Ventiv Technology

Nearly all clients say that an accurate audit trail for their information is important. A key drawback of using spreadsheets is being able to quickly show that the correct protocols and controls are in place to prove that information is valid and reliable. Rather than manually putting together audit trails, a risk management focused solution will enable reports to be produced that show how a company's risks and exposures have changed over time and evidence decisions about risk transfer, risk retention and loss prevention. The report also highlights what information has been added or changed within the system, when, how, and by whom. Another serious challenge in respect of renewal data collection, is effectively communicating and sharing information with everyone involved in your company's renewal. Technology answers these challenges in a number of ways: • Email workflows: To effectively communicate with brokers and internal staff, predefined emails can be triggered, containing renewal information, when a specific event happens or an action is completed. • Standardized questions and processes: By housing renewal data and questionnaires in one central system, any changes to questions or processes can be quickly and effectively communicated from within the system. • Flexible data outputs and reports: It's important that data can be outputted quickly and easily into a number of different formats. For example data exported to spreadsheets will be necessary for many underwriters' pricing models, whereas charts and reports will be needed for the broker and the market submission. Most systems will provide a full range of in-built reporting options as well as multiple output formats, including pdf, excel and xml. THE ULTIMATE GUIDE TO RENEWALS: Leave Your Spreadsheets Behind 11 AUDITABILITY ACHIEVING BETTER COMMUNICATION & SHARING INFORMATION

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