Ventiv Resource Library
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OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 2 In our experience, clients using spreadsheets for the renewal data collection process will spend 75 days collecting data and producing charts and reports. This time also includes checking and formatting / reformatting data. The knock-on effect is that insurance brokers receive client's data later into the renewal process. This means brokers have less time to thoroughly analyze the data and prepare a high-quality submission that will enable them to; • Clearly explain a client's risk to the underwriters. • Negotiate the best premiums and policies. • Evaluate the best program design considering coverage and total costs. Today, effective risk/insurance managers, are using Risk Management Information Systems (RMIS) to help them reduce the time taken to collect data and produce reports. Furthermore, they are using these systems to improve data accuracy and, help ensure up-to-date and complete sets of data are collected and disclosed to brokers and underwriters. By providing high-quality renewal data and claims records, risk/insurance managers are able to help safeguard against excessive premiums, under- insurance and voided policies, when claims are made. If you are looking to optimize your organization's insurance renewal, this is the right eBook for you. In this eBook we walk through a timetable for your insurance renewal, highlight what information is required and how the renewal data is used. We'll also discuss the main challenges risk/ insurance managers face during renewal and how a RMIS can help, as well as sharing best practices and client success stories. Typically, commercial renewal submissions only use 50% of an underwriter's pricing model. sdkfasdlkfjsflkjsa INTRODUCTION NEED A RENEWAL SOLUTION? What is the best time to consider a RMIS for renewal? The best time is straight after a renewal is finished. This will give time to conduct an evaluation of RMIS providers, get approval for the project and get the solution implemented before you need to start the renewal planning for next year.