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3 hacks to gather renewal data more effectively

For those in risk management, great data is the equivalent of gold dust. You can have a fantastic team, good workflows and insightful hunches, but rich data is the element that will propel you forward. Any kind of risk management system must be designed to gather quality data.

Topics: renewal data collection insurance renewal commercial insurance renewal

Being Proactive About the Commercial Insurance Renewal Process

Risk specialists usually regard the few weeks before January and June renewals as a critical period. At that point, right before renewals are due, the entire department might need to scramble around to research and fix errors, consolidate data, review quotes, provide brokers and underwriters with missing information, and get approval from financial officers. Meanwhile, the success or failure of these activities could reflect on the company and risk management department for the entire next year.

Topics: commercial insurance renewal

Two Challenges You Could Face During a Commercial Insurance Renewal

Most of us who are involved in insurance renewals know that the process actually happens 365 days a year and seven days a week. The day after yearly renewals, an incident or change could happen that will impact the next renewal. However, most risk managers and brokers consider the 30 to 60 days before renewals to be a very critical – it’s crunch time. For risk managers, this short period may be when they really demonstrate their worth to their companies, and potentially earn salaries for the rest of the year.

Topics: commercial insurance renewal

Outlining the Commercial Insurance Renewal Process

In some ways, the insurance renewal process actually happens 365 days per year. On any day, an incident could occur that would negatively impact next year's premiums. Alternatively, safety programs and improvements to property could be made that will allow companies to reduce their premiums. Of course, one way to ensure that all information is in place to expedite the actual renewal process is to use risk management software that properly validates data entered from departments, consolidates it all in one place, and produces reports. Since information gets entered in real time, there should be no last minute crunch to access all of the information needed for renewals.

Topics: commercial insurance renewal

10 Things You'd Rather Be Doing Than a Commercial Insurance Renewal

At Ventiv Technology, we have been in the risk management business for four decades and take it very seriously. We pride ourselves on helping our clients save money, improve safety, and streamline their risk management and policy administration process. However, because our platform saves time, money, and aggravation, our clients tend to find more time for a bit of levity.

If you're still working for a company with an old-fashioned process that manages insurance renewals the old way, we're already sure that there are plenty of things you would not only rather do, but should do, than babysit commercial insurance renewals.

Topics: commercial insurance renewal

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

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