The definitive guide to commercial insurance renewal
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Okay, so you understand the type of information that needs to be provided during a renewal, but now what? Who's
using the data and for what purpose? Here's a look at the key roles and responsibilities:
Who's involved in a renewal and how do they use your data?
To optimise the renewal process, it is important that there is clear
and ongoing communication between all parties.
1. The Risk/Insurance Manager will:
• Supply the broker with up-to-date information and analysis
about their risks and exposures
• Potentially present to the underwriters with the broker
• Justify premium spend internally, and update the organisation's
CFO and other stakeholders on the insurance renewal
2. The Broker will:
• Analyse data and compile the renewal submission
• Offer advice to the client before, during and after the
renewal
• 'Tell the story' about the client's risks and exposures to the
insurance market
• Negotiate the best possible premiums and conditions for the
client's risks and exposures
3. The Actuary will:
• Run predictive and capital modelling on the values supplied for
property renewals, and on claims for casualty and motor renewals
• Use the data for claims reserving and setting premium
provisions
Note: where data is missing, actuaries will take the worst case
scenario
4. The underwriter will:
• Price the risks and set the policy terms and conditions
• Manage their systemic risks
• Analyse the data to spot trends and correlations, which will
help them to develop pricing models so they can accurately
price risks in the future
