Even though it should be a fairly linear process, the renewal process can get complicated fast. Premium increases, surprise coverage gaps, and clunky workflows are enough to leave any risk manager rubbing their temples. But with the right software, you can optimize coverage without increasing premiums, as well as streamline the risk analysis process for everyone involved.
Here’s how insurance renewal software can ease the pain of the renewal process—and improve your overall risk management workflow.
Automate Elements of Your Data Collection Process
Renewal management software can make it easier for all stakeholders to give you the data you need to make informed renewal decisions. At the same time, a renewal app can automatically fill out important information across multiple forms.
For example, let’s say you’re a risk manager for a manufacturer, and the time has come to renew your product liability coverage. Using a traditional, manual process, you may have to send out a dozen emails asking for data about product defects and any incidents they may have caused over the last year. Busy employees may not have time to compose lengthy, blow-by-blow descriptions of what’s happened. You may end up hunting down data right up until the days before your renewal deadline.
On the other hand, with renewal software, you can custom-design a straightforward questionnaire and send it out to all stakeholders with a few clicks. They can then click and type in their answers in a fraction of the time. Your app automatically updates with the data you need to move forward.
Automatically Track Questionnaire Answers
No one likes to circle back again and again, calling and emailing stakeholders to see where they are in the data collection process. With renewal management software, there’s no need. The app lets you know how each stakeholder is doing with their questionnaire and can automatically send reminders to them for you.
This is especially helpful for managers who have multiple timetables to work with. For instance, some renewal decisions require meetings with other decision-makers, and you need time to hold those before renewing. This takes time, so you may need those answers sooner than others.
Instead of setting up strings of reminders, your renewal software can keep track of each timeline and make it easier to collect the most time-sensitive data first. In this way, your software simultaneously acts as a data collection tool and a process management machine.
Save Money with More Accurate, Comprehensive Data
The data collection and analysis tools renewal software provides may reveal ways to save on your premiums.
To illustrate, suppose a healthcare provider got hit with multiple, damaging cyber attacks two years ago. As a result, you, the risk manager, had to significantly increase the organization’s cyber coverage—both to protect patient data and your digital infrastructure. Part of the problem was that the company had been using a traditional firewall instead of a next-generation one. The traditional firewall wasn’t able to detect zero-day, brand-new attacks because they hadn’t yet been registered in its threat signature system.
However, the IT team implemented a new, next-gen firewall that was able to detect and stop a wide range of cyber assaults. As a result, there were zero significant breaches during the last year.
As the risk manager, you can use your renewal software to gather data about:
- The causes of previous breaches
- The type of next-gen firewall the IT team used to boost security
- The number of attacks it prevented
- How it may continue to make patient data more secure over the next year
Thanks to your renewal management software, you have this information in hand and can build a strong case for spending less on your cyber insurance over the next year. You can demonstrate both a significant reduction in incidents and how your technology upgrade has made your organization safer.
Automatically Fill Out Renewal Forms
Sometimes, you can copy and paste questionnaire answers in a few minutes. But sometimes you can’t. Adjusting tenses, for example, can add hours to your workweek as you type, proofread, re-type, and repeat—just to make your renewal data consistent. But with renewal management software, you can automatically port the data you need straight from your questionnaires.
All you have to do is give a filled-out questionnaire a quick check and then submit. The software can then import all the necessary data from that questionnaire into every renewal form you have to complete.
You don't have to worry about whether you entered the information correctly in one field but then fat-fingered, added a comma or zero, or made another error in another form.
This saves you the time it would take to manually enter data and the time you’d have to invest in checking and double-checking each of your entries.
Ventiv’s insurance renewal software automates many facets of the renewal process and makes it easier to collect and analyze the kind of data that can reduce premiums. On top of that, it saves you time, reducing the chances of human error mucking up your renewals. Chat with an expert to see how Ventiv’s Renewal Solution is right for your organization.
