Accurate data is the foundation of an effective insurance renewal system. Clean, relevant, and understandable quality data empowers efficiency and gives you the best chance of accurately assessing your risk. To improve the insurance renewal process it requires a risk management tool.
Reckitt, a leading provider of some of the most popular household and nutrition products, such as Lysol and Air Wick, has 40,000 employees and a presence in 60 countries across the world.
Reckitt’s Renewal Challenges
Facing a hardening insurance market, Reckitt faced the challenge of getting insurance coverage at an acceptable price.
Reckitt also has to deal with:
- Coverage restrictions, which vary by line of business
- The recent spike in reinsurance catastrophe coverage, which is the highest it’s been in a generation
- Macroeconomic shocks, such as rising inflation, interest rates, the war in Ukraine, and natural disasters, impacting insurance renewals
- Time-consuming renewal processes
- Higher levels of uncertainty, with insurance companies changing direction at the last minute
- Increased scrutiny of underwriting data they had to present to insurers
- An increase in the amount of information insurers require
Also, Reckitt needed insurance companies to understand their risks as completely as possible. In this way, they could better avoid price changes and issues during the claims process.
Challenges When Gathering Data
Reckitt had been using Excel spreadsheets when collecting data. They would send the spreadsheets to their different locations around the world and wait for them to be returned.
This system was excessively prone to human error. Plus, it required an enormous amount of time-consuming work, not just when it came to sending out the questionnaires but also analyzing the information once it was sent back.
Reckitt needed to ensure that its data was of the highest quality. The company also had to work to establish trust with insurance companies. Otherwise, underwriters would presume the worst-case scenario, which would result in higher premiums. The only way to secure the best possible terms at the best price was to present accurate, meaningful data to insurers.
Challenges Posed by Growth
Reckitt had been experiencing considerable growth, but the insurance team wasn’t expanding at the same rate. To keep up with expanding risk management and renewals, Reckitt needed to turn to a digital solution, one more adept at supporting renewals than Excel spreadsheets.
In addition, Reckitt had to navigate the UK compliance landscape, which includes the Insurance Act 2015. This legislation required them to have a simple, efficient, and auditable process in place so they could demonstrate that they had conducted a reasonable search for providers. They also had to comply with the presentation requirements outlined in the Act.
How Ventiv’s Solution Helped Reckitt Meet Its Challenges
Reckitt’s renewal users had to reach out to many parts of the organization to gather the information they needed. Using Ventiv’s solution, risk managers can send a section of a questionnaire to someone who’s in a good position to complete it. When compared to the laborious process of emailing spreadsheets, Ventiv’s solution saved Reckkit’s renewal teams valuable time and effort.
Reckitt also has many locations across the globe. The ability to upload the spreadsheet into a central form makes it far easier to gather the information they need for renewals.
Reckitt has also been able to take advantage of in-built data validations. These automatically bring any deviations in the data from what Reckitt was expecting to the attention of decision-makers. In turn, users are then forced to provide additional explanations.
This saved Reckitt’s risk team a lot of time because it prevents them from having to go back to each individual and ask questions about the data they entered. And because these interactions would typically involve going back and forth via email, the time savings were especially significant.
Ventiv Is a Hit with Reckitt’s Risk Teams and Insurers
Ventiv’s platform had a big impact on the ability of Reckitt’s risk professionals to do their jobs. For instance, in a response to a survey:
- 84% of respondents said Ventiv’s solution provided the necessary information in a more efficient manner
- 94% reported that Ventiv’s platform was intuitive and easy to use
Ventiv’s solution also enables a two-way dialogue with end users. This is crucial when it comes to attaining a 100% success rate when it comes to gathering information for renewals.
Similarly, Reckitt has gotten positive feedback from brokers and insurers who appreciate the quality of the data gathered with Ventiv’s risk management tools. In addition, Ventiv’s platform streamlines the process of making sure the data Reckitt provides is still accurate and relevant. The company can use it to adjust the amount and type of data they collect to satisfy increasingly stringent information requests.
Using Ventiv, Reckitt has met the needs of its internal risk team and the insurers they need to provide with information. In this way, the renewal process is faster and easier—despite a hardening market. Chat with an expert to see how Ventiv’s Renewal Solution is right for your organization.
