Today’s market is unique, and while it has become a cliché, unprecedented. In a firming market like this one, controlling insurance data is more important than ever before. But with more data out there, and new data being generated every day, how do you control that data?
In some ways, this is simpler than you think, but you need to understand how to better control your data, and what that actually means.
Here are some tips, tricks, and information about what data matters most and why, and how you can get a better handle on your data.
Data and Controlling Premium Costs
Premium costs have been increasing over the last few years. The rise has been steady and significant. This creates a challenge for insurance managers, whose job includes controlling premium costs. One way to do this? Gathering data that reveals true risk.
While certain industries carry more risk than others, unique safety programs, an excellent track record without incidents, and the data to back that up can make a huge difference when it comes to overall premium costs.
Also, data about what kind of coverage is truly needed is essential. What is your ability to self-insure? Can larger deductibles be tolerated? Have your business activities changed in a way that will impact your insurance?
Once you have all this data gathered, how do you use it?
Data and Renewal
Pulling together all the data above is important for several reasons, but a big one is helping you to control the narrative when it is time for renewal. This is the point at which your insurer looks at your needs and risk again and decides about your premium costs going forward.
This narrative often feels very one-sided. The insurer states what your new rates will be, and often outlines their version of why they are changing. But it doesn’t have to be. With the right data, control of that narrative can be back in your hands. You can offer definitive proof of risk and can even contest any premium increases with real data.
Ventiv's insurance renewal software and process can provide the most accurate data for a more efficient renewal process as quoting now starts earlier than ever before renewal. Take control of your data, and take control of the renewal process.
The Need for Specific Data
What if you are looking for a new quote? Even if carriers are interested in serving you, they need specific data to offer you a quote. Many young companies or those in a new industry don’t have a solid handle on their data or comparable data from the marketplace.
This makes it hard for companies to offer an accurate quote, and sometimes they can’t offer one at all. The truth is, data is out there, and more data is being created every day. You need to get a handle on your data so that you can get the best quotes available.
Making Data Mobile
Why else should you have a handle on your data? Well, if you rely on your insurance company to handle and track your data, it’s not mobile. You can’t take the data with you should you want to get a new quote from another company. The way you do this is to retain your data locally and in your own cloud services.
It’s also not just about storing data but analyzing it as well. A data pool or lake is no use unless there is a framework or method of organization like that offered by Ventiv.
Providing Tools for Negotiation
What’s the bottom line of all this? The more data you have and the more control you have over it, the easier it will be to negotiate with carriers. This is true whether you are at the renewal stage, or whether you are looking for new coverage.
This data will help you with controlling premium costs all around, negotiating at the point of renewal, and can even help you when you are shopping around for insurance. Own and analyze your own data, and be sure it is mobile and accessible at your fingertips whenever you need it.
Want to learn more? Contact us at Ventiv today and learn more about the future of insurance and the data you need. We’d love to help you take control of your insurance data in today’s firming market.
