Ventiv Technology

One of the key success factors of any commercial insurance renewal is that each business unit submits their data. After all, one late submission from a territory can hold up the whole process. While a RMIS can make the questionnaire easier to access and complete, in our experience, getting your staff ready for using the system is just as crucial. • Align staff: Bring representatives from your risk/insurance team and business units together, to agree upon your ideal renewal process and set KPIs and timescales. • Run webinars and workshops: Prior to the renewal questionnaire being sent, hold events to walk users through the process and point out any updated or important areas. • Evolve the questionnaires: Use the RMIS to identify where users had difficulty answering questions and then update/ change them for the next year's renewal. • Communicate the result and highlight successes: Showcase how a proactive approach to risk management has delivered value, such as premium allocation savings, throughout the organization. Studies have shown that one of the most effective ways to reduce data inaccuracies is through good questionnaire design. Here's a list of five best practices and recommendations you'll want to consider when preparing your questionnaire: • Set up a logical flow: As well as stating upfront the objectives and value of completing the questionnaire, start with easier questions first, eg address information, before continuing with more specific questions, eg building cladding and roof geometry. Most modern RMIS systems will also enable questionnaires to dynamically adapt based on the users' answers. • Use non-insurance terminology: Wherever possible keep questions clear, concise and specific so they are easy for users to understand and enter the correct data and values. Most RMIS systems will support multiple languages, enabling questionnaires to be created in the local language for your business units. • Ask closed-ended questions: By giving users specific choices, ie yes or no, you will help improve data accuracy and make it easier to analyze the renewal data. • Add context help and tool tips: This will help prime users, highlight the reason you've asked the question and show the format and type of data you're looking for in the response. • Test your questionnaire: Once the questionnaire has been produced, ensure everything works correctly and test it with a few of the people who will be completing it. This will enable you to adjust questions that have been misinterpreted and fix any errors. OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 11 INCREASING DATA SUBMISSIONS IMPROVING DATA QUALITY

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