The definitive guide to commercial insurance renewal
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Introduction
v
As much as 75 days of the
renewal process will be
spent collecting data and
producing reports using
spreadsheets.
In our experience, clients using
spreadsheets for the renewal data
collection process will spend 75
days collecting data and producing
charts and reports. This time also
includes checking and formatting/
reformatting data.
The knock-on effect is that insurance
brokers receive client's data later into the
renewal process. This means brokers have
less time to thoroughly analyse the data
and prepare a high-quality submission that
will enable them to;
• Clearly explain a client's risk to
the underwriters.
• And, negotiate the best premiums
and policies.
Today, effective risk/insurance managers,
are using Risk Management Information
Systems (RMIS) to help them reduce the
time taken to collect data and produce
reports. Furthermore, they are using these
systems to improve data accuracy and,
help ensure up-to-date and complete
sets of data are collected and disclosed to
brokers and underwriters.
By providing high-quality renewal data and
claims records, risk/insurance managers are
able to help safeguard against excessive
premiums, under-insurance and voided
policies, when claims are made.
If you are looking to optimise your
organisation's insurance renewal, this is the
right eBook for you. In this eBook we walk
through a timetable for your insurance
renewal, highlight what information is
required and how the renewal data is used.
We'll also discuss the main challenges risk/
insurance managers face during renewal
and how a RMIS can help, as well as sharing
best practices and client success stories.
Typically, commercial
renewal submissions only
use 50% of an underwriter's
pricing model.
