It used to be that an insurance company considered claims data to be their own. Any attempt by an insured to audit their losses or the insurer's claims management practices was stonewalled. While this still happens, it is no longer considered acceptable by many insureds, insurers, and RMIS vendors. One vendor in particular has access agreements with three hundred insurers. Also, many insurers and brokers are providing their clients with direct access, via modem, to real-time data.
Many systems now allow easier response to changing exposures and organizational structures.
Restructuring and reengineering have become the norm in industry today. This means that the exposures faced by a company on Friday may not be the same as those faced on Monday. As the RMIS industry continues to grow and become more competitive, risk managers will have greater access to the latest technological tools. These, and other trends, can assist risk managers in meeting their risk management objectives and create the ability to report on the results in a meaningful way.