In a hardening market, positive financial results are more challenging for insurers. In some cases, insurers must issue a limited number of policies while imposing more stringent underwriting standards.
Ventiv's insurance renewal solution (Ventiv RMIS) is designed to assist companies as they navigate the bumpy road of renewals. By eliminating the manual collection of data and improving the quality of data, Ventiv's solution significantly reduces the time and energy required to complete the renewal process. It provides insurers with a seamless means by which to harness hidden insights in risk data to help predict outcomes. As a result, insurers may be able to remain competitive by offering more favorable premiums.
Risk Reduction Strategies Should Include Managing the Renewal Process
Here's how efficient management of the renewal process can help insurance companies reduce risks as well as costs.
A Streamlined Renewal Application
Renewal applications are essential as insurers must verify that underwriting standards are met while protecting the insured from exposure to potential losses. By creating a custom renewal questionnaire that includes questions tailored to produce valuable information about changes that could trigger increases or decreases in premium, the insurer can quickly and efficiently gather crucial data directly from the insured while minimizing the impact on their policyholders.
Easy Questionnaire Collection
Ventiv's RMIS allows insurers to quickly and efficiently track questionnaire status by sending automatic reminders to policyholders who have not completed and returned the form. Removing this clerical task from the insurance company's "to do" list reduces the likelihood that policyholders will fall between the cracks and fail to complete the questionnaire. It also reduces the time that insurance company employees must spend tracking and collecting the questionnaires.
Streamlined Questionnaire Results Helps Avoid Delays and Errors
Traditional data collection methods may involve countless hours of manual data entry, which opens the insurer up to potential data entry errors while costing the organization money. With Ventiv's RMIS, standardized answers are received in a secure online application, eliminating the need for time-consuming, error-prone, and expensive manual data entry.
Quickly and Seamlessly Validate Data
Automatically check data against prior years with pre-determined business rules that act as guard rails. Ventiv's RMIS helps insurers foresee potential issues to help increase the chances of avoiding major incidents. Validating crucial data doesn't require constant manual data entry or intervention, which saves the insurer countless hours of clerical work.
Remove the Opportunity for Human Error By Automatically Consolidating Data
The potential for human error is great with traditional data collection methods. For insurers, common errors could cost thousands of dollars, especially in a hardening market. Ventiv's RMIS combines diverse responses generated by the insured via the questionnaire into a single language and currency, eliminating the potential for error. Consolidating data with the help of advanced technology means insurers can shift their focus from manually tracking and checking data entry to servicing insureds.
Instantly Create Reports With Relevant and Reliable Information
Save time in the analytics process by instantly creating reports with relevant and error-free results. Ventiv's RMIS allows insurers to refocus their efforts on big-picture review.
Submit Reports and Get the Best Premiums and Terms
Underwriters, carriers, and brokers require specific data to produce the information that insurers rely on throughout the renewal process. Ventiv's RMIS helps insurers produce data-rich and error-free reports to increase the chances of producing a renewal with favorable terms.
Ventiv's RMIS System Saves Insurers Time and Money While Providing Valuable Insights
By eliminating the need for manually-created spreadsheets to enter and consolidate data, insurers can improve the overall quality of their submissions. With Ventiv's RMIS, insurers can reduce the time they spend on the traditionally cumbersome renewal process by up to 75%.
Insurers can also maintain greater control over their campaign by tracking its status, including any responses delegated and sent out for approval.
Want to learn more about Ventiv's RMIS system? Check out our infographic, "Journey of the Renewal Process."
