The definitive guide to commercial insurance renewal
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Time savings and efficiencies
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 chart below, shows the typical time savings that can be generated by gathering data
and producing reports using a RMIS for renewal.
75 days
Without a RMIS
10-20 days
With a RMIS
