Risk Management Systems: Understanding RMIS vs. Modern Data Analytics Platforms

Jan 10

Written By Jeff Sharer – Risk Consultant

In today's rapidly evolving risk management landscape, risk managers and their colleagues need powerful tools and robust solutions to manage their insurance and risk data effectively.

While Risk Management Information Systems (RMIS), such as Riskonnect and Origami, have been the traditional solution, modern data analytics platforms are revolutionizing how companies handle their insurance program data.

Understanding the difference is crucial for making informed decisions about your risk management technology stack.

What is a Risk Management Information System (RMIS)?

A Risk Management Information System (RMIS) is a comprehensive software solution designed to help organizations track, manage, and analyze their day-to-day risk and claims data.

Traditional RMIS platforms excel at:

Claims administration and tracking: Manage and process claims from start to finish.
Incident reporting and management: Report and manage incidents to ensure timely resolution.
Policy and exposure documentation: Maintain accurate records of policies and exposures for better oversight.
Loss control and safety program management: Implement and monitor safety programs to minimize risks.
Compliance monitoring: Ensure adherence to regulatory requirements and internal policies.

These systems are essential for risk managers and claim adjusters who need to handle the tactical aspects of risk management, including claims processing, incident reporting, and compliance documentation.

The Modern Challenge: Insurance Program Data

While RMIS platforms are highly effective for managing claims and incidents, they often face significant challenges with insurance program data:

Time-consuming and error-prone manual data entry: This process can lead to inaccuracies and inefficiencies.
Manual extraction of policy information: Lengthy documents require careful extraction, which is labor-intensive.
Consistent manual maintenance for updates: Keeping data current demands ongoing manual effort.
Limited program-wide analytics: Comprehensive analysis across the entire program is often restricted.
Complex and time-intensive stakeholder reporting: Generating reports for stakeholders can be cumbersome and resource-heavy.

This is where modern data analytics platforms like LineSlip come in.

LineSlip: The Evolution of Risk Management Technology

LineSlip complements traditional RMIS platforms like Riskonnect and Origami by focusing specifically on insurance program data and strategic analysis. The AI-powered LineSlip platform transforms how organizations access and utilize their insurance information:

Automated Data Processing

- Instant digitization of insurance policy documents

- AI-driven data extraction and organization[JS1] [JS2] [MN3]

- Automated updates when policies change[LB4] [JS5] [6]

- Elimination of manual data entry

Strategic Program Analytics

- Interactive dashboards for program-wide visibility

- Instant access to comprehensive policy details

- Dynamic visualization tools

- Executive-ready reporting capabilities

Enhanced Decision Making

- Quick program assessment and planning capabilities

- Data-driven renewal negotiations

- Rapid stakeholder response

- Strategic risk management insights

RMIS vs. LineSlip: A Complementary Approach

Rather than replacing your RMIS, LineSlip enhances your risk management technology ecosystem:

The Power of Integration

When combined, RMIS platforms and LineSlip create a comprehensive risk management solution:

Accurate, automated policy data (and document) flows from LineSlip into your RMIS system
Enhanced analytics combining claims and policy data
Streamlined workflows for all stakeholders
Improved decision-making capabilities
Better program oversight and control

Transform Your Risk Management Approach

Don't let manual processes restrain your risk management program. LineSlip's modern data analytics platform complements your existing RMIS investment while eliminating the burden of manual policy data management.

Ready to modernize your risk management technology stack?

Schedule a demo to see LineSlip in action
Learn how leading organizations are transforming their approach to risk program management
Discover the power of automated insurance data analytics

Jeff Sharer – Risk Consultant

Jeff is a seasoned risk management advisor to several Private Equity firms, covering investment themes from energy and healthcare to infrastructure and real estate. His expertise spans operational and business risks, transactional risks, and claims and litigation. Jeff specializes in translating operational risks, such as cybersecurity, into actionable business metrics for informed decision-making. In addition to his advisory role, Jeff is VP of User/Product Experience at LineSlip. In this role, Jeff is responsible for enhancing the client experience through the lens of a risk manager. With over twenty years of experience, Jeff has held positions at Goldman Sachs, Marsh & McLennan, Towers Watson, and EY. He holds degrees from Moravian College and PACE University’s Haub School of Law.