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7 Reasons Why You Should Use A RMIS For Your Commercial Insurance Renewal [Infographic]


Are you still using spreadsheets for your commercial insurance renewal data collection process? In our experience, collecting renewal data this way can take up to 75 days when you include chart and report production. Effective risk/insurance managers using Risk Management Information Systems (RMIS) can reduce this time to less than 20 days. Not sure if a RMIS is right for you? See how a RMIS such as RiskConsole can address your key renewal data and reporting challenges.


 
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Why Should You Use RiskConsole For Your Renewal?

  1. Easy Access to Renewal Data:

    Being fully web based enables users to easily login to the RMIS to access renewal data from a  wide range of browser options.
  2. Integrate Data into One Central System:

    RiskConsole provides integration options that will automatically update renewal data. An RMIS such as RiskConsole offers additional methods for collecting data.
  3. Save Time:

    Workflows within RiskConsole automate processes for a quicker, more seamless user experience. You can use existing templates, including questionnaires, emails, charts, and reports that allow for easy manipulation of your renewal data, and allow you to focus your time solely on significant changes.
  4. Increase Data Submission:

    RiskConsole organizes events and meetings to bring business units together to set KPI's and timescales. The RMIS also identifies where users had difficulty with previous year's questions and updates them for next year's renewal.
  5. Improve Data Quality:

    The RMIS sets up a logical flow and clear, concise questions for easy user comprehension for entering accurate data and values. It also validates submitted data to ensure any wide variances from previous years are confirmed and explanations provided.
  6. Auditability:

    RiskConsole produces reports that show how a company's risks and exposures have changed over time. It highlights information has been added within the system, as well as when, how, and by whom it was edited.
  7. Achieve Better Communication & Share Information:

    A RMIS such as RiskConsole can trigger predefined emails when a specific event happens or an action is completed. It standardizes questions and processes by housing data in one central location. Lastly, it provides a full range of built-in reporting options as well as multiple output formats.

If you are interested in implementing a RMIS system, contact us today!


 

Topics: risk management exposure and renewal management insurance renewal management