In order to enjoy the best results from the commercial insurance renewal process, there are plenty of things that need to get done. Managers need to collect a variety of information, validate it, report upon it, meet about it, and then submit it to brokers. After brokers return quotes, those quotes and policies need to get reviewed by management, and typically, negotiated with the broker and insurers.
Most risk managers already know what information they need to provide to their broker and insurance company for price quotes and policy details. They also understand what needs to get done with those quotes before policies get renewed. However, what risk managers don't do might be just as critical as what they get done.
Don't Wait Until the Last Minute for Submissions to Brokers
Experts advise getting brokers all of the information they need about 90 days before renewal. This gives brokers time to query insurers and return quotes in time for a company to evaluate, understand, and negotiate rates and policies. Any managers who plan to enjoy a proactive renewal process need to make sure that their broker will reward them for their organization and diligence by committing to get quotes out at least 30 to 60 days in advance of the renewal date. If everybody respects deadlines, a company is likely to enjoy the right coverage at the right price.
Don't Handle Renewals the Old-Fashioned Way
Even though we may refer to a renewal period as the rush period that occurs several weeks before the actual renewal day, most risk managers know that the process lasts all year, and starts over the minute that this year's policies are put in force. For example, incidents could occur or new property could get purchased or sold at any time. By using integrated risk management software (IRM software), companies can enjoy accurate and complete reports at their fingertips. These tools help prevent the mad dash to correct errors and track down missing or incorrectly formatted data at the last minute.
Don't Forget to Find Out How We Can Help With Insurance Renewals
The right risk management information system, or RMIS, does more than smooth out the insurance renewal process. Making insurance renewals more efficient is just one major benefit. In addition, products like RiskConsole help keep all relevant information updated in real time, and produce a variety of reports that help risk specialists, financial officers, brokers, and underwriters do their jobs in the most efficient way. This saves companies money and makes them less risky to run. An RMIS should control losses, protect workers, increase productivity, and save money.
At Ventiv Technology, we have been helping companies reduce risk for decades. Learn more about the ways that risk management platform technology can make the commercial insurance renewal process one of your company's strengths. We believe that an RMIS should end up being one of the best investments a company can possibly make.
