Making Big Claims: Key Innovations Shaping The RMIS Market
Making Big Claims: Key Innovations Shaping The RMIS Market
In 2022/23, workplace injuries and work-related ill health in Great Britain resulted in costs amounting to £21.6 billion. This huge expenditure underscores the escalating burden organizations face in managing operational risks and rising insurance premiums. Risk management information systems (RMIS) have become essential to addressing these challenges, enabling organizations to centralize data, analyse exposures, monitor costs and generate actionable insights in real time.
In our Smart Innovators: Risk Management Information Systems (RMIS) report, we assess and score the capabilities of five leading RMIS providers, each offering solutions tailored to diverse risk and insurance needs. AI and advanced technologies are transforming the competitive landscape within the RMIS market, with standout features spanning:
- AI-powered risk data optimization for loss reduction.
Archer Technologies’s RMIS AI enhances risk analysis with retrieval-augmented generation (RAG) for faster, more relevant data interpretation. By integrating innovations like RAG and other algorithms, it pulls insights from vast data sets, improving risk assessments with historical claims, industry benchmarks and emerging trends.
- Real-time integration of telematics and asset data.
Telematics and asset data integration are transforming incident management, First Notice of Loss (FNOL), safety audits and exposure-value collection through real-time risk monitoring and automation. Riskonnect stands out in this space, using telematics for real-time monitoring of incidents and hazardous conditions, with automated FNOL workflows.
- Policy modelling and scenario simulations.
Dynamic policy analysis and modelling are emerging as a critical innovation area within RMIS. Vendors are now incorporating predictive analytics, scenario simulations and visualization tools to enhance decision-making. Origami Risk, for example, offers retention calculators, policy erosion tracking and coverage gap analysis to refine risk financing strategies.
- LLM-powered conversational data query tools for claims reporting.
Aclaimant’s LLM-based data chat tool allows customers to ‘chat’ with their data in natural language, delivering insights through a proprietary data structure. It also runs predictive models to score claims and trends, helping customers benchmark performance, prioritize work and gain deeper context.
Investing in advanced RMIS solutions is a necessity for businesses navigating an increasingly volatile risk landscape; the 2024 Smart Innovators report provides a comprehensive benchmark to help these organizations identify the right RMIS partner.
To explore more about the RMIS market and how it’s evolving, see our full 2025 Smart Innovators report.