When it comes to selecting the right risk management technology solution, the journey begins with understanding what's available. From the features and functionality to the level of support providers offer, an objective comparison is helpful. 

The 2024 RMIS Report serves as an excellent starting point for risk professionals looking to explore new technologies — whether seeking to move beyond spreadsheets; apply AI to risk, claims, or safety management processes; or find a solution capable of supporting their organization’s approach to integrated risk management.

A Comprehensive Guide to Risk Management Technology 

Published annually by RedHand Advisors, the RMIS Report is an independent guide that examines RMIS and RiskTech market trends. The report provides information and analysis that can help inform decisions about potential technology solutions for organizations’ risk, claims, and safety technology needs. 

 
Broken out by independent RMIS, bundled RMIS, and RiskTech solutions, the report includes vendor profiles that provide high-level company details, service and implementation methodology overviews, and information such as technology offerings, security certifications, release schedules, and average annual fees. Product and user satisfaction scores, based on a user survey, also feature prominently.  

RMIS Report Scores & Ratings 

Each year, Pat O’Neill, president of RedHand Advisors, points out that the RMIS Report does not rank software, endorse specific vendors, or declare a “winner.”  
 
The following contains brief explanations of — along with our take on — user survey results, product offerings, and NPS data as presented in the 2024 RMIS Report. The content is not intended as a substitute for downloading and reading the report in its entirety. 

Independent RMIS Provider User Survey Results 

The report's scores are based on survey responses related to users’ satisfaction levels with aspects of their system and service. (According to O’Neill, 998 survey responses were submitted and used to compile this year’s report.) The results of the user survey are displayed on a vendor-by-vendor basis. These scores represent the opinion of system users in response to questions that ask them to rate their level of satisfaction (on a scale of 1 to 10) in seven categories: 

• Customer Experience 

• Implementation Experience 

• System Value 

• System Satisfaction 

• Ease of Adoption 

• Understands Our Needs 

• Effectively Used  

Takeaway: As in previous years’ RMIS Report, Origami Risk (pgs. 32-33) continues to stand out among independent RMIS providers when it comes to user responses related to service and delivery — key factors in selecting the right RMIS solution and partner. (Case studies are available that provide details about how organizations are successfully using Origami Risk.) 

Independent RMIS Provider User Survey Product Scores 

The report's Product Scores are also based on survey responses related to users’ satisfaction levels with the areas of the RMIS systems their organizations use. The following system categories are scored on a scale of 1 - 10: 

• Analytics 

• Captive and Pooling  

• Claims Administration  

• Claims Management  

• Enterprise Risk Management/Governance, Risk and Compliance (ERM/GRC)  

• Environmental, Health and Safety (EH&S) 

• Exposures  

• Healthcare RMIS 

• Incident Management 

• Policy and Insurance 

• Renewal 

• Reporting 

• System Attributes 

• System-wide Capabilities  

Side-by-side comparisons of vendors’ product scores can help you to form an initial understanding of particular strengths of individual vendors’ offerings. Viewed as a whole, they deliver a glimpse of the strength of a system — or systems in the case of some vendors. As with all details in the report, these scores should be used as the basis for questions that help you learn more during initial discussions with providers.  

Takeaway: In addition to user survey product scores, overall Ratings and “Very Strong” to “Strong” system capabilities (“At a Glance,” pg. 49) are indicative of Origami Risk’s focus on a balanced investment in the development of all components of our single-platform solution. Origami Risk is the only unbundled RMIS provider with system capabilities of “Very Strong” and “Strong” across all ten categories.  
 
This is not only helpful for organizations looking for a specific tool, but can also help for those looking for a comprehensive solution capable of supporting an integrated risk management (IRM) approach. To that point, the report provides a visual summary of overall ratings broken down by “Claims-Oriented”, “RMIS-Oriented”, and “IRM-Oriented” solutions (pg. 49).  

Independent RMIS Provider Net Promoter Scores 

The Net Promoter Score (NPS) is a widely used customer satisfaction metric designed to gauge overall customer satisfaction with a company, product, or service. Based on a single question — phrased in the 2024 RMIS Report User Survey as “How likely is it that you would recommend the system to a friend or colleague in the industry? (Scale: 0 - Not at all likely to 10 - Extremely likely)” — responses fall into three categories: “Promoters” (9 or 10), “Passives” (7 or 8), and “Detractors” (0 to 6).  
 
NPS is calculated by subtracting the percentage of Detractors from the percentage of “Promoters” with “Passives” counted in the total number of responses. These numbers are indicative of the following: 

• 100 – 70: Excellent 

• 70 – 30: Great 

• 30 – 0: Good 

• 0 – -100: Needs Improvement 

As the survey firm Retently points out in What is a Good Net Promoter Score? (2024 NPS Benchmark), exactly what a score says about a company is not as straightforward as just looking at a single vendor’s NPS. Context is critical. How a provider’s score compares with those of other companies within the same industry also matters. 

Takeaway: When considering a vendor’s NPS, context is critical. In the 2024 RMIS Report (pg. 49), Origami Risk has the highest number of responses (188) and posts a score (46) that is 15% higher than the 2023 benchmark score for B2B Software & SaaS companies (40).  
 
Consistency also matters. A look at the average NPS from the report over the past five years shows that Origami Risk consistently receives higher scores than our nearest competitor and the industry benchmark. In fact, Origami Risk’s five-year NPS average (2020-2024) of 46.6 is a staggering 142.7% higher than our nearest competitor’s average (19.2) over the same five-year period.  

NPS: Origami Risk vs. Industry Benchmark 

** 2020 Retently industry benchmark score is for “Enterprise Software” 

What’s Next in Your Search for Risk Management Technology?  

There are multiple factors to consider when selecting RMIS, EHS, and GRC technology. Ultimately, choosing the right system lies in the answer to a question: Will partnering with this provider drive meaningful business results and contribute to your organization’s (and your) success?  

The answer to that question can be found only after you’ve done the initial research, discussed with providers what it is you’re looking for, viewed system demos, and consulted client references, to name just a few of the steps in the buying process.  

The 2024 RMIS Report is an excellent resource. As in previous years’ editions, we at Origami Risk are proud of the product scores and survey results earned in this year’s report. We encourage you to download the report to see those scores, along with those of our competitors, for yourself.