RMs Closing In On Loss-Run Standard
A group working to establish a loss-run standard for risk managers claims its pilot application has been successful in demonstrating potential service enhancements, cost reductions and improved process efficiencies. Participants conceded, however, that there is more work to be done before the standards can be put into widespread practice.
The New York-based Risk and Insurance Management Society will be announcing an update on the standards project, and will recognize one insurer and one major brokerage that carried the successful pilot data transmission, during the groups annual conference this week in New Orleans, according to Elizabeth Morrell, vice chair of the technology advisory council for the New York-based RIMS.
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