2022 RMIS Report: Takeaways
While we are not a RMIS, we do play in the RiskTech space and this year’s RMIS Report by Redhand Advisors offers a fascinating look into the growing RiskTech industry. Here are our three biggest takeaways from their research (and our favorite quote from the report):
RiskTech spending is on the rise
The first stand-out fact: “Our research indicates that 84% of organizations are expected to increase spending on risk management technology in 2022 — by an average of 8% increase year-over year.”
With a majority of companies planning on allocating budgetary funds for new technology systems, finding a RMIS or RiskTech partner to solve more nuanced problems can be daunting. That’s why we’re so honored to be featured in the report as a RMIS complement (not replacement) for organizations that want a product that will minimize tedious manual processes and give their risk department more time and bandwidth to be thought leaders.
Digital First
Cloud-based RiskTech platforms are expanding access across organizations. What once was a costly and cumbersome user management issue has been solved, and access to risk-related data can now be safely disseminated across a company. With remote work becoming increasingly common, secure Cloud access has been upgraded from a “nice to have” to a “need to have.”
According to the report, over half of businesses worldwide dealt with a cyberattack of some kind in the last twelve months. Responding to an in-the-moment threat on your company’s files or financials means having easy access to your insurance information so you can respond as quickly as possible.
Adapt and Adopt
Their research shows that 75% of RMIS have been implemented since 2010. The last decade has seen astronomical growth in this space, with acceptance of new technologies and adoption rates continuing to climb. However, haven’t we all attempted to implement a new technology only to be stymied by lengthy implementation and training processes? We heard from many people at the RIMS conference that it’s taken years to get their RMIS fully functional. We believe that in order to keep up with the pace of RiskTech advancement, a turnkey product will give you more value more quickly.
Our favorite comment of the report
In their summary of non-RMIS RiskTech products, they had this insight:
RiskTech is transforming traditional legacy-driven and manual processes. We knew industry data collection was antiquated, but COVID taught us just how analog we really were.
Ouch. Need help with that? Reach out for a LineSlip demo.
Have you read this year’s RMIS report? What did you think? Let us know in the comments.