Renewals Management

Improve efficiency and optimize program design

Improve your submission

Enhance data quality, gain visibility into risks and exposures. Give underwriters the data they need to accurately price your organization’s risk.

Save lots of time

Automate the renewal process. Transfer data collection responsibility to field users. Email-based workflows, online questionnaires, validation and status reporting.

Design the best programs

Get more time to negotiate the best cover, premiums and terms. Safeguard against under/over insurance, plus honor your duty of disclosure.

Better position for subsequent renewals

With improved data quality and repeatable processes you have the solid foundation for future submissions.

RiskConsole streamlines the renewal of insurance policies by automating the collection, consolidation and analysis of your organization’s risk and exposure data.

Managing the renewals process using spreadsheets is a lengthy and inefficient process. RiskConsole makes renewals faster (typically cutting the time needed by 75%) and more efficient. With the time and energy you save, you can focus on getting the best renewal deal for your organization.

Renewals

Optimize your organization’s insurance renewal

The volume of data required for a successful submission can add up very quickly. With RiskConsole, no longer will you find yourself trawling spreadsheet after spreadsheet, checking and consolidating data.

RiskConsole improves the accuracy and quality of the data in your submission. Get the full picture of your organization’s exposures. Easily compare present-year values to last year’s. Identify and fill in gaps in the data you provide your broker. Be sure you’re giving underwriters all the data they need to price your organization’s risks and exposures accurately.

Get back to being a risk manager

RiskConsole takes the pain out of administering the renewal data collection process so you can focus on managing risk. With email workflows and easy-to-use online questionnaires for your field users, you can expect to save 75% of the time you’ve been spending chasing down responses, combining spreadsheets and checking for accuracy. From RiskConsole you can:

  • Distribute the questionnaires
  • Have business rules that identify variances and get commentary for large changes
  • Ensure consistent entry of all values entered
  • See dashboards that track questionnaire progress

 

Renewal Process
Renewal Progress Report

Insurance programs that give the right coverage at the right price

Beyond having quality renewal data for your submission, RiskConsole gives you the time to make the most of an assured understanding of your risk profile. Working with the brokers and risk advisors, you can evaluate different risk-financing strategies and compare quotes from different markets.

The high-quality data also puts you in a strong position to meet duty of disclosure and conditions of policy commitments. After all, the impact of unexpected claim liabilities can have an unwelcome impact on an organization’s P&L.

Lay the ground work for your next renewal

Making an improvement to your renewal data collection process does not just benefit this year, but puts you in great shape for the following year renewal as well. With quality data and efficient, automated processes you can continue to see the benefits from your improved process.

MULTICURRENCY SUPPORT

RiskConsole is unmatched in its support for multiple currencies. Users enter their values in their local currency. RiskConsole consolidates the values and reports in the selected currency. You can provide the exchange rates, or RiskConsole can use public daily exchange rates.

USER-FRIENDLY QUESTIONNAIRES

For field users, questionnaires in RiskConsole are easy to navigate and complete. You can easily tailor questionnaires so that users see only the fields they need to complete. In-form instructions and tooltips help users enter the correct information—there’s no need for a separate user manual or guide.

INSTANT VALIDATION

With RiskConsole, data is validated as the user enters data (variances above predefined thresholds trigger requests for review) and then when the user submits the data. Automated validation and sense-checking eliminated up to 80% of the time needed to verify submissions.

POWERFUL WORKFLOWS

RiskConsole’s email workflows automate communications with field users, internal staff and even brokers. Emails remind field users about submission deadlines or when specific events happen. Overall progress including delinquent lists can all be monitored via dashboards and reports.

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The Mosaic Company

"Mosaic’s global exposure data management project, supported by RiskConsole and the exposures module, has enabled us to sharpen our focus on the core of risk management: the timely identification of all risks and exposures; proper understanding and assessment of them; and the effective response to them by employees at all levels." READ MORE >

MICHAEL R. BISHOP

Insurance Manager

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Starwood Hotels & Resorts Worldwide

"We can essentially ‘slice and dice’ data any way we need to and send summary reports to our senior management. With this sharing of information, our team is empowered to make faster, more accurate decisions to control losses and manage risks." READ MORE >

PATRICIA DILLON VILLARREAL

Director of Risk Management

7 Reasons Why You Should Use A RMIS For Your Commercial Insurance Renewal [Infographic]

Are you still using spreadsheets for your commercial insurance renewal data collection process? In our experience, collecting renewal data this way can take up to 75 days when you...Read more

Analyzing Risk Data for Insurance Renewals

    Our own guide, "Optimizing the Insurance Renewal Process Through Technology," is available to download for free in the Ventiv Technology Resource Library.  In this online...Read more

How to Avoid Replicating the Auditing Department's Job

Yes, having access to audited and auditable data matters for many different aspects of risk management. On the other hand, risk managers want to avoid audit replication by not attempting to...Read more

Top 4 Reasons Risk Managers Use Risk Management Software

One of the most useful tools for risk managers is risk management software. This software can help risk and safety management employees, asset managers, and even corporate executives make better...Read more


Optimizing the Renewal Process with Technology

 

Looking to optimize your organization's insurance renewal?

Find out how automating your renewals process not only saves time, it also improves the quality of submissions, which leads to savings on premiums and improved terms of coverage.

Download your copy now



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Experience Greater Clarity and Efficiency Now.

Our team can help your organization solve its risk, claims and safety management software needs.

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