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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 exposure and renewal management insurance renewal management

Analyzing Risk Data for Insurance Renewals

 

 

Our own guide, "Optimizing the Insurance Renewal Process Through Technology," is available to download for free in the Ventiv Technology Resource Library.  In this online book, we share our own vast experience with the kinds of risk data needed for commercial insurance renewals and how this data needs to get used to optimize the process.

Topics: insurance renewal 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: insurance renewal management Exposure and Asset Management

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 performance management insurance renewal management Exposure and Asset Management

Why Every Big Business Needs a Risk Management Information System

According to an article in Risk Management Monitor, "Companies are Less Prepared for Risks Than They Were in 2011," a recent report demonstrates that corporations all over the world are less prepared for a variety of different kinds of corporate risks than they were a few years ago. Some of these kinds of risks include political and regulatory changes, damage to a company's reputation or brand, and business interruption. One major reason cited by this article is the general economic slowdown during the Great Recession and its aftermath.

Topics: risk management data management Policy and Insurance Program Management insurance renewal management

How To Choose The Right Risk Management Software

You may not need any more convincing that you need a risk management information system to streamline and automate your company's risk management process. However, dozens of different companies offer their own solutions. The most difficult task may be choosing the right solution for your unique company. As you search for the best risk management software for you and your company, you might figure out exactly what you hope the new system will do for you and keep some of these desirable benefits in mind.

Topics: risk management best practices insurance renewal management

Streamlining Your Corporate Safety Process With RMIS

Business managers who demand easier risk management strategies should take the time to understand the value of a risk management information system (RMIS).  Quality systems can help integrate safety all across an organization. This means every part of that organization can enjoy the benefits of improved safety and a streamlined risk management process. Companies save money and effort on both their safety management programs and the process of collecting and reporting on data.

Topics: risk management data management Safety Management & Risk Control insurance renewal management