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The Ultimate Guide to Renewals

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Risk management sofware enables the risk/insurance manager to effectively collect a wealth of data, and thereby ensure that all the facts about their company's risks and exposures can be disclosed to the insurer. This helps: • Reduce premium spend • Avoid policies being voided and claims being under-insured • Improve conditions for insurance policies In our latest survey, over 60% of the 400 risk/insurance professionals surveyed said they'd seen a reduction in risk transfer costs from using risk technology tools. Furthermore, almost 20% said they'd achieved a 10% reduction in premiums. Qualitative research with our clients also follows these findings, with many showing a positive impact of premium spend, and some reducing premiums by more than 10% for specific lines of business. These savings are typically derived from: • Up-to-date and accurate information about all the company's risk and exposures. This in turn ensures actuaries set appropriate reserves and provisions, and ensures underwriter's pricing models are used to their full extent • More focused insurance purchasing, which helps prevent over/under insuring • Providing a clear picture of the loss prevention strategies and results THE ULTIMATE GUIDE TO RENEWALS: Leave Your Spreadsheets Behind 14 ACHIEVING ROI AND PROTECTING YOUR P&L REDUCED PREMIUM SPEND b

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