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How a Chief Financial Officer Can Save Time on Insurance Renewals

A company's chief financial officer, or CFO, holds the position where the buck normally stops when it comes to managing corporate financial risks. In a way, any company CFO is a risk manager. In smaller companies, the CFO might actually be the one making insurance purchases and handling other aspects of managing risks, but in larger companies, the office may oversee a risk manager or even an entire risk management department. This means that a typical CFO office is very involved in insurance renewals, one of the critical tasks of risk management.

What Role Do Spreadsheets Play In The Insurance Renewal Process?

Although there are tools designed to streamline your data during the commercial insurance renewal process, there is still a place for spreadsheets during the renewals process. Spreadsheets are the perfect “what if” tool. Risk management follows iterations, and compares scenarios based on predicted losses. By having the spreadsheets organized in the proper way, they act as a perfect supplement to what you would get with a robust risk management information system. Here are some methods for you to get the most out of your spreadsheets during the renewals process.

How Risk Managers Can Save Time During the Commercial Insurance Renewal Process

 

Who is involved in your insurance renewal process? Very often, this process must be a coordinated effort between company risk managers, other internal decision makers, independent insurance brokers, and insurance company actuaries and underwriters. While insurance renewals involve preparing and communicating a lot of critical information to multiple individuals, departments, and even outside companies, they also have to get performed in a very timely manner.

No doubt, most risk managers who are still doing things the old way are also still buried in spreadsheets and emails. In the meantime, risk management professionals need to be sure that policies are renewed on time and provide the best coverage solution at the right price. Using distributed data, multiple spreadsheets, and emails with lots of CC’s in the address are not an efficient solution. Of course, there has to be a better commercial insurance renewal solution.

Topics: commercial insurance renewal

Commercial Insurance Renewal Checklist and Timeline

The commercial insurance renewal process can be a bit of a challenge, or even intimidating if you have not decided on a timeline for when you address certain reports and deliverables. Luckily, we’ve prepared a timeline-style checklist for you to ensure that your renewal process goes as smoothly as possible. Let’s get started.

Download our guide on "Optimizing the Renewal Process with Technology" here.

Topics: commercial insurance renewal

Important Commercial Insurance Renewal Dates

 

For risk managers at almost any type of company, insurance renewal dates are sometimes compared to tax dates. Both have strict deadlines, require lots of forms, and must be prepared in a timely and accurate manner. Even more striking, both taxes and insurance renewals depend upon having accurate information in order to comply with all of the rules and enjoy the lowest possible renewal rates.

For small and medium businesses, very often, the risk management function is left up to managers with many other duties. In this case, small company employees usually rely upon external brokers to handle many of their risk management functions. Accurate and timely information has to get passed back and forth.

Day 2: Ventiv CISO David Black reports from InfoSec World 2015

I attended the last of the cloud-focused sessions yesterday at InfoSec World 2015 in Orlando, Florida (check out yesterday’s report from this conference here). The session, entitled “Whose Cloud Is It Anyway? Exploring Data Security, Ownership and Control,” was led by David Etue of Gemalto, a global, Amsterdam-based provider of digital-security services.

Based on the description of the session, I was confident that David’s materials were going to be relevant and important. I also knew that it was possible he’d cover the topic and provide value without necessarily getting into areas of interest to me: namely, “out-clouding” or “cloud-nesting.” I did hope, however, he would jump in and expose the “latest” in the evolution of the cloud. Of course, by “latest,” I mean what’s been quietly going on behind the scenes for the past few years without much attention or knowledge. 

Topics: data security and privacy

Improve Your Risk Assessment & Risk Management Skills With These Tips

 

Great risk management starts from a blank canvas every few years, or when operations change dramatically, like a major merger or divestiture of operations units.

Remember, risk management and risk assessment creates a methodology, a blue print, and a protocol to bring risk to a tolerable level whereby the business has the best chance to maximize profit by avoiding unanticipated or unfunded losses.

So, how can you sharpen your risk management skills?

Ventiv CISO David Black reports from InfoSec World 2015

This week I’m at InfoSec World 2015 in Orlando, Florida. It’s my favorite security conference of the year because most of the educational sessions are led by other chief information security officers or by leaders in security (and not, typically, by sales team members from security vendors).

Topics: data security and privacy

What Information Do Brokers Need for Renewals?

