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How Risk Managers Can Save Time During the Commercial Insurance Renewal Process

Angus Rhodes

 commercial-insurance-renewal-process-risk-manager

Who is involved in your insurance renewal process? Very often, this process must be a coordinated effort between company risk managers, other internal decision makers, independent insurance brokers, and insurance company actuaries and underwriters. While insurance renewals involve preparing and communicating a lot of critical information to multiple individuals, departments, and even outside companies, they also have to get performed in a very timely manner.

No doubt, most risk managers who are still doing things the old way are also still buried in spreadsheets and emails. In the meantime, risk management professionals need to be sure that policies are renewed on time and provide the best coverage solution at the right price. Using distributed data, multiple spreadsheets, and emails with lots of CC’s in the address are not an efficient solution. Of course, there has to be a better commercial insurance renewal solution.

Insurance Renewals: There is a Better Way

Our RMIS, or risk management information systems, provide one consolidated store of all of the information that should be needed for insurance renewals. In fact, the system even reminds risk managers when policies are coming up for renewals, so there is no more relying upon an external tickler file or calendar. Instead of having to prepare multiple spreadsheets with information that may need to get accessed from a variety of sources, risk managers can simply push a few buttons to produce neat reports that have been designed to make the entire insurance renewal process more efficient, easier, and of course, faster.

Besides saving time, our exposure management solution also provides these benefits:

  • Strengthens your negotiating position: You've got accurate data to back up your position.
  • Ensures you seek the right coverage level: You will have an easier time knowing which coverage limits that you need.
  • Reduces the cost of administration: Data collection gets updated from the office or field all year and doesn't just have to be collected when renewal time draws close.

Besides the risk managers, everybody involved in the process should benefit from having one system to rely on. Because everybody involved in the process knows that they are looking at the same information from the same source, data errors should be minimized, and if they do occur, they should be much easier to spot and correct.

We Make Insurance Policy Administration a Breeze

Do you wish there was a company that was dedicated to making your job as a risk management professional easier and more productive? At Ventiv Technology, we focus on innovative solutions that help bring everybody involved in insurance renewals together on the same page. In that way and many others, our risk management solutions help companies save time and access better insurance coverage. Learn more about our comprehensive insurance policy administration software tools here, or contact us with your questions today.

Also, be sure to visit our resource center, which is dedicated to providing you with the best information on improving your processes.

 

Download the Definitive Guide to Commercial Insurance Renewal

Mar 29, 2015

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