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.