In order to manage insurance renewals, risk managers inside a company need to collect, organize, and deliver a complex collection of information to brokers. The more complete this information is, the better job that both brokers and company decision makers can do in evaluating offers and selecting the right coverage limits. Managing all of this data the old-fashioned way, by using spreadsheets and emails to both internal and external parties, becomes a huge task. In the opinion of some risk managers, it is even a nightmare.

How to Better Predict the Outcome of an Insurance Claim

When compared to other historical periods, it might be possible to argue that we are really just entering the Information Age. Before the current age, the so-called Progressive Era lasted almost a century from 1890 until about 1980. Many historical scholars pinpoint the true dawn of the Information Age at about 2000, or when the Internet started becoming more common and accessible and computerized devices became pervasive. That means we've only really experienced the age of information for about a decade and a half.

What do historical ages have to do with predicting the outcome of insurance claims? It seems important to note that we really haven't been dealing with the complexities of data, especially big data, for that long. Some companies still don't have the tools in place to do it very well, and they still fly by the seat of their pants. However, the proper capture and analysis of data might be the best tool for predicting all sorts of business variables, including the outcome of claims.

Evaluating the Security of a RMIS? Here’s What to Look for, and Why

 

Nowadays, data privacy and security are top of mind for every enterprise. The growing number of high-profile data breaches is one reason. We’re also seeing increasingly stringent data privacy laws in the European Union and in such countries as Canada. At Ventiv Technology, we think security should be a major factor for risk managers when they’re evaluating risk management information software. This post discusses the a few of the main reasons we take that position, as well as the things risk managers should look for.

What is an RMIS (Risk Management Information System)?

A Risk Management Information System (RMIS) is an integrated computer information system that is used to help decision makers evaluate risks and keep track of all relevant information. This information includes risk exposure, risk protection measures, and risk management. Examples of stored information include loss-control measures, property values, records of prior claims, and relevant insurance policies.

Topics: risk management RMIS

The Definitive Guide to Commercial Insurance Renewal

Collecting, consolidating and understanding the depth of data needed for the commercial insurance renewal process can be a daunting task for Risk/Insurance Managers, especially if they have to manage that process using a manual spreadsheet based system. Collecting data on hundreds, or even thousands, of commercial properties and managing this highly detailed data in a spreadsheet is not only a Risk/Insurance Managers worst nightmare, it also significantly increases the potential for human error and inaccurate data.

Topics: risk management RMIS risk management information system commercial insurance commercial insurance renewal

The Benefits of Using RiskConsole for Commercial Insurance Renewal

Using a Risk Management Information System (RMIS) in the commercial insurance renewal process can reduce the burden of creating endless spreadsheets, managing the submission of data on time and ensuring that the correct level of data is provided in the first instance. Being able to automate email workflows, design industry standard questionnaires and collate and coordinate detailed data from multiple locations not only benefits Risk/Insurance Managers but everyone in the commercial insurance renewal process. Brokers, Actuaries and Underwriters, and ultimately the organization, benefit from having a coordinated approach.

Topics: risk management RMIS insurance renewal commercial insurance commercial insurance renewal RiskConsole

Who’s Involved In Your Commercial Insurance Renewal?

Understanding who's involved in your commercial renewal insurance process and how each party uses your data will help you gather and consolidate the correct data from the beginning. In addition to the Risk/Insurance Managers, there are three other key roles that each have an important part in the commercial insurance renewal process.

Topics: insurance renewal commercial insurance renewal

7 Key Benefits of Using An RMIS For Your Commercial Insurance Renewal

When undertaking a commercial insurance renewal process, collating and analyzing the large volume of detailed data required can be a daunting prospect, especially if that data is recorded in spreadsheets or on paper. Wouldn’t it make good business sense to streamline that process and reduce the burden on internal resources?

Topics: RMIS insurance renewal commercial insurance commercial insurance renewal

What Information Is Needed During the Commercial Insurance Renewal?

The devil is in the details and when it comes to renewing your commercial insurance a lack of detail is very likely to result in a higher premium.

Topics: RMIS insurance renewal commercial insurance renewal

Commercial Insurance Renewal Timetable

Collecting, consolidating and manually checking large amounts of data for a commercial insurance renewal can be a very daunting task. This business critical process, which can involve gathering data from different locations across the globe, requires a clear strategy to ensure that the correct information is collected in time to be verified and analyzed before being submitted for renewal. 

Topics: risk management RMIS insurance renewal risk management information system commercial insurance renewal