Company managers and executives might complain that the renewal process is inefficient because they are not getting the right answers from their brokers. However, good answers usually only come after asking the right questions. Consider these four questions to ask a commercial insurance broker long before renewal dates roll around. The answers to these questions will help to ensure that companies are doing their part to optimize the renewal process, and that they have selected the right broker in the first place.
1. What Information is Needed For Timely Quotes?
If underwriters call back for missing loss data or property values a few days before renewals, the process of communication and information exchange needs to get streamlined. In an ideal situation, brokers should have the information they need to shop for quotes about 90 days in advance of renewals. Brokers need to outline a list of what they need and reward prompt delivery with early quotes.
2. How Far in Advance Can You Deliver Competitive Quotes?
There are plenty of stories where brokers delaying quotes until a few days before renewal dates. Out of time, companies accept quotes because they lack time to shop around or negotiate. On the other hand, no broker can produce timely quotes if he or she doesn't have complete and accurate information. An organized broker and an organized client assure timely renewals.
3. Can You Offer Risk Mitigation Suggestions Besides Insurance?
In a perfect world, brokers, underwriters, and clients work together to make companies as secure as possible. This should include suggestions for improvement that will offer the dual benefits of reducing insurance rates and making companies safer.
Some examples of suggestions might include safety classes or high-tech fire prevention systems. Ask what risk management services a broker can offer. Many small- and medium-sized business rely upon their broker as a risk manager.
4. Do You Use Risk Management Software?
With the thought that smaller companies rely upon their brokers and insurers to perform risk management services, find out if brokers can work with a risk management information system to help collect the information all year long that will need to get used at renewal time. Having policies, incidents, property values, and all relevant data stored in one place should make renewals a breeze. It should also optimize the process of finding other ways, besides insurance, to mitigate risks.
At Ventiv Technology, We Are Here to Answer Your Questions
We aren't insurance brokers, but we are leaders in risk management software. Our systems help streamline the entire risk management process. Companies, brokers, and underwriters rely upon our software's ability to collect information and deliver timely reports. Contact us at Ventiv Technology today to learn how to take the rush out of renewals.
