Cut the time it takes to collect and check renewal data

The task of collating a company’s renewal information is a critical aspect of preparing the market submission. Information needs to be collated from various regions and divisions in a timely, efficient manner and in a consistent format. This can be a very time-consuming process. Traditionally, a spreadsheet-based questionnaire is sent out for various parties to complete, the results of which are then copied and pasted together and checked for sense.

With RiskConsole, you can create online renewal questionnaires that are easy to fill out and limit the potential for error. Then use business rules to highlight any changes in data values against prior years and detect errors. Reports and audit trails can then be produced to support your submission.

RiskConsole saves time

Renewal data is entered and accessed from one single location
This means that you and your team won’t have to manually consolidate renewal data by re-keying data or copying it from one spreadsheet to another.

Automatic distribution of renewal questionnaires
RiskConsole can also be set up to send out reminders to business units that have yet to submit responses.

Help for business units entering the data
As well as intuitive questionnaires, historic values are displayed next to form fields and questions can be asked and answered in the local language and currency.

Producing and distributing reports and charts
Standard charts can be automatically generated from within RiskConsole, to show changes in values against prior years. Any ad-hoc reports can also be produced in just a few clicks. These reports can be easily exported and sent to your broker.

Creating and testing renewal questionnaires
RiskConsole offers a range of self-service tools for creating questionnaires and customizing field properties. Alternatively, we can build and test the questionnaires for you.

Boost confidence in your insurance submissions

Automatic error detection and alerts

RiskConsole will automatically recognize invalid renewal values based on the rules you set, such as variances against prior year’s data and the length and format of entries. Users will be notified of any errors as they enter the renewal data, so that users can correct the values at the time or confirm and explain the new data as needed. Notifications can also be sent to the insurance and risk team once the renewal data is submitted.

Good Questionnaire Design

Good questionnaire design

One of the most effective ways to reduce data errors when collecting renewal data is to design the questionnaire or data-inquiry method in a way that limits the potential for errors.

Enhance your renewal questionnaire over time

RiskConsole will enable you to quickly pinpoint where people entering the renewal data had issues. Using this information you can rephrase questions to make them easier to fill out and understand. New questions can also be quickly added to existing questionnaires to ensure you’re able to provide comprehensive and relevant information about your risks to your underwriters.

Keeps your data safe and auditable

RiskConsole keeps a complete history of who has entered the renewal data, when it was entered and any modifications or corrections. This record can be presented to underwriters to help build confidence in data accuracy.

Client Focus: HJ Heinz Company

57 Varieties of Renewal Success

Underwriters are probing deeper than ever during renewals, whether you’re a small firm or a company like Heinz, with 36,000 employees, $8.6 billion in annual sales, $10 billion in property assets and at least “57 varieties” across the globe. Heinz could no longer risk continuing with its manual renewal data collection processes. The world-famous food company turned to RiskConsole to empower its local users to properly report property- and casualty-related values. With subsidiaries maintaining accurate exposures, Heinz risk management can next track their efforts at loss control and greater strategic gains.

Key takeaways:
Heinz produces more than 5,700 product varieties (not just the famous 57) around the world, but it fortified its risk management recipe with RiskConsole and customized features like:

  • RMIS access for over 200 Heinz employees across 36 countries
  • User security controls for individual access to property and/or casualty modules
  • Content-related dashboards for multiple user and business groups, bound with training and documentation materials
  • The capture of COPE, location-specific hazard and property-value data in one location for all users
RiskConsole has helped Heinz’s affiliates to take ownership of the values for the properties they are responsible for.
Jerry Fleckenstein, Manager of Global InsuranceHeinz
The Definitive Guide to Commercial Insurance Renewal

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