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Commercial Insurance Renewals: Best Practices

Angus Rhodes

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According to an Insurance Journal article, "Best Practices - Procedures," establishing a timeline for commercial insurance renewals helps ensure that the renewal process goes as smoothly as possible. The Insurance Journal defines this timeline as a set of procedures with steps that should happen at specified times. In the industry, brokers, underwriters, and risk managers all seem to agree that running out of time because of trouble putting together submissions, or correcting errors, is one of the biggest enemies of an efficient and productive commercial insurance process.

Commercial Insurance Renewals Best Practices: Renewal Timelines

Here at Ventiv Technology, we also agree that the first step towards improving the process is to establish a clear timeline. In fact, we discussed this in a previous blog called "Commercial Insurance Renewal Checklist and TImeline." While that post outlines an example timeline, it also makes the point that these dates should not be a secret. In fact, the main point of the document is to get everyone to accept the deadlines and agree to adhere to them.

That includes the risk management department, other internal stakeholders in a company, and of course, insurance brokers and companies. If your company gets submission documents in at a certain date, the brokers need to agree to reward you by promptly returning quotes and policy details to give your organization time to review and compare them.

Commercial Insurance Renewals Best Practices: Correct Data

The second plague of the insurance renewal process is simply bad data. Across all companies, this problem is much more serious than most organizations realize that it is. Bad data costs American companies millions of dollars because they base decisions upon faulty assumptions, don't get the right kind of insurance coverage, and pay too much for it when they do.

Most risk managers know the source of bad data. Information may get transferred manually from a variety of different business systems. In addition, some is culled from other sources like emails and spreadsheets. Without a good way to consolidate and validate this information, mistakes will happen.

A risk management information system, or RMIS system, helps reduce and even eliminate data errors because it provides the features that are designed to take human errors out of the equation. Some examples of these features include data validation at input, algorithms to convert and format data, and a consolidated data source. Input errors should get reduced. The ability to report upon real-time information from almost anywhere helps risk and financial managers audit this data to easily spot any errors that do slip through.

Let's Make Your Insurance Renewal Process Better

At Ventiv Technology, we exist to serve our clients by helping them adhere to commercial insurance best practices. Learn more about how how technology optimizes renewals in order to serve everybody better.

RMIS Guide

May 1, 2015

 | Originally posted on 

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