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.
