Ventiv Technology

OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 5 WHAT INFORMATION DO BROKERS NEED? Typically, underwriters receive less than 50% of the data they need to price a risk and exposure. What's more, if the data is not provided then the likely outcome will be a higher premium. So, what data is required? This table outlines the main information that a broker and underwriter will need to assess and price your risks. RiskConsole's renewal questionnaire can be customized to address your specific exposures and any emerging needs of the market. In addition, specific workflow rules, validations and notifications can be built into your form to ensure data quality and transparency. Fact: Did you know that an underwriter can use up to 56 separate data elements to price an individual property exposure? Commercial line of business Property Casualty Financial Data requirements • Location. • Construction, ie frame, cladding, no. of stories, roof coverage and geometry, door and window design. • Occupancy, ie how the building is being used. • Protection, ie sprinklers, distance to nearest fire station, contingency plans. • Exposure, ie loss posed by neighboring properties and surrounding areas. • Values, ie building and stock values. • Limits. • Deductible. For aviation, motor and marine risks the underwriter will be looking for information about the fleet, volumes, activities, what's being transported and by which means, values, routes and cargo storage locations. • No. of employees. • Employee activities. • Turnover. • Product types. • Potential long-tail exposure. • Likelihood of claims. • Types of business. • Floor space. • Information about the management teams. • Employee travel engagements. • Locations of business units. • Information about the employees providing advice. • Controls, protocols and processes. Risk mitigation information For property damage and business interruption (PD/ BI), underwriters will also be looking to see how many of their recommendations have been completed and which recommendations are outstanding. For other lines of business, underwriters will be looking for information about the different risk mitigation strategies that have been adopted and the outcomes. Accident-reduction and risk mitigation strategies that have been adopted and the outcomes. Training and process updates including all loss prevention measures and mitigation strategies. Claims record Complete records/details that show the frequency and severity of claims for the last 5 yrs and beyond. Complete records/details that show the frequency and severity of claims for the last 5 yrs and beyond. Complete records/details that show the frequency and severity of claims for the last 5 yrs and beyond.

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