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How a Risk Analyst Can Save Time During the Renewals Process

Angus Rhodes

risk-management-analyst-insurance-renewal

Risk analysts are responsible for many aspects of spotting, managing, and reducing risks for their company. There are different types of risk analysts, but many work to reduce operational risks. Putting proper insurance coverage in place is pivotal to this effort.

In fact, insurance underwriters are also risk analysts, and underwriters work on the insurance company side of the commercial insurance renewal process. While large companies have their own risk management departments, many small and medium businesses rely heavily upon their insurers to help them identify and manage potential hazards. Underwriters don't just price policies but also analyze companies and make suggestions that can reduce financial and safety hazards for their customers.

For a company of any size, a proper renewal process requires passing a lot of information back and forth from the company to the insurer. With larger companies, information also needs to get collected from several different departments that may maintain their own information systems with multiple databases and/or spreadsheets. All of this leads into the proper tools for risk analysts to use to make the entire commercial insurance renewal process more streamlined, efficient, and even beneficial.

How Can Risk Analysts Save Time During the Insurance Renewal Process?

At the very least, a proper commercial insurance renewal process should ensure that companies get the proper amount of coverage at the right price. Additional benefits of the process may be spotting and analyzing risks that could be remediated before they turn into damages, injuries, and financial losses.

A risk management information system, or RMIS, such as RiskConsole can help achieve all of these goals and save time by:

  • Creating and distributing questionnaires to gather information
  • Validating and formatting data to minimize data entry errors and inconsistencies
  • Tracking questionnaires, sending reminders, and notifying risk analysts of status
  • Producing reports and analytics for commercial renewals and analysis

One of the most important ingredients for an efficient insurance process is the ability to capture relevant data, consolidate it in one place, and produce accurate reports that can be used by both internal management and insurance company representatives. A risk management system provides one consolidated data store of all relevant information about policy renewals that can be accessed by the touch of a mouse or button on a computer, tablet, or smart phone.

Insurance Policy Administration and Renewals with Ventiv Technology

At Ventiv Technology, we believe that your policy administration process and insurance policy administration software should accomplish more in less time. Not only should all of your critical policies get renewed, but the right process should make your entire company more efficient, safer, and more responsive. Learn more about how RiskConsole, our risk management information system, can help improve a risk analyst's job and benefit your whole company.

Download the Definitive Guide to Commercial Insurance Renewal

Apr 3, 2015

 | Originally posted on 

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