For risk managers at almost any type of company, insurance renewal dates are sometimes compared to tax dates. Both have strict deadlines, require lots of forms, and must be prepared in a timely and accurate manner. Even more striking, both taxes and insurance renewals depend upon having accurate information in order to comply with all of the rules and enjoy the lowest possible renewal rates.
For small and medium businesses, very often, the risk management function is left up to managers with many other duties. In this case, small company employees usually rely upon external brokers to handle many of their risk management functions. Accurate and timely information has to get passed back and forth.
Large companies often have their own internal risk management department, but these departments have to deal with distributed information that may be maintained by many different departments, sometimes in offices that are scattered all over the country or even all over the world.
Staying on Schedule with Insurance Renewals
According to a Business Insurance article, Mid-Market Buyers Need a Rigorous Review Process for Insurance Renewals, responsible company insurance managers need to develop a very rigorous and scheduled process to handle renewals. While Robert Stein, a chief brokerage officer of Aon PLC, says that typical insurance renewal dates are in January and June, he also says that the renewal process for most companies must begin at least 120 days in advance. In fact, he adds that most commercial renewal processes are actually a continuous process that may need attending to 365 days a year. The day after this year's renewal, something might come up that will impact next year's renewal.
Using an RMIS to Adhere to the Renewal Timeline and the Process
Using RiskConsole, a risk management information system, or RMIS software, helps companies, from small to large, stay on track with the insurance renewal process. We at Ventiv Technology have created this informational graphic to help you understand exactly how an RMIS can smooth out the process and keep data consolidated and accurate all year long.
These are some of the clear benefits this risk management software provides at renewal time:
- Reduce time spent on the commercial renewal process up to 75 percent.
- Reduce errors with better data validation and a central data store.
- Increase control over the process with the ability to check the status of the process from almost anywhere and on almost any device.
Work With the Leader in Insurance Renewal Solutions
At Ventiv Technology, we are proud to be a leader in risk management software solutions for small, medium, and large companies. With over 40 years in the business, we now serve hundreds of companies with hundreds of thousands of employees. We can help your business smooth out the insurance renewal process. Most of all, our solutions can help your company save money and make your business less risky. Learn more about how RiskConsole helps with the commercial insurance renewal process here.
