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The Definitive Guide to Commercial Insurance Renewal

Collecting, consolidating and understanding the depth of data needed for the commercial insurance renewal process can be a daunting task for Risk/Insurance Managers, especially if they have to manage that process using a manual spreadsheet based system. Collecting data on hundreds, or even thousands, of commercial properties and managing this highly detailed data in a spreadsheet is not only a Risk/Insurance Managers worst nightmare, it also significantly increases the potential for human error and inaccurate data.

If you’re spending too much time on managing your renewal data, chances are that you are not giving sufficient consideration to policy wordings. Any negotiations with insurance brokers and underwriters then becomes increasingly difficult as you struggle to gain accurate insight from your renewal data.

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The Definitive Guide to Commercial Insurance Renewal is for any Risk/Insurance Manager who is looking to implement a Risk Management Information System (RMIS) and wants to bring the renewal data collection process under control. By downloading and reading this guide, you will receive:

  • A comprehensive breakdown of exactly what is involved in this business critical process.
  • Information on how a Risk Management Information System can reduce the burden on Risk/Insurance Managers by reducing the time spent collecting and consolidating renewal data.
  • The different roles involved in the commercial insurance renewal process and how each role uses the detailed data provided by Risk/Insurance Managers.
  • Examples of how organizations have seen a significant ROI by automating large parts of the renewal data collection process to ensure the data collected is submitted on time and is accurate.
  • The benefits of using an RMIS for your Commercial Insurance Renewal process.
  • Examples of how Aon RiskConsole can benefit your Commercial Insurance Renewal process.

Commercial insurance renewal for any large, multi-national organization is a task that involves collecting, analyzing and gaining insight from large amounts of detailed data sets. RMIS software helps to manage the collection process through using industry standard questionnaire templates to ensure that the correct data is collected right from the beginning of the process. Using an RMIS with web-enabled capability allows risk management questionnaires to be shared across multiple locations in multiple countries and, with the added capability of automated workflows, Risk/Insurance Managers can be confident that employees are being reminded to submit the data in a timely fashion so that sufficient analysis of the associated risk can take place.

Having an RMIS to manage the commercial insurance renewal data collection process in a structured manner reduces the burden on Risk/Insurance Managers and ensures the data collected is robust enough to provide brokers and underwriters with the detail they require to provide accurate insurance premiums.

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Mar 12, 2015

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