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.