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10 ways to find out if you need a RMIS for your next insurance renewal

Steve Cloutman

When it comes to gathering and consolidating insurance renewal data, risk and insurance managers can become caught up in endless amounts of spreadsheets, phone calls and emails.

Renewal_data_collection_time_savings

In our experience, clients using spreadsheets for the commercial insurance renewal process will spend as much as 75 days collecting, checking and formatting data. The knock on effect is that insurance brokers and underwriters will often receive clients’ data later into the renewal process. This means brokers have less time to thoroughly analyse the renewal data and prepare the best possible insurance submission that will clearly explain a clients’ risk to insurance underwriters.

Effective risk and insurance managers are using Risk Management Information Systems (RMIS) to help them reduce the time taken to collect renewal data and produce reports. Furthermore, they are using these systems to improve data accuracy and, help ensure up-to-date and complete sets of data are collected and disclosed to brokers and underwriters.

If you’re wondering whether investing in an RMIS for your annual renewal process is right for your organisation, ask yourself these 10 questions:

  1. Do you find yourself trawling through data and spreadsheet after spreadsheet, rather than managing risks?
  2. Are you unsure of all exposures across your company’s operations?
  3. Do you find the insurance team’s time being squeezed during the renewal process – time spent collecting, checking and formatting data as well as the normal day-to-day tasks?
  4. Do you put the burden of renewal onto your broker or pass the problem onto the underwriter?
  5. Is it difficult to get hold of previous year’s renewal data?
  6. Are there gaps in the data you’re submitting to your brokers - e.g. missing values or business units not supplying data?
  7. Is there a lot of to-ing and fro-ing between business units to check data is correct?
  8. Is your renewal being tied up at the last minute/day?
  9. Do you suffer from a poor submission and minimal time for your broker to place your risks in the market?
  10. Are you being asked more questions after you’ve submitted your presentation to the underwriters?

If you answered ‘yes’ to most of the questions, then a RMIS could really help you, by:

  • Enabling users to easily login to a single web-based system to enter their renewal data.
  • Automatically consolidating data from other channels and internal systems, for example, employee data from payroll systems or fleet information from vehicle databases. 
  • Improving efficiencies with workflows and business rules that automate processes such as, distributing renewal questionnaires and validating and formatting data.
  • Improving data quality and increasing the amount of renewal data submissions.

Furthermore, Risk Management Information System Software provides an accurate audit trail for your information and helps you effectively communicate and share information with everyone involved in your company's renewal.

If you’re spending far too much time managing renewal data and, as a result, taking your eye off the ball on policy wordings and negotiations with brokers and underwriters, a RMIS could be the answer. By managing data through a decent system like RiskConsole, you’ll also have confidence that on the date of renewal, the terms of your insurance programme are as good as you can get for the quality of cover, the quality of insurer and the quality of advice. The finance director will always ask; ‘How do you know?” And the answer will be because your data is held in one central system and it’s reliable, it’s thorough and it’s right.


 

To discover how a RMIS can help make your commercial insurance renewal
successful, download our free booklet, 'The Definitive Guide to Commercial Insurance Renewal'.

The booklet shows a timetable for your next insurance renewal and highlights what information is
required and how the renewal data is used. We also discuss the main challenges risk/ insurance managers face during the renewal data collection process, and how a RMIS can help, as well as sharing best practices and client success stories.

RMIS Guide

 

Aug 14, 2014

 | Originally posted on 

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