Using a Risk Management Information System (RMIS system) in the commercial insurance renewal process can reduce the burden of creating endless spreadsheets, managing the submission of data on time and ensuring that the correct level of data is provided in the first instance. Being able to automate email workflows, design industry standard questionnaires and collate and coordinate detailed data from multiple locations not only benefits Risk/Insurance Managers but everyone in the commercial insurance renewal process. Brokers, Actuaries and Underwriters, and ultimately the organization, benefit from having a coordinated approach.
Here are three client examples of how RiskConsole can optimize the commercial insurance renewal process.
1) The Mosaic Company
With 8,900 employees in 45 locations across eight countries, the Mosaic Company produces, distributes and markets concentrated phosphate and potash, two vital plant nutrients required by farmers to grow the food the world needs. Mosaic’s Risk Management team understood the importance of accurately identifying the organization’s risk and managing it through risk-mitigation strategies. However, the team was limited through having to manually collect renewal data from each of its locations in all eight countries, involving over 50 field contacts. In addition, any data collected at locations outside North America had to be consolidated into a single submission, consequently limiting the depth of information available to underwriters. The data collection process took over eight weeks to complete.
The Mosaic Company wanted to replace the spreadsheet and email methods to improve operational efficiencies; increase data submissions; gain access to exposure data more easily; and reduce the potential for data errors through manual processes.
The Mosaic Company implemented RiskConsole with a module that now automates the process of contacting different locations across the world, prompting risk managers in each location to submit data on time directly into the system. Mosaic has reduced the data gathering process from eight weeks to two weeks; achieved a 10.7% reduction in its excess liability premium; and a 20% increase in data elements submitted. This has enabled underwriters to position The Mosaic Company for the most favorable coverage at the lowest premiums.
2) Starwood Hotels & Resorts
Starwood Hotels & Resorts, one of the world’s largest hotel and leisure companies with approximately 1,200 owned, managed and franchised properties in nearly 100 countries, would not settle for second best when it came to an RMIS. The company needed a flexible web-based solution to meet the ever-increasing demands from underwriters as it tried to manage its diverse risks and exposures on a truly global scale.
Previously constrained by a spreadsheet based risk management system that left little or no room for effective data collection and analysis, Starwood Hotels & Resorts wanted to improve the renewal process to meet underwriters’ demands for more information, whilst achieving an effective way to compile, manage and analyze the data.
RiskConsole enabled Starwood Hotels & Resorts to significantly improve the detail of market submissions, allowing Brokers to negotiate improved premiums and broadened terms and conditions. Custom modules have been developed in RiskConsole that enables each location to supply specific data more easily, leading to an improved ability to share information and record it in a centralized system.
3) HJ Heinz
HJ Heinz is one of the world’s largest food conglomerates, employing 36,000 people in over 800 manufacturing, warehouse and office facilities across the globe.
HJ Heinz needed to better manage its property inspections and recommendations to replace the manual data collection procedures, which varied year upon year. RiskConsole was chosen due to its web-based architecture, multi-currency capabilities and its flexibility to be configured to match specific location-based requirements - providing easy access to detailed renewals data.
As it stands, over 100 employees can access and enter data into RiskConsole with values entered in local currencies. Affiliates now have ownership and control of values for their properties, which has greatly improved data accuracy and reduced the countless man-hours spent examining and emailing spreadsheets.
To read more about each of the examples included above, download The Definitive Guide To Commercial Insurance Renewal where you’ll gain access to the full case studies.
Ken Ancona is a territory vice president with Ventiv Technology. Contact Ken at Ken.Ancona@ventivtech.com.
