Nearly all clients say that an accurate audit trail for their information
is important. A key drawback of using spreadsheets is being able to
quickly show that the correct protocols and controls are in place to
prove that information is valid and reliable.
Rather than manually putting together audit trails, a RMIS will enable
reports to be produced that show how a company's risks and exposures
have changed over time and evidence decisions about risk transfer, risk
retention and loss prevention.
The report also highlights what information has been added or changed
within the system, when, how, and by whom.
Another serious challenge in respect of renewal data collection, is
effectively communicating and sharing information with everyone
involved in your company's renewal.
A RMIS answers these challenges in a number of ways:
• Email workflows: To effectively communicate with brokers and
internal staff, a RMIS can be set up to trigger predefined emails,
containing renewal information, when a specific event happens or an
action is completed.
• Standardized questions and processes: By housing renewal data and
questionnaires in one central system, any changes to questions or
processes can be quickly and effectively communicated from within
the system.
• Flexible data outputs and reports: It's important that data can be
outputted quickly and easily into a number of different formats. For
example data exported to spreadsheets will be necessary for many
underwriters' pricing models, whereas charts and reports will be
needed for the broker and the market submission. Most RMIS systems
will provide a full range of in-built reporting options as well as
multiple output formats, including pdf, excel and xml.
OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 12
AUDITABILITY ACHIEVING BETTER COMMUNICATION & SHARING INFORMATION
