Despite a turbulent year, the Risk and Insurance Management Society’s (RIMS) 2021 annual convention and exhibition took place this past April 18-21, 2021, bringing together professionals and organizations in-person and online.
RIMS LIVE 2021, like previous years, boasts over a hundred hours of speakers, sessions, and training on risk management, claims management, cyber and technology risk, and more, mixed with ample opportunities for networking and product demonstrations.
If you weren’t able to attend the RIMS conference this year or if you were looking for a summary of the key takeaways, we’ve pulled together three of the trends and developments that caught our team’s attention from the event’s many sessions.
1. Employee Care Is More Important Than Ever
Even though the pandemic has forced major changes in where and how organizations work, their obligations to their employees and to regulatory standards never went away.
Faced with new operating environments and, in some cases, even new risks, several of the speakers and events touched on how regulators, insurers, and businesses can take stock and be better informed for the year ahead.
For example, in one of the sessions, Dancing With Words: Getting D&O Coverage Right in a Minefield of Pandemic and Other Emerging Exposures, the speaker noted how insurers have changed the breadth of their coverage. In response, organizations should be aware of how that could impact their operations and financial risk exposure.
Similarly, in another session, Directors and Officers Insurance: Coping with Increased Litigation in the #MeToo and BLM Era, touched on how other social movements could affect an organization’s risk exposure.
2. Technology Is Driving Better Claims management
The RIMS conference also highlighted the gains that technology has played in driving claims management, increasing an organization’s ability to track and resolve issues.
One session, Informed Cyber Risk Decision Making Using Technology and Modernized Analysis, showcased how data, increased analysis, and improved assessments, and the power of automation can help organizations calculate their risk. Using this data, they can then make “better informed decisions about the risks for your cyber risk mitigation strategy.”
This theme matched another session, Putting AI at the Core of Your Claims Ops, noting how automation and artificial intelligence is revolutionizing the claims management processes, helping organizations better diagnose underlying problems and identify improvements.
These positive developments brought about with the power of automation align with what Pulpstream clients themselves are experiencing once their processes and their data are digitized.
3. COVID-19 Is Shaking Compliance and Risk Management
Finally, the RIMS conference emphasized the need for organizations to remain nimble and adaptable in the face of changing regulatory and risk environments.
One session, Is It Possible to Crisis-Proof an Organization with Risk Management?, focused on the mixture of the COVID pandemic, civil unrest, ransomware, and increased regulatory fines paired with tighter budgets for risk management. In other words, organizations have had to find ways to do more risk management with less staff, but with the same -- if not higher -- consequences.
The need to “do more with less” is a common reason why organizations choose Pulpstream as our platform enables business process owners themselves to digitize, automate, deploy, and evolve their operations themselves, without coding or reshaping their existing technology ecosystem.
Future-proof your processes
While the last year has meant a lot of operational changes and challenges, the RIMS LIVE 2021 conference underscored the importance of automation and agility—values and features that make up the core of the Pulpstream platform.
Pulpstream gives organizations, and the business process owners who drive them, the ability to take control of their processes, leverage the power of automation and digitization, and remain nimble with built-in integrations and a no-code environment.
So if your organization is facing some of these risk management challenges or is ready to experience the benefits of digitizing processes, our team of experts would love to assist you in designing a solution that is right for your business. Contact us here and we will get you scheduled with your own free, live demo.