Hi Friend,

There has been a great deal of news in the RMIS industry as we kick off 2024. Riskonnect announced they acquired Ventiv Technology. While Archer, a leading provider in the GRC space, signaled that they are entering the RMIS market.

These developments in the RMIS industry certainly point towards an evolving landscape in risk management solutions. Such mergers often bring together different strengths and capabilities, potentially benefiting clients with more robust and versatile solutions.

Similarly, Archer's foray into the RMIS market suggests an increasing convergence between GRC and RMIS solutions and a trend towards more unified platforms that address a wider range of risk management needs, both insurable and non-insurable. This integration aligns with the growing demand for integrated risk management solutions that can navigate the complexities of today's risk environment.

The beginning of the year also brings the start of our annual RMIS Report cycle. The 2024 edition will be published in the 2^nd quarter. As we prepare for the 2024 RMIS Report, it will be interesting to observe how these recent developments are reflected in user feedback and market trends. Given the dynamic changes in the industry, the insights from this year's report should provide valuable guidance for organizations looking to navigate the evolving risk management landscape.

Your feedback is crucial in shaping our guide. If you haven’t done so already, please take a few minutes and complete our user survey.

Thank you.

Patrick O'Neill, Founder & President

Redhand Advisors

Take the RMIS Report Survey

Featured Blogs

2024 Outlook: Harness the Data Boom with the Right RiskTech

Risk management technology (RiskTech) is undergoing a transformative shift. Traditionally seen as lacking innovation and not top of mind for many organziations, it's now a key focus for organizations. Advancements in Generative AI and integration into Risk Management Information Systems (RMIS) are leading this change. This article outlines five major trends: mainstreaming of Generative AI, emphasis on automation and operational efficiencies, integration of AI and machine learning into enterprise solutions, increasing interoperability, and the growing demand driving RiskTech innovation. These developments are not only enhancing risk management capabilities but also fostering faster innovation, marking a significant evolution in the RiskTech landscape.

Part II: 8 Use Cases for AI in Risk Management

AI can be employed to help your team manage risk. Here are eight use cases for using AI in your risk management strategy.

Risktech Webinar Series

Join us for an insightful webinar where we delve into the world of artificial intelligence and its practical applications for Property and Casualty (P&C) insurance. As the insurance industry continues to evolve, the advent of advanced AI technologies presents tremendous opportunities for efficiency, accuracy, and enhanced customer experiences.

During this webinar, we explored the implications and benefits of artificial intelligence tools, such as ChatGPT, the frontier large language model developed by OpenAI. We discussed how this powerful technology can revolutionize various aspects of P&C insurance from underwriting and claims management to customer support and risk assessment.

Watch On Demand

Worth A Read

Redhand Resources

If you like our newsletter, please forward it to a friend or colleague.

If you were forwarded this email newsletter and would like to subscribe, click here.

Schedule a Meeting