NU Online News Service, Oct. 9, 10:40 a.m. EDT
Organizations across multiple industry sectors are turning to risk management information systems to achieve accuracy and reliability of data, a recent Aon eSolutions survey found.
The survey, which polled 435 risk professionals from 45 countries, found that 84 percent of those surveyed indicated accuracy and reliability of data was the driving force behind the use of RMIS technology.
Data consolidation and management was cited by 67 percent of the respondents, followed by management reporting improvements (63 percent), automation of processes (61 percent), and risk management process improvements (60 percent).
Aon eSolutions said North America has a "more mature RMIS market" compared to Europe, "mostly due to amplified workers' compensation claims needs in the U.S. and the associated data consolidation requirements."
The survey found 64 percent of North American respondents report using RMIS for more than five years, compared with just 37 percent of European respondents.
North Americans use their RMIS for litigation management and safety, while Europeans use RMIS more often as a risk register, according to the survey.
"The results show that many organizations believe that technology is essential to manage risk, echoed by demands from insurers and regulators for better risk data," said Kathy Burns, chief executive officer of Aon eSolutions.
"Businesses operate efficiently based on their ability to process, analyze and act on risk and insurance information quickly," she added.
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