RIMS drives loss data standards

The Risk and Insurance Management Society (RIMS) has revealed plans to develop standards for the exchange of loss data between insurers, service providers and the risk management community. The results of a viability study were presented to RIMS last month.

Although the RIMS’ data standard initiative is being driven from the U.S., the president of the society for 1999/2000, Susan Meltzer, recently highlighted the importance of achieving similar standards in the Canadian market. The RIMS’ research, which is being conducted through the University of Georgia’s management science and risk management departments, will initially focus on data standards for the workers’ compensation and auto liability markets. The objective is to establish common technology in the delivery of claim-related information. “Such standards can reduce data conversion costs and risk program adjustment headaches for risk managers seeking more flexibility in creating and maintaining cutting-edge risk management programs and partnerships, says Chris Mandel, vice president of external affairs at RIMS.

RIMS has also released its latest risk management compensation survey which shows the average claim manager’s salary in Canada rose by $4,600 in the past two years to a current annual level of $59,000. In contrast, the average annual salary of a senior risk manager has risen to $99,000 from 1998’s $90,100, with the top risk manager in an organization working an average 43 hours a week and managing four employees.