in learning more about our cloud-based RMIS product suite? Or any of our LUMINOS Expanded Service offerings available to Gallagher Bassett clients through our LUMINOS offering? 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 jennifer_turner1@gbtpa.com.

Tags:

Share This
Subscribe
 
* Required Fields