Ventiv Technology

The Ultimate Guide to Renewals

Ventiv Resource Library

Issue link: https://ventiv.uberflip.com/i/1364695

Contents of this Issue

Navigation

Page 13 of 18

The time savings offer the following benefits to different members of staff: System users from the risk/insurance team and business units • Makes my job more enjoyable and easier. • Shifts my job from 'data entry' to 'data analyst' and 'risk management', which is a better use of my skills and experience. Risk/insurance manager • Motivates staff. • Improves visibility of enterprise-wide exposures. • Improves accuracy and timeliness of data for market submissions. • Enables compliance with laws and regulations, such as Uberrima fides (utmost good faith). • Ensures the terms of insurance cover are as good as possible for the quality of cover, insurance and advice. CFO and C-suite • Improves visibility of all risks and exposures across the business. • Helps boost morale and retain staff. • Boosts efficiencies and reduces operation cost. • Manages expectations and impact on the P&L, by ensuring that reserves and premiums are correct, reflective of the company's risks and accurate for the year. • Ensures the company passes audits and complies with laws affecting our operations. THE ULTIMATE GUIDE TO RENEWALS: Leave Your Spreadsheets Behind 13 TIME SAVINGS AND EFFICIENCIES The typical time savings that can be generated by gathering data and producing reports using a technology solution for renewal goes from 75 days to less than 20.

Articles in this issue

view archives of Ventiv Technology - The Ultimate Guide to Renewals