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7 Reasons Why You Should Use A RMIS For Your Commercial Insurance Renewal [Infographic]


Are you still using spreadsheets for your commercial insurance renewal data collection process? In our experience, collecting renewal data this way can take up to 75 days when you include chart and report production. Effective risk/insurance managers using Risk Management Information Systems (RMIS) can reduce this time to less than 20 days. Not sure if a RMIS is right for you? See how a RMIS such as RiskConsole can address your key renewal data and reporting challenges.

Topics: risk management renewals and submissions Exposure and Asset Management

What risk managers should know about coming changes to the accounting treatment for lease obligations

Many organizations lease assets such as real estate, airplanes, trucks, ships and construction and manufacturing equipment. Because of the prevalence of leasing, it's important for users of financial statements to have a complete and understandable picture of an organization’s leasing activities. For this reason, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued guidance and a proposal to change the accounting treatment for lease obligations. This isn’t new. FASB/IASB have been working on this revision since 2005. For those who like to get the details, see this FASB update from last month. (These changes are supposed to be effective in 2016, but given the magnitude of the impact, it could well be 2017 or 2018.)

As a risk manager, you may say, “Yes, this is interesting, but what does that have to do with me?” The answer could be "A lot!" depending on the structure of your property and casualty insurance program and your surety bond program. For example, when the forward obligations for leases have to appear on the liability side, the accounting rule change will make a pretty significant change in your company's balance sheet. Generally speaking, it will give the appearance that your organization has a lot more debt than was previously disclosed. This will likely have immediate impact in two areas: casualty collateral and surety collateral.

Topics: risk management Exposure and Asset Management

How to Avoid Replicating the Auditing Department's Job

Yes, having access to audited and auditable data matters for many different aspects of risk management. On the other hand, risk managers want to avoid audit replication by not attempting to do or redo the auditing department's job for them. When, for example, a risk manager finds herself spending most of her time auditing for insurance renewals and not working with brokers to get the right coverage at the right price, there may be a problem with the company's processes.

Topics: Exposure and Asset Management renewals and submissions

How an RMIS Fits into a Company's Risk Management Process

 

Many companies already have risk management strategies in place. Managers of these companies may wonder how a risk management information system, or RMIS, can help them improve their processes in order to save time, get better results, and of course, reduce the chance of accidents. At the same time, managers may wonder if they will have to change the way that they do business in order to implement new technology.

Topics: Exposure and Asset Management data management best practices

Top 4 Reasons Risk Managers Use Risk Management Software

One of the most useful tools for risk managers is risk management software. This software can help risk and safety management employees, asset managers, and even corporate executives make better decisions about ways to reduce the chance of hazards, protect workers, buy insurance, and save money. Consider some of these top reasons to use risk management software:

Topics: risk management Exposure and Asset Management renewals and submissions best practices

Understanding and mitigating cyber risk: Where do risk managers start?

the_threat_from_cyber_riskIf you attended or read reports from the RIMS annual conference in Denver in April or the AIRMIC conference in Birmingham, England, a few weeks ago, it won’t come as news to you that risk managers are being exhorted to take greater ownership of cyber risk. I seem to be seeing more and more articles with headlines like “Risk managers urged to play greater role in cyber risk management.”

There seems to be a consensus building that managing cyber risk should no longer be the responsibility solely of information security and information technology teams. The cover story in Risk & Insurance’s April issue, “Cyber: The New CAT,” put this new reality bluntly and prominently, right below the headline: “In every industry and at every company size, cyber risk is a foundation-level exposure that every business must confront—one that must be viewed with the same gravity as a company’s property, liability or workers’ comp risks [emphasis added].”

Topics: enterprise risk management Exposure and Asset Management

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