The definitive guide to commercial insurance renewal
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Helps avoid policies being voided and claims being under-insured
Naturally, it would be remiss to say that by using a RMIS all companies will
achieve a reduction in premium. In fact, by providing more information,
companies may see the opposite, and an increase in premiums.
However, by providing high-quality data, risk/insurance managers are able to meet their
duty of disclosure, which in turn means that when a claim happens, policies won't run the
risk of being voided and claims only being partially paid.
The knock on effect would be that claims would then need to be paid by the company,
rather than the insurer, and so impact the company's P&L.
