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Boosting confidence in renewal data and how the RMIS is here to help

American statistician, professor, author and genius of data and method, W.E. Deming, wrote: “In God we trust; all others must bring data.” What he failed to mention was that you should bring relevant data and organize it correctly for the benefit of others. There is no insightful information without organized data. 

It’s easy to understand the benefits of data when it comes to assessing risk, but being able to collect, consolidate, verify and analyze renewal data, in an efficient and effective way, is an entirely different story. A risk management information system (RMIS), like RiskConsole, can help risk management teams successfully manage the annual process of collecting renewal data.

Topics: renewals and submissions Exposure and Asset Management

Take our poll: Predictive analytics & your risk and insurance programs

For risk managers looking to catch up on the current state of predictive analytics in the corporate world, there’s a useful, interesting article in the May issue of Risk Management magazine (the RIMS publication; subscription may be required). I should note that the article focuses on data mining for the purpose of “aid[ing] decision-making and strategic risk management”; this is as opposed to the kind of hazard risk management that eSolutions clients typically use our business solutions to manage. 

However, I don’t think it will come as news to risk and insurance managers that predictive analytics is likely to be coming their way in the not-too-distant future. As the author reports: “While only 13% of companies had a predictive analytics system in place in 2012, research firm Gartner projects that 70% of the most profitable companies will employ either predictive analytics or more real-time collaboration techniques to ensure competitive advantage by 2016.”

Topics: risk management Analytics, Reporting & Data Visualization

Avoiding coverage gaps: How risk management information software helps

I recently came across a useful article published earlier this spring by the International Risk Management Institute (IRMI) entitled “101 Commercial Lines Coverage Gaps to Avoid” (registration required). It’s a very good research piece in its own right for risk managers, but it occurred to me that it might be especially useful for risk managers who use or might be evaluating the benefits of risk management information software

I find that a RMIS can be a very useful tool in helping to identify coverage gaps. Read on for a couple of ways that a RMIS can help: 

Topics: risk management software renewals and submissions