The definitive guide to commercial insurance renewal
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Determine if you need a Risk Management Information System for renewal
Answer the questions below, to see if you should be
investing in a RMIS for your annual renewal process.
1. Do you find yourself trawling through data and spreadsheet
after spreadsheet, rather than managing risks?
2. Are you unsure of all your company's exposures from across
your operations?
3. Do you find the insurance team's time being squeezed
during the renewal process – time spent collecting, checking
and formatting data as well as the normal day-to-day tasks?
4. Do you put the burden of renewal onto your broker or pass
the problem onto the underwriter?
5. Is it difficult to get hold of previous year's renewal data?
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6. Are there gaps in the data you're submitting to your brokers,
eg missing values or business units not supplying data?
7. Is there a lot of toing and froing between business units to
check data is correct?
8. Is your renewal being tied up at the last minute/day?
9. Do you suffer from a poor submission and minimal time for
your broker to place your risks in the market?
10. Are you being asked more questions after you've submitted
your presentation to the underwriters?
If you answered 'yes' to most of the questions, carry on reading
as a RMIS can help you.
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