The time savings offer the following benefits to different members of staff:
System users from the risk/insurance team and business units
• Makes my job more enjoyable and easier.
• Shifts my job from 'data entry' to 'data analyst' and 'risk
management', which is a better use of my skills and experience.
Risk/insurance manager
• Motivates staff.
• Improves visibility of enterprise-wide exposures.
• Improves accuracy and timeliness of data for market submissions.
• Enables compliance with laws and regulations, such as Uberrima
fides (utmost good faith).
• Ensures the terms of insurance cover are as good as possible for the
quality of cover, insurance and advice.
CFO and C-suite
• Improves visibility of all risks and exposures across the business.
• Helps boost morale and retain staff.
• Boosts efficiencies and reduces operation cost.
• Manages expectations and impact on the P&L, by ensuring that
reserves and premiums are correct, reflective of the company's risks
and accurate for the year.
• Ensures the company passes audits and complies with laws affecting
our operations.
OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 14
TIME SAVINGS AND EFFICIENCIES
The typical time
savings that can be
generated by
gathering data and
producing reports
using a RMIS for
renewal goes from 75
days to less than 20.
