A RMIS enables the risk/insurance manager to effectively collect a
wealth of data, and thereby ensure that all the facts about their
company's risks and exposures can be disclosed to the insurer.
This helps:
• Reduce premium spend
• Avoid policies being voided and claims being under-insured
• Improve conditions for insurance policies
In our latest Global Risk Technology Survey, over 60% of the 400 risk/
insurance professionals surveyed said they'd seen a reduction in risk
transfer costs from using risk technology tools. Furthermore, almost
20% said they'd achieved a 10% reduction in premiums.
Qualitative research with our clients also follows these findings, with
many showing a positive impact of premium spend, and some reducing
premiums by more than 10% for specific lines of business.
These savings are typically derived from:
• Up-to-date and accurate information about all the company's risk and
exposures. This in turn ensures actuaries set appropriate reserves
and provisions, and ensures underwriter's pricing models are used to
their full extent
• More focused insurance purchasing, which helps prevent over/under
insuring
• Providing a clear picture of the loss prevention strategies and results
OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 15
ACHIEVING ROI AND PROTECTING YOUR P&L REDUCED PREMIUM SPEND
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