Ventiv Resource Library
Issue link: https://ventiv.uberflip.com/i/1082016
FOR MANY COMPANIES, digital transformation is a prominent objective for 2019. In the article on digitization (see page 4), we suggest that risk and insurance teams take a proactive approach to digitization at the department level. In our view, digitizing commercial- insurance renewals holds some of the greatest potential for a strong return on investment. WHY DIGITIZE RENEWALS? Managing the renewals process can be complex and time consuming; however, risk and insurance teams are expected to do more with less staff. Only rarely is adding staff an option. What's more, renewal management often prevents risk and insurance teams from taking on the kinds of strategic tasks that, ultimately, deliver the most value and distinguish those teams as corporate high performers. CLEAR, ACCURATE DATA IS THE FOUNDATION Brokers, underwriters, and carriers want clean and accurate data about an organization's risks and exposures. When their partners have confidence in the data, a company is more likely to get the best terms and premiums. Yet, for many companies, challenges remain when it comes to collecting the kind of data needed for successful renewals, including: inadequate data quality and quantity; labor- intensive management of contacts; cumbersome spreadsheet management; challenging validation and review cycle; and time-consuming, error-prone data consolidation and reporting. EXPECT MORE FROM NEW RENEWALS TECHNOLOGY The best renewals technology tools today (including the automated renewals tool in Ventiv IRM) dramatically simplify the process of renewals management. The roadmap on these pages illustrates what you should expect from a new generation of automated renewals tools, including: » Easily designed, user-friendly questionnaires; » Easily created and managed contact lists; » The ability for contacts to delegate questions and approve responses; » The ability for administrators to track progress at a detailed level; » Integrated data consolidation between the data-intake tool and risk analytics platform. u