How Ventiv IRM has saved 6 weeks of data gathering and 10% on insurance premiums
To remain competitive in the market, businesses always need to look for ways to improve operational efficiencies through saving costs and removing waste. Insurance renewal is one process that can be improved through the use of technology, potentially saving thousands of dollars and lost hours, among other benefits.
Your risk management information system (RMIS) is a powerful tool that will be instrumental in helping make your commercial insurance renewal successful. Effective risk and insurance managers are harnessing the power of Ventiv's IRM platform to deliver efficiencies, compile accurate information and optimize their market submissions.
In fact, we have seen tangible results for many clients – from improved market submissions and increased collaboration capabilities to better negotiated insurance premiums.
Client success – one example of how Ventiv IRM has optimized the renewals process
Case study: The Mosaic Company
The Mosaic Company is a world leader in the production, distribution and marketing of concentrated phosphate and potash.
The Challenge
Mosaic has a diverse risk portfolio, as well as a large team across 90 locations, including field workers. They were using manual processes, such as spreadsheets and email, to complete the renewal data collection process. They realised that they needed to increase data submissions, make access to exposure data easier, and reduce the potential for data errors. They also needed to improve cross-team collaboration to reduce the eight-week process to gather data, thus improving operational efficiencies.
The Solution
We worked with The Mosaic Company to implement Ventiv IRM with a module that automates the process of gathering, compiling and analyzing exposure data across multiple lines. The project was implemented across two phases.
The new system meant that all data was stored in one place and accessed by all offices and field workers worldwide – instantly improving collaboration. As users are prompted to submit exposure data and reminded of their responsibilities and deadlines, the information available became more complete. The new process helped to remove human error by taking away the need for spreadsheets and emails for data gathering.
Taking the solution one step further, Ventiv's IRM solution was also used to track limitations or exclusions in its policies so that any uninsured exposures could be addressed through alternative means. Plus near real-time reporting allowed the risk management team to monitor the data gathering and analysis process.
The Result
Since using Ventiv IRM, The Mosaic Company found that automating processes and having all the information they needed for submissions in one place saved them six weeks in the data gathering process – taking it from eight weeks, to just two.
The better data quality led to a 10.7% reduction in their liability premium and they increased the number of data elements they provided to their broker by 20%. In addition, all locations collaborated better and together increased their detailed exposure data by circa 54% (with data coming from all 90 locations, rather than just 49).
In terms of operational savings, the Mosaic risk management team increased efficiencies by US$15,000 annually, with the field users gaining efficiencies of US$40,500.
Improve your own insurance renewal process
If your insurance renewal processes mean that you are overpaying on your insurance premium, you should consider a full review of your insurance and risk management strategy. With an improved outlook, it is possible that your insurer will even contribute to a new RMIS.
