OPTIMIZING THE RENEWAL PROCESS WITH TECHNOLOGY 7
WHO'S INVOLVED IN A RENEWAL AND HOW DO THEY USE YOUR DATA
1. The Risk/Insurance Manager will:
• Supply the broker with up-to-date information and
analysis about their risks and exposures
• Potentially present to the underwriters with the
broker
• Justify premium spend internally, and update the
organization's CFO and other stakeholders on the
insurance renewal
2. The Broker will:
• Analyze data and compile the renewal submission
• Offer advice to the client before, during and after the
renewal
• 'Tell the story' about the client's risks and exposures
to the insurance market
• Negotiate the best possible premiums and conditions
for the client's risks and exposures
Okay, so you understand the type of information that needs to be provided during a renewal, but now what? Who's using the data and for what
purpose? Here's a look at the key roles and responsibilities:
3. The Actuary will:
• Run predictive and capital modeling on the values
supplied for property renewals, and on claims for
casualty and motor renewals
• Use the data for claims reserving and setting
premium provisions
Note: where data is missing, actuaries will take the
worst case scenario
4. The underwriter will:
• Price the risks and set the policy terms and
conditions
• Manage their systemic risks
• Analyze the data to spot trends and correlations,
which will help them to develop pricing models so
they can accurately price risks in the future
To optimize the renewal process, it is important that there is clear and ongoing communication between all parties.
