The insurance industry is not resistant to risks which makes risk assessment a necessity for any business; to effectively manage risk incidents and maintain compliance. Insurers are expected to have their risk management system in perfect order; to identify, analyze and mitigate potential threats before they occur. However, this can only be aided by excellent service and superior tools. There are countless risk management software solutions designed with features to this effect. A comprehensive risk management suite aids risk management, risk evaluation, and risk control using practical strategies. To help you make the best choice, we’ve narrowed down your options to only the best 7 insurance risk management software.
Best 7 Insurance Risk Management Software
- AuditBoard – Best option for Excellent Risk Management System
- Pirani – Best Flexible Enterprise Risk Management Suite
- Riskwatch International – Best for Detailed Risk Assessment
- Riskcloud – Best for Comprehensive Modules on Risk Management
- ZebSoft – Best GRC (Governance, Risk Management, and Compliance) Suite
- Intellect – Best for Inclusive Risk Management Options
- NAVEX IRM (formerly Lockpath) – Best for Seamless Customization and Implementation.
1. AuditBoard – Best for its excellent risk management
Pricing Info: Contact Auditboard for pricing details.
AuditBoard is the leading cloud-based platform transforming how enterprises manage risk. Its integrated suite of easy-to-use audit, risk, and compliance solutions streamline internal audit, SOX compliance, controls management, risk management, and security compliance. The software caters to the demands of audit, risk, and compliance management, and makes risk assessment super easy and seamless.
Key Features
- All-in-one suite
- Comprehensive resource library
- AuditBoard community for professionals.
Reasons to Buy
- Excellent customer service, easy usability, great functionality
- Fast and intuitive software solution.
Reasons to Avoid
- Minor software glitches
- High-priced as compared to others.
2. Pirani Riskment Suite – Best Flexible Enterprise Risk Management Suite
Pricing Info – Free trial available. Starter: USUS$99/ month, Basic: US$229/ month, Premium: Request pricing details.
Pirani is a flexible enterprise risk management suite that features essential risk tools and resources to help you manage risks effectively. Pirani was built with businesses in mind to aid risk management and maintain compliance across business operations. Admins have the ability to put together benchmarks for risk evaluation. With unique features like risk assessment, risk management, money laundering risk management, workflow planning, and risk reporting, Pirani is easily a terrific risk management solution for individual risk analysts and corporate businesses. The Pirani support team is also attentive to feedback and very involved in guiding you through the risk management process by providing adequate support.
Key Features
- Activity Dashboard
- Risk and Compliance Management
- Workflow Planning
- Risk Reporting
- Normative Compliance
- Pirani Metrics
- Risk Alerts
- Predictive analysis.
Reasons to Buy
- Value for your money
- Great customer support
- Optimum functionality
- Easy to use software
- Access to helpful resources, training, courses, and valuable content.
Reasons to Avoid
- No flaws reported.
3. Riskwatch International – Best for Detailed Risk Assessment
Pricing Info – Free trial and free version available. Priced at US$99/ month. The number of active users influences pricing.
Riskwatch is a leading risk management platform with a variety of unique products designed to streamline your risk management and compliance process for optimum efficiency. Riskwatch offers a modern sophisticated platform with terrific customer support and highly developed risk assessment tools and compliance solutions, packed in an affordable, adaptable software. The platform’s core processes involve Security risk assessment, Compliance risk assessment, Compliance audit, and management, Security audits, Gap analysis, and Policy review, to name a few. The platform operates by letting admins create assessment forms, select the questions from a survey data set, identify security gaps, generate risk reports, perform a risk analysis, and other key functions.
Key Features
- Customization options
- Adaptable and easy to use
- Dashboard and analytics.
Reasons to Buy
- Great customer service
- Expansive survey questions to choose from
- Ability to customize.
Reasons to Avoid
- Not an intuitive solution
- The navigation system is defective.
4. Riskcloud – Best for Comprehensive Modules on Risk Management
Pricing Info – Pricing details unavailable. Contact Riskcloud to request pricing options.
Riskcloud is a cloud-based risk management suite that offers comprehensive modules on risk management integrated into one single software solution. The platform is highly rated by thousands of users as the leading enterprise risk management solution with adaptable features that makes it super easy to manage risks in record time and affordable pricing options. With Riskcloud, your options are endless. You can either opt for full module implementation or adopt any module of your choosing.
Key Features
- Corporate governance
- Risk management
- Compliance solutions
- Business continuity
- Audit management
- Risk analysis.
Reasons to Buy
- Helps you manage risk
- Transform data into actionable insight to guide your decision-making process
- User-friendly risk analysis
- No hardware or software required
- No hidden cost.
Reasons to Avoid
- Fairly new software, still under development.
5. ZebSoft – Best GRC (Governance, Risk Management, and Compliance) Suite
Pricing Info – The price starts from £600/per user. See ZebSoft full pricing guide for pricing details.
As a manager or risk analyst, ZebSoft translates to a dream come true with terrific features and tools designed just for your needs. The cloud-based GRC suite is designed for companies, to ease the burden of risk management and help businesses by providing ample information to aid governance, risk management, and compliance. The software is furnished with thoughtful features to deliver a rewarding user/ admin experience.
Key Features
- ISO standards management
- Regulation and Legislation (EH&S)
- Activity dashboard and activity tracking
- Audit Management
- Risk Management
- Asset Management
- Document Control
- Notification alerts
- ISO & QMS Non-Conformance & CAPA.
Reasons to Buy
- The user interface is easy to navigate
- Delivers a streamlined process for easy usability.
Reasons to Avoid
- None found. Optimal functionality.
6. Intellect – Best for Inclusive Risk Management Options
Pricing Info – Request pricing details from Intellect.
Intellect is leading software for risk management with special features that make your subscription worth every dime. With Intellect’s innovative all-around software solution, you can conveniently record risk issues, analyze risk incidents, develop strategies for risk control, monitor risk factors, generate risk reports to inform the decision-making process and work out risk issues. Super easy to use, Intellect makes an amazing choice for risk management software.
Key Features
- Intellect QMS
- Intellect EH&S
- Intellect Platform
- Risk Management
- Audit Management
- CAPA and FMEA
- Document Control
- Dashboard and Setup
Reasons to Buy
- Easy to use
- Quality data organization and reporting
- Great implementation
- Excellent customer support
- Software updates
- Compatible with Windows, iOS, and Android.
Reasons to Avoid
- Could use some improvement.
7. NAVEX IRM (formerly Lockpath) – Best for Seamless Customization and Implementation
Pricing Info: Contact the NAVEX IRM Team for pricing details.
NAVEX IRM spots the risks from a mile away and this is due to its powerful tools optimized for risk management. Customization and implementation are seamless and you have access to a host of flexible features depending on your needs. The platform aggregates your company’s data and runs an analysis process to provide valuable insight.
Key Features
- IT Risk Management
- Third-Party Risk Management
- Privacy, Risk, and Compliance
- Business Continuity Management
- Operational Risk Management.
Reasons to Buy
- Provides actionable insight from data
- Terrific support team
- Powerful tools that facilitate an excellent experience
- Adaptable workflow
- Easy to configure.
Reasons to Avoid
- Could use some minor improvements to the software.
Reference
- https://www.softwareadvice.com/risk-management/
- https://www.logicmanager.com/industries/insurance/
- https://riskwatch.com/risk-management-software-for-insurance/
- https://www.auditboard.com/
- https://www.riskcloud.net/
- https://zebrasoftware.co.uk/
- https://www.intellect.com/
- https://www.navex.com/en-us/
- https://riskwatch.com/
- https://www.piranirisk.com/