<img src="https://secure.leadforensics.com/85060.png" style="display:none;">

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

10 ways to find out if you need a RMIS for your next insurance renewal

When it comes to gathering and consolidating insurance renewal data, risk and insurance managers can become caught up in endless amounts of spreadsheets, phone calls and emails.

In our experience, clients using spreadsheets for the commercial insurance renewal process will spend as much as 75 days collecting, checking and formatting data. The knock on effect is that insurance brokers and underwriters will often receive clients’ data later into the renewal process. This means brokers have less time to thoroughly analyse the renewal data and prepare the best possible insurance submission that will clearly explain a clients’ risk to insurance underwriters.

Topics: renewal data collection

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: exposure management renewal data collection

Tesco benefits from greater control of its claims data using RiskConsole

Our fourth ‘client focus’ blog looks at how the insurable risk team at Tesco has been able to gain full control over their claims data to improve store safety and reduce accidents. The retail giant also uses data in RiskConsole, a risk management information system, to implement risk mitigation programmes that have reduced indemnity spend and deliver a competitive advantage.  

Topics: risk management software best practices risk data risk management data reporting and data visualization exposure management renewal data collection

Avoiding coverage gaps: How risk management information software helps

I recently came across a useful article published earlier this spring by the International Risk Management Institute (IRMI) entitled “101 Commercial Lines Coverage Gaps to Avoid” (registration required). It’s a very good research piece in its own right for risk managers, but it occurred to me that it might be especially useful for risk managers who use or might be evaluating the benefits of risk management information software

I find that a RMIS can be a very useful tool in helping to identify coverage gaps. Read on for a couple of ways that a RMIS can help: 

Topics: risk management software renewal data collection

Client Focus: The taste of success for global property and casualty risk data

In this our third “client focus” blog post, we look at how Heinz has used Aon RiskConsole to help them better manage their global property and casualty risk data for renewals and also to track property recommendations.  

Topics: risk management software best practices risk data risk management data reporting and data visualization exposure management renewal data collection