Our own guide, "Optimizing the Insurance Renewal Process Through Technology," is available to download for free in the Ventiv Technology Resource Library. In this online book, we share our own vast experience with the kinds of risk data needed for commercial insurance renewals and how this data needs to get used to optimize the process.
One of the most surprising things that we have found is the time that it takes companies to complete a renewal the traditional way. When risk managers rely upon data from spreadsheets, emails, and various different systems, it takes them an average of 75 days to collect, check, format, and report data that is needed for the renewal process. Even though it takes a long time to process data this way, the traditional method might not lead to the best results.
What's Wrong With Traditional Methods of Analyzing Data for Insurance Renewals?
There are several reasons that this process is wasteful and doesn't result in the best possible coverage at the right premium. Most obvious is that commercial brokers don't get their submission data until fairly late. This means that they don't have enough time to analyze the information, shop for coverage, and then get their submissions back to the company promptly. At the point when the company does get their submissions back, risk managers and financial executives may find themselves pressed for time. In this case, they may be willing to accept or renew just about any coverage to avoid the risk of going without insurance.
A more efficient data collection and analysis process means that risk managers can actually collect and analyze more data for renewals and not less. In our guide, we present of an example of how having this ability can save companies hundreds of thousands of dollars on renewals in some cases.
- Initial data submission: This information included that basics of location, use, value, insurance coverage limit, and requested deductible. The yearly premium for this submission was $450,000.
- Revised data submission: Better information included the basics listed above. It also added in many other pieces of risk data that included the date of construction, the type of roof, the company's contingency plan, and more. This time, the yearly premium quote was $255,000.
- Better risk data for insurance renewals saves money: By offering more information to gain discounts and more competitive premium offers, the company saved almost $200,000 on their property insurance premium for just this one building.
The return on the investment in a streamlined system of collecting and reporting upon risk information was enormous in this case. Most risk managers will also be happy to find out that our risk management software also makes this process faster and easier, so they have time to focus on other aspects of their job.
Learn More About Using Our Technology to Optimize Insurance Renewals
At Ventiv Technology, our solutions can help you analyze more and better data in a shorter amount of time for commercial insurance renewals, safety, compliance, and more. We offer our website visitors access to a free resource library that contains a number of useful documents and tools to help you learn how you can streamline your own company with our technology. These include guides to risk management software, case studies, and even an online ROI calculator to help you make your case